OFX

OFX is a cross-border payment and money transfer provider with services tailored to business with overseas markets. Specifically, this gives online, international sellers the equivalent of a local bank account in today’s most profitable international markets.

How Cin7 integrates with OFX

The benefits of OFX to online sellers

Cross-border payments can be costly to your business. Marketplaces and payment providers charge high margins on your transfer plus additional transaction fees. OFX offers better exchange rates than marketplaces or banks, allowing businesses to save $2,500 or more for every $100,000 transferred internationally. It also provides local currency accounts in USD, GBP, HKD, EUR, CAD, NZD or AUD, to provide significant savings on transaction fees and margins when bringing revenue home from international marketplaces. Receiving funds from international marketplaces like Amazon:

• This can issue virtual accounts in currencies/countries you sell in USD, CAD, GBP, EUR, HKD, and AUD
• No fee international transfers
• Preferential exchange rates of 1% margin or less

Paying international suppliers

• 24/7 dealing and customer service. It have offices in six locations around the world, which means it can ”follow the sun” and service its global clients at all times.
• Hedging solutions to mitigate in your future currency exposure
• US based sellers with no FX can save on international payments with USD$20 wire transfers