Author: Lead Monitor, Partner of Corpay Cross-Border Solutions https://payments.corpay.com/cross-border
Enterprises of all sizes are increasingly looking to improve cost-effectiveness and efficiency. If you transact in multiple currencies, to the extent you have not already done so, one approach that can achieve this goal is to design and implement a stable and sustainable currency risk management policy and program that is tailored to your needs.
Cross-border payments are on the rise. In a 2021 study, Juniper Research found that an increase in the use of e-commerce market platforms was driving demand for global payments. The same study showed that within the cross-border payments industry, B2B payments alone are projected to reach $42.7trn by 2026, up from $34trn in 2021.
Yet while digitization and new technologies have empowered smaller businesses to trade across borders, many are yet to implement comprehensive currency hedging strategies to help optimize successful exchange of foreign currency and international payments.
The currency markets are unpredictable and currently reflect uncertainty around the Covid-19 pandemic, rocketing fuel costs, inflationary pressures, and seismic events such as the Russian invasion of Ukraine.
Volatile currency markets can result in losses. Kyriba’s ‘Currency Impact Report’ found that multinational corporations in the US and Europe reported losses of $9.5bn in Q1 of 2021 due to currency volatility. For smaller enterprises the losses may be smaller in absolute terms, but can have an even bigger impact on small businesses.
There are a few ways that an organization can increase efficiencies in the cross-border business.
To discuss your cross-border needs please contact Danielle Orcutt, National Account Manager, Corpay (Fleetcor NYSE FLT) +1-929-504-8791 danielle.orcutt@corpay.com https://payments.corpay.com/cross-border
About Corpay
Global businesses trust Corpay Cross-Border to power their international payments, execute plans to manage their currency risk and support their growth around the world. We aim to deliver unmatched service and expertise with respect to moving money globally. Utilizing our proprietary payment automation technology and currency risk mitigation solutions, we take pride in connecting companies large and small with the global financial markets and businesses all over the world. You can feel confident working with Corpay, as we are backed by our parent company, FLEETCOR Technologies, Inc. (NYSE:FLT) a leading global business payments company based in Atlanta, Georgia, USA. FLEETCOR is a Fortune 1000 firm, an S&P 500 member and has USD $2.8B in annual revenue with a market capitalization of USD $18.2B (as of December 31, 2021).
To learn more contact Danielle Orcutt, National Account Manager, Corpay 929-504-8791 danielle.orcutt@corpay.com https://payments.corpay.com/cross-border
