By Craig Attiwill, Founder & CEO, Peloton Technologies
Doing business across borders is no small feat.
Multiple vendors and suppliers, vastly different time zones, complex regulation and language barriers. These are just a few of the complexities businesses face.
And with US$290 trillion in payments expected to cross global borders by 2030, we know things aren’t slowing down.
The good news: By getting more strategic about your payments, you CAN catch a break.
How to get payments off your list of cross-border business bothers?
1. Start paying closer attention to FX
Many businesses don’t know just how much exchange rate movements can affect their bottom line. Political and economic events in recent years have created unprecedented swings in the currency markets from one day to the next. Trump’s presidential win sent the American dollar and Bitcoin soaring, for example.
Whether you are paying overseas suppliers or exporting products internationally, a day can make a real difference. You need line-of-site into real-time exchange rates and easy access to take advantage of them.
2. It’s time to cut back on your bank trips
If you work in a small business, it’s almost guaranteed you spend too much of your valuable time at the bank. Five years ago, 80% of US small business owners were visiting their bank branch at least once a week. Some even more.
In 2024, this is simply not necessary. The technology is in place so that you can manage all of your business payments – including international wires and FX – safely and securely from your own device.
3. Notice how your business moves at the speed of its payments
The easier and faster your payments are, the quicker your goods and services move. At Peloton Technologies, we see our clients’ business volumes increase by nearly 40% in their first year with us.
Great that you are doing more business, but faster payments also mean you are better managing your cash position. Faster payments from sales positively impact your ability to restock inventory, pay your suppliers and even invest your funds. Simply put, faster payments give you more options in how you manage your cash.
So, how much could you be saving on payments?
Try out Peloton’s Savings Calculator to get an estimate on how much you could be saving each month through streamlined payments.
What next?
At Peloton, we offer some of the best FX rates in Canada and, with our user-friendly platform, you can handle FX transactions independently. No need to rely on banks or third-party services. You can make fewer trips to the bank, monitor foreign exchange rates in real-time, complete cross-border transactions seamlessly, and quicken the pace of your business transactions.
No matter which way you go, Peloton’s payment experts are here to help, so reach out today.
About the author
Craig is the Founder and CEO at Peloton where he has not only transformed the payments experience for SMBs, but has continued to play a hands-on role in innovation at the company. Prior to founding Peloton, Craig held senior engineering roles at Sierra Systems (now NTT Data), Visiphor Corporation (now I2 Group) – which supplies software products to the criminal justice system – and BAE Systems, one of Australia’s largest defense contractors. He has also served as senior technology consultant to Quartech, CGI and Deloitte. His background in serving both the public and private sectors, including in defense, has been key to the success of Peloton here in Canada. Craig immigrated from Australia in 2005.