2019 News and Media

SME FX Offering

Just Cashflow adds FX offering for SME customers

We're now offering new FX services to our business customers

We've partnered with FX specialists to provide these services, which include the ability to lock in rates for future transactions

The services have been developed for SMEs that are currently supplying to and buying from overseas territories, providing a means to combat the currency exchange uncertainty generated by Brexit.

Features will include the ability to lock in fixed transaction rates for future exchanges, ensuring that businesses are not stung by fluctuating currency rates and enabling them to better control their international payments.

For example, the Pound lost 10 cents / 8% of dollar value ($1.32 to $1.22) from March to September this year, which could have significantly increased the cost of buying in USD for a UK SME if not protected by a ‘forward contract’.

Furthermore, when the majority of SMEs begin export and import activities they rely on their existing bank to provide them with FX services. Often, this reliance prevents small businesses from receiving the most competitive rates or utilising the most effective payment methods, and with 45% of small businesses trading with some overseas partners, this represents a considerable number of SMEs losing out.1

This compounds an existing issue for SMEs, namely that they don’t feel they are being well provided for by the ‘one-size-fits-all’ approach offered by traditional banks. Research1 from Just Cashflow found that an overwhelming majority (70%) of SME owners felt they were not being well served by the offering from their existing banks.

As a SME-focused alternative finance provider, we're able to offer small businesses FX services that are tailored to their needs, outperforming what is available from traditional banks.

To provide this product we've partnered with FX specialist Ebury, which will ensure exchange capabilities in more than 130 currencies.

John Davies, Executive Chairman at the JLG Group: “Today’s business environment is one of unprecedented upheaval, and small businesses often feel the brunt of these fluctuations."

From conversations with our customers it is clear they are concerned about the impact of this uncertainty on invoices and receipts from overseas. Time-starved business owners need to ensure their all-important cash-flow and can’t afford to risk currency fluctuations working against them."

"“At Just Cashflow we believe that lenders have a responsibility to provide SMEs with more than just money - which is why we have decided to provide competitive and efficient FX payments for our customers going forward.”

Notes

At Just Cash Flow PLC we partner with ambitious, well run businesses by providing fast flexible financial help to ensure sustainable long term growth and prosperity. Our principal product is our Revolving Credit Facility that works in exactly the same way as a traditional bank overdraft.

We employ a combination of technology to quickly assess if businesses qualify for our flexible finance options. Highly experienced business underwriters then take the time to show genuine interest in potential customers’ businesses and recommend the appropriate facility.

Increasingly, we are now offering additional banking services to our customers that they tell us they would value.

Ebury is a financial technology company, specialising in cross-border payments and FX risk management. Ebury’s unique product offering helps businesses to accelerate their international growth by unlocking capital and protecting their margins. Using innovative products and technology, they are able to bring the kind of service and pricing normally reserved by banks for their largest clients to SMEs. Currently, Ebury works with over 45,000 businesses and organizations around the globe, has traded over $23bn in foreign exchange in the past 12 months.

Footnotes

1. Just Cashflow polled 500 SME decision makers on a range of issues, via online polling agency Onepoll. The research was carried out online between the 2nd and 5th October 2019.

Date Issued Nov 2019.

Follow @justcashflowuk on Twitter for more like this.

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