Written by in Business on December 15, 2021
We are at an exciting turning point in the digital age. We are watching more and more industries turn digital and open themselves up to growth on a global scale. While businesses may be going borderless, there is one thing that hasn’t yet taken the leap: currency.
If your business is buying, selling, paying, or invoicing in more than one currency, you could likely benefit from the support of an FX and hedging agency. If you’re unsure if this type of partnership is right for you or how it might benefit your business, here are some key advantages.
Customized Solutions Made With You In Mind
In order to best serve you, FX companies like Shift Connect place emphasis on getting to know your business, goals, challenges, appetite for risk, exposure to risk, and more. Gaining a top-to-bottom understanding of your position in the global economy is key when building a custom forex strategy. These analyses and strategies are built-in fitting with what you want and need as well as the guidance and advice from a team of industry experts. Once your service package and strategies have been determined, constant re-evaluation will take place to ensure your needs and goals are being met.
Someone In Your Corner
Embarking upon a comprehensive FX strategy in-house is no small feat. Not only does it pull time from your existing workflow, but it limits the support you can receive if you have questions or first yourself in a bind. When you work with an FX agency or broker, you have an immediate point of contact for everything from troubleshooting to strategy brainstorming. You’re never left to fend for yourself or left in the dark when you work with an agency. You will have access to your account manager or customer service representative by phone, email, or live chat.
Experience and Knowledge At Your Fingertips
The best way to understand this industry is to work within it. There is an endless amount of information, jargon, and tactics to learn and the only way to keep a finger on the pulse of the rapidly changing industry is by immersing yourself. Building and maintaining a hedging strategy, for example, can be a significant undertaking for someone who is unfamiliar with the process, or who has other tasks or responsibilities to balance. FX and hedging agencies like Shift Connect employ knowledgeable traders and account managers with decades of hands-on industry experience. These professionals have spent years learning the ins and outs of foreign exchange and their skills and knowledge are yours to leverage if you take advantage.
Focus On Doing What You Do Best
Outsourcing your FX needs gives you the freedom to focus on growing your business and doing what you do best. In addition, it frees up your accounting department to take care of baseline operations as well as high-level strategy. While there may be employees within your organization that understand global currency and foreign exchange, it doesn’t mean that they should re-focus their efforts on that area of the business alone. There are countless moving parts in all businesses and it’s imperative that each team member is empowered to do what they do best through outsourcing emerging needs when possible. At its root, partnering with an FX or hedging agency saves your valuable time.
Manage Risk Without Worry
FX and global payments agencies save you money in more ways than one. On the grander scale, they work with you to mitigate your risk in the face of fluctuating currencies. As we mentioned, the agency begins by getting a feel for your appetite for risk. If you are seeking a low-risk strategy, for example, the agency will employ a number of strategies to protect you from loss. Low-risk strategies are both low risk and low reward. On the other side of the token, if you select a higher risk profile, your account manager can support you in measuring and balancing your profit and loss.
Leverage Competitive Rates With Full Transparency
FX agencies are empowered to offer competitive rates for two main reasons: first, the sheer volume of transactions they process annually gives them the opportunity to charge substantially less. Second, their relationships with banks and payment processors/systems around the world allow them to offer reduced rates to their clients. Beyond the competitive rates, Shift Connect offers full transparency. Therefore, you will never encounter hidden or unexpected fees as you may come up against traditional banking.
Don’t Worry About Compliance Or Regulation
FX and global payments agencies must uphold a certain standard of compliance in keeping with the regulations and laws in their regions of operation. Not only are the agencies privy to the compliance demands and regulations, but they are also mandated to adhere to them at all times. Therefore, you are protected by extension. Embarking upon FX practices by oneself is risky financially, but also legally. At the very least, it may be advisable to consult an expert to ensure you are conducting yourself lawfully.
View Conversion Rates In Real-Time
As FX professionals are operating in the space every single day, they are equipped with the knowledge and systems to offer you real-time conversion rates to give you the clearest possible picture of your transaction before it’s carried out. Beyond the experts themselves, many FX agencies offer access to trading platforms so that you can view those exchange rates yourself before confirming a transaction.
Diverse Forex & Payments Software And Systems
Beyond trading platforms, agencies like Shift Connect offer access to software such as simple and secure global payments platforms, multi-currency accounts, and more. Partnering with Shift Connect empowers you to use robust technology whilst drawing on the expertise of a talented team of FX professionals.
Be Exactly As Involved As You’d Like To Be
Finally, the excellent quality of agencies like these is that you can choose to be as involved as you like. If you prefer to onboard then take a step back and leave it to the experts, that’s great. If you prefer to be involved in the strategy, analytics, and ongoing management, you are more than welcome. Partnering with an FX agency is for the benefit of your time, your money, and your business as a whole. You are welcome to craft the experience to suit you.
To find out how Shift’s custom solutions can serve and elevate your business, get in touch today.