Businesses that sell goods and products into new markets are nothing new. After all, imports and exports have existed for as long as there’s been trade. Thanks to the great digital leaps forward in recent years, however, it’s also become increasingly viable for service-based companies to sell their offerings to international markets.In South Africa, one of the most established forms of this can be found in the business process outsourcing , or contact centre, space.
After all, if a South African creative agency, design house, or even web development company can offer its services to a US or UK company, that’s to its benefit.Factor in the relative strength of international currencies and taking on international work can act as an incredibly lucrative rand hedge .
The answer to that is a resounding “yes”. That’s because not all forex providers are created equal. But with a bit of basic knowledge, you’ll be in a much better position to choose one that suits your business’s needs.Let’s say, for example, that you decide to accept forex payments through whichever bank holds your business accounts. On the face of it, that’s an entirely logical decision.
In fact, businesses can end up losing tens of thousands of rands on payments of more than R1 million . Imagine what that money could do if it was spent on salaries or business expansion instead.It should then be clear that businesses need to think carefully before choosing a forex provider. While choosing one that offers competitive prices and is completely transparent with its fee structures is a good place to start, there are other things you should look for too.
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