Making trade easier for fire.com business customers
February 26, 2018
For many UK and European based businesses, trading in both sterling and euro is an essential part of doing business. Given the size and proximity of the markets it is a natural development for UK firms to sell into the euro region and for euro based firms to sell into the UK. However, sometimes cross currency trade can be hindered by the payment process, the costs and the time it takes to get paid.
For example, if you are a UK based business selling to clients in the euro zone, you will want to bill your customer in euro and make it easy for your customer to pay you in euro. You also may need to pay expenses in euro. This can mean you need to convert from euro to sterling on the way in and then again on the way out, doubling the cost of the FX.
With fire.com, businesses automatically get both sterling and euro accounts, each with their own unique account details. This enables our business customers to better manage their cash, get paid and pay out in sterling and euro. By leaving the funds received in your euro account you can pay euro expenses without incurring any FX charges, and then only convert the amount remaining as required.
So, if you are a UK based Amazon seller, you can use fire.com to sell in both sterling and euro, while also paying out in both currencies. If you are an Irish consultant working in the UK you can bill your client in sterling, get paid in sterling and use the fire.com MasterCard to access funds in your sterling account when in the UK. When you’re back in Dublin the funds will be taken from your euro account – all automatically.
Business customers may also use the firework mobile app to get real time notifications when payments arrive in your accounts, so you know when you’ve been paid – instantly.
We have thousands of businesses across the UK and Ireland who are now using fire.com to better manage their payments so they can trade more in sterling and euro.
You can open a fire.com business account online in as little as 48 hours. As always please let us know of any other developments you would like to see.
Colm Lyon, CEO fire.com
