On top of the obvious challenges SMEs have faced since the start of the COVID-19 pandemic, many have also incurred large currency-related losses due to market volatility. In fact, throughout 2020, SMEs and start-ups wasted an average $32,500 on their foreign exchange and international payments.
The question is, how can SMEs avoid being caught out with poor currency rates that cost them on their payments?
Unfortunately, the problem is not an easy one to fix for a few different reasons.
There is generally little interest from SMEs in currencies but of course, there is strong interest in their business's cash flow and profitability.
That is why at Fluenccy, we don't talk about currency rates. We talk about business and invoices.
We built Fluenccy for SMEs that want to have their FX data made clear and actionable, and to have it paired with a simple currency plan that reflects their unique business needs and goals.
By giving uncomplicated and insightful visuals of the impact of foreign currency movement on invoices, we have created a platform that lets users see, understand, and improve the way they buy currency for their cross-border payments.
We don't use currency jargon, nor do we provide currency forecasts. We don't even sell currency. What we do is integrate with your accounting software so business owners or their accountant can see how they’re doing on their foreign invoices - with an optional comparison to their industry benchmark. This snapshot review is Fluenccy’s Currency Score.
Currency Score is the first step towards making significant savings on your foreign currency bills. Your Currency Score will refresh each month as new data is safely synced everyday.
In the next step, we provide knowledge and coaching to show where and how cash flow can be maximised. Monthly consultations and a currency reporting pack ensures our continued support is available as SMEs get to grips with their overseas invoices and what can be improved, and how.
From here, a simple currency plan that works for the business and with their bank is built.
Fluenccy's currency plans are easy to set up independently, but we're here if you need us too. We’ve been supporting SMEs and their international invoice needs for decades, so we really do understand the many, many different scenarios, risk appetites and currency nuances.