A big barrier for businesses selling through European marketplaces is the uncertainty of FX rates and the fees charged for transactions, as well as the implications of PSD2 regulations.
Tackling this challenge, freemarket, the disruptive FX and payments platform for SMEs, has launched a new e-commerce Marketplaces solution.
freemarket’s 0.2% rate is now accessible for businesses selling through European Marketplaces and to European Businesses. Marketplace sellers joining freemarket can open International Bank Account Number accounts, into which they can accept payments made in 20+ currencies quickly and at low cost. And building on the firm’s unique matching process, marketplace sellers can benefit from more transparency over rates and fees, allowing them to trade across borders without the usual high costs and slow transfer times.
“E-commerce marketplaces are undoubtedly big business for traders right around the world”, explained James Allum, Chief Commercial Officer, freemarket. “But unpredictable FX rates, high fees per transaction and often slow processes are holding back global trade.
“We aim to provide a solution which empowers marketplace sellers, improving cross border trade and removing the barriers which can stop business from expanding internationally. Opening accounts with freemarket removes the high cost and slow transfer times which hamper traditional cross border transactions. And freemarket account holders benefit from our market leading rate, which makes the solution accessible to as many businesses as possible. It simplifies the process of managing international marketplace revenue, and maximises the earnings which can be repatriated back to the business.”