There are a range of challenges when it comes to working in the manufacturing industry. In particular, it can be difficult to make international payments when you’re dealing with headaches like inflation, import duties, and various knock-on effects as a result of the pandemic, such as global supply chain issues or unpredictable markets. Equals Money can help you manage these pain points and focus on growing your business.
Running a manufacturing business has always come with its own challenges, ranging from poor economic growth after the 2008 financial crisis to skill gaps due to automation to Brexit. The pandemic especially has had its own effects on the industry such as labour shortages, freight and haulage issues due to closure of airports and a shortage in lorries, and rising inflation pushing up costs. Additionally, with rising costs and individuals with less disposable income, many manufacturers need to reduce margins or even cut prices.
Currency is unpredictable and fluctuates in the best of times, making costs difficult to manage in any circumstance. When unmanaged, currency fluctuations can increase cost and reduce margins even more. If you work in manufacturing, you don’t need to be wasting time or money navigating international payments with all the added pressures of inflation, unpredictable currency markets, or employment shortages. What you need is someone like Equals Money who understands the challenges your business is facing and has tailor-made solutions to address them for you.
With Equals Money, you can make payments and send money around the world at great rates with access to over 100 currencies. More than that, you’ll get a dedicated account manager to monitor the markets for you and keep an eye on your currency pairs so they can alert you to any movements. With fluctuating currencies and an unpredictable market, let the currency experts at Equals Money watch the market for you.
Equals Money can also offer you a foreign exchange tool known as a "forward contract", which allows you to secure the current exchange rate for a payment in the future. This means you can take advantage of favourable rates, and you won’t have to worry about the rate moving before you need to make your payment. You can lock in the exchange rate for up to 12 months, and any upturns or downturns in the currency market won’t affect the rate you receive – this can help enormously with providing your business certainty on cash flow and cost management. With forward contracts, you’ll know exactly how much money you’ll receive when you convert money for your overseas payment.
There are potential risks associated with choosing a forward contract: even if the rate moves more in your favour by the time it comes to settling the transaction, you'll still receive the same agreed exchange rate. However, many customers find the stability a forward contract offers outweighs these risks.
With Equals Money you'll get access to the UK's Faster Payments Scheme1, which allows us to offer you instant settlement for UK transactions. We also complete your international transactions quickly and efficiently. The ability to make faster payments, both domestically and internationally, means you can rest easier with the instability of the market and don’t need to worry about delays to your payments.
From turbulent markets to rising costs due to inflation, making international payments can be a challenge. It doesn’t have to be. Equals Money can help make international payments simpler for your manufacturing business. Get in touch with a currency expert today to see how we can help.
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