July 24, 2022

Why Hands-On Support Is Key For A Foreign Exchange Agency

The world is turning digital and in many cases, we’re 100% on board. There’s one thing that we believe should always be hands-on: customer service. We’re a global payments platform and foreign exchange agency, so you better believe that we’re fans of all things digital. We understand where the world of financial technology is headed and we’re all about staying versatile as the industry evolves. But, we refuse to allow our community to lose any quality of services along the way. 


While we leverage technology in all that we do, we understand that human connection can’t be replaced. Our community values our customer-first approach and the fact that they can connect directly with our forex experts to feel supported every step of the way. Compared to the alternatives of talking to artificial intelligence or no one at all, we think person-to-person communication looks pretty good. 

If you’re curious about the benefits of hands-on foreign exchange support, this list will break that down for you.


Communication is Key 

Communication is so important in all parts of life, but it’s a pretty huge deal when you’re talking about your money. There is so much that can be lost, misunderstood, or improperly emphasized when you’re not having an actual conversation. This is even more of an issue if you’re talking about AI customer service. Especially in your initial conversations, it’s so key that our team gets to know you, how you communicate, what you want, and what you need. This way, we can adapt our relationship and communication style to suit you and make sure to leave no room for crossed wires. 


Relationship First 

If you’re able to build an ongoing relationship with a service provider, it benefits everyone. Our experts put relationships first so that they can come to know the people and businesses they are partnering with, act on their behalf in the future, and ensure their goals are met. From a client’s perspective, if a company is relationship-first, you know that they will always go above and beyond to ensure you feel satisfied and supported. If you’ve got an impersonal relationship with your agency’s account manager or no relationship at all, you just can’t be sure that they are advocating for you and your success. 


Understanding Your Situation 

When it comes to forex, you want to be sure that your account manager understands your situation front-to-back. This applies on the macro level, meaning that they need to understand the currencies you’re operating in, the countries you are transacting in, all of the regulations and laws that apply, and any potential hurdles in the future. On a micro level, you want them to understand you, your industry, your position in your industry as both an individual and a business, and your risk tolerance. You don’t want someone who is constantly pushing you to make moves you’re uncomfortable with your projecting other’s goals and interests onto you. The more hands-on the provider, the more comfortable you can feel with your money in their hands. 


Long & Short Term Goals

When establishing a relationship with a boutique brokerage like Shift Connect, the first order of business is to learn your goals, both long term and short. These two types of goals inform one another and work together to inform the strategy as a whole. If you’re working with a hands-off agency, they will likely be operating under the influence of only your short-term goals (or even the most common goals rather than your personal goals) without foresight into what you want for your personal, professional, and financial future. These onboarding questions are essential to rest assured that your goals are being taken into account every step of the way. 


Realistic Expectations 

If you’ve built a relationship with your agency or account manager, it will be in their best interest to ensure you have reasonable expectations. In a relationship-first structure, an agency wants to nurture a long-term relationship, therefore they won’t be making lofty promises or unrealistic claims about what you can expect. With this, you can enjoy a fully transparent partnership. 

As we said, we’re all about evolving in the digital space, but we like to keep our customer services 100% human. 

We’re a boutique brokerage that is customer-first and completely committed to your success. Let’s chat! 

Breaking Down Global Payment Methods & Weighing The Options

By Kenneth Pillipow • June 29, 2022
If you or your business is looking to venture into the global marketplace, it’s important to understand not only how your customers will pay you, but also how you will transact with other businesses. There are a number of international payment methods available, but the benefits and challenges associated with the various methods are different in B2B circumstances than they are in B2C or P2P. The different global B2B payments range all the way from paper cheques to global payments platforms and the procedures surrounding each are vastly different. Here are some of the most common global B2B payment methods and some considerations surrounding each. Paper Cheques Cheques are actually one of the most common B2B payment methods to this day. Despite the push towards the digitization of billing and payments, many businesses continue to rely on cheques as they don’t require a foreign bank account. There is also a sense of reliability and ease that comes with paper cheques, as they’ve been a common payment method for decades. Unfortunately, this form of payment comes with a number of drawbacks. To begin with, it requires the physical transfer of the cheque by mail, meaning that it takes time to get from one party to the other. In addition, it is difficult to track while it's between hands, as there is no digital log of the transaction while it’s in the transfer process. There is also the possibility of human error and there is no amendment potential once the cheque has been signed or sent. In the case of an error, the transaction must be started again from the very beginning. Credit Card Payments Credit cards are an increasingly popular B2B payment method. It is quick, convenient, and easily trackable. Though, credit card transactions do come with percentage fees, which can be quite expensive in the case of larger transactions. There is also a scenario where accounts have limits, making large-volume transactions impossible.  Finally, when it comes to global payments, there are some credit cards that are not as widely used as others, meaning that it may not be an accepted payment method in the country that you’re trying to do business in. Bank/Wire Transfers Wire transfers are secure, quick and reliable international payment methods. Put simply, a wire transfer is sending money from one financial institution to another either via cash or digital money transfer. Wire transfers can be time consuming, as they do take time to process and for the funds to be released on the other end. In addition, wire transfers do come with fees and, at large volumes, they can actually be quite expensive. In many cases, they can also require people to actually go to the bank, which can be more challenging for some people depending on their location or schedule. Payment Gateways Another increasingly popular payment avenue is payment gateways such as PayPal or Venmo, for example. While these are extremely efficient when it comes to P2P or B2C transactions, they do pose difficulties in the B2B space, especially on an international level. Some of the drawbacks include long holds which delay the payment on the receiving end, unavailability in different currencies or countries, and large service charges. These gateways serve an imperative purpose, though they aren’t always an efficient and cost-effective option for large-amount B2B transactions. Global Payments Platforms Finally, a key player in the global B2B payments game are global payments platforms. These platforms are made for the purpose of sending money abroad quickly and securely without any hidden costs. Platforms like these often operate at a fixed rate and account for things such as foreign exchange rates and local laws and regulations in both the sending and receiving countries. While they remove the need for localized bank accounts and additional administrative tasks, they also help you protect yourself from loss in the face of currency fluctuations. To learn more about the benefits, click here.

