International payments after Brexit
With a clear election victory for the conservative party, Boris Johnson has confirmed his commitment to making Brexit happen.
What exactly happens next is not yet clear – but one thing is for sure, we will be hearing a lot about Brexit. It may not be quite business as usual and you need to make the right preparations now.
The actual impact may depend on the type of business you run – but there could be some good news.
Do you have mainly UK-based customers?
It can appear that firms that only do business in the UK will not be greatly affected by the UK’s departure from Europe – but supply chains have become international. Even if your business is small and your customers UK based, the chances are that at least some of your suppliers will not be.
You may need new payment solutions if you are to pay them and import from the EU – or from further afield.
Are you an importer making international payments?
Brexit may mean you will be looking for new suppliers from further afield, if there is to be an end to the free movement of goods with Europe. If the US can provide machine tools at a lower cost than Germany, or South African wine can undercut French, it might be sound business sense to shop around.
Again, new payment solutions may be key. You need a payment provider that can facilitate payment from any part of the world, and in any currency.
Are you an exporter receiving international payments – or will you become one?
Brexit does not mean that Britain will close its doors to the rest of the world - quite the reverse. If you are an exporter now, you may find that there are now many more profitable markets that you can start to explore. In fact, if the value of the pound stays low it may provide some lucrative new opportunities.
In the past, the cost and complications of a foreign currency account and international payments may have been a deterrent.
But there is no reason to restrict yourself and your business once Brexit is done. Trading with the rest of the world may be no more difficult than trading with our former partners in the EU.
The simple fact is, if you have a safe and secure international payment partner, you can find that exporting around the world can be as simple as selling to a client in the next town.
The good news – the Safenetpay makes international payments simpler.
Currently, the most common way for UK businesses to pay or receive money abroad is through their business bank account. It can mean delays and costs thanks to the banks’ reliance on outdated technology – and their tendency to use foreign exchange rates that are in their favour.
The good news is that by using an international payment solution like the cross-border payments services through a Safenetpay Business Account, you can have a solution that avoids those costs and delays. It can make you can look forward to transactions that are fast and foreign exchange rates that are competitive – no matter where in the world you do business – plus complete security and the help of a dedicated customer support team.
You can even feel confident that you are helping give back to society – we give a portion of our profits to local causes and charities.
You can see how you can save with a Safenetpay business account right now - and how easy it is to set up.