Payment Solutions For Buying Property Abroad

By Kenneth Pillipow • June 29, 2022
If you’ve decided to take the exciting leap and buy property in another country, there are some things you can take into consideration to save yourself time, money, and a whole lot of stress. Whether it’s an investment property, a vacation home, or your eventual full-time dwelling, things such as competitive exchange rates and low global money transfer fees can seriously change the game. Buying property abroad is life-changing and while it may seem daunting, familiarizing yourself with some key information and strategies can make a huge difference. First and foremost, here’s what you need to know: Things To Know Before Buying A Property Overseas  Know The Market Intimately Of course, you’ll need to become aware of what exactly you’re getting yourself into. Study the local real estate market where you intend to buy so you can understand not only the local prices but the buying process in and of itself. Seek local advice, government resources, and market fluctuation data to gain a well-rounded understanding. Be sure you’re comparing your potential investment against the local market rather than the one you’re used to. In addition, familiarizing yourself with the process can help you avoid unexpected surprises and costs along the way. Study The Rules You will want to learn the rules, both overseas and where you live. Everything from filing your taxes to local property taxes, paying bills, and potential rental income. You must never assume that rules will be consistent from place to place, as they can be vastly different in different countries and areas. Ask any question you may have as a homeowner in your new jurisdiction so you understand what rules you need to follow and the ramifications of each. Keep A Close Eye On Foreign Exchange Finally, there’s a good chance that you will be making your deposit and paying your fees in local currency. While staying on top of foreign exchange may not have mattered to you in the past, it certainly will now. In short, the exchange rates will directly affect how much you pay and selecting the best possible time to exchange your funds can save you a lot of money. Collaborating with a foreign exchange firm or global payments platform can be a big help for anyone investing in property overseas. Buying Property Abroad With A Mindful FX Strategy When buying a property in a currency different than your home currency, especially if that currency fluctuates a ton, crafting a mindful FX strategy is paramount. Your strategy may include forecasting, hedging, or both. While banks can offer fixed exchange rates, you can incur an array of additional fees that may offset your savings. Working with a global payments platform to identify your risk and set up a risk management strategy is an excellent course of action. Here’s why: Benefits of Using A Global Payments Platform Speed & Efficiency Payment platforms like Shift Connect give you the benefit of real-time conversions and quick transaction times so you can save time and gain a complete picture of your transaction almost immediately. Your settlement and reconciliation times will be far faster than if you deal with a financial institution and you gain access to your start-to-finish tracking information right away. Superior Exchange Rates Global Payments platforms have a constant finger on the pulse of currency fluctuations. Therefore, they can offer you real-time exchange rates without additional cost to you. No Hidden Fees Throughout your global payments process, you will be changed no additional or hidden fees. Full transparency is of the utmost importance and you will have access to all documentation needed to understand how your funds are being distributed. Risk Management You will gain the added benefit of security against exchange rate fluctuations as you will have an entire team of experts in your corner ensuring your money is maintaining or gaining as much value as possible. Support Beyond the payment platform technology, there is a team of passionate experts dedicated to keeping you informed and comfortable every step of the way. Tailor-Made Foreign Exchange Our final piece of advice is to get in touch with a global currency provider prior to closing on your new property. This way, you can gain clarity on future exchange rates and any potential risks so you kick off the entire process with your best foot forward. It is never too late to join a global payments processor, but the guidance is invaluable and is best used from start to finish.