UKForex, a subsidiary of OFX, one of the largest international payment venues, has implemented the launch of OFX for Online Sellers, which acts as a new online merchant solution helping facilitate payments from a multitude of international marketplaces, according to a company statement.
The new merchant solution caters to millions of clients worldwide, encompassing e-commerce users and clients utilizing services such as eBay and Amazon. OFX for Online Sellers helps streamline transfers from these venues into bank accounts in North America, Europe, the UK, Hong Kong, and Australia. Overall, the new solution aims at mitigating costs of transfers, in essence helping leverage the most cost-effective online retail market.
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eCommerce a Growing Trend
With global consumers increasingly shifting to the online space, OFX for Online Sellers looks to tap into a burgeoning demand for such solutions. Currently 45% of the global online retail market is attributed to online marketplaces like Amazon and eBay, with this number only pegged to rise in the next few years.
One of the biggest issues for merchants and users of online transfers is the propensity to incur profit losses via foreign exchange (FX) payment charges when converting funds back to their home currencies – this has been one of the biggest knocks on options such as PayPal, which charges up to 3-4% in several instances.
According to Jeff Parker, Chief Enterprise Officer for OFX, in a recent statement on the launch: “Exchange rates and associated fees can mean the difference between growth and stagnation for many up-and-coming merchants. The standard 3-5 percent that some marketplaces and banks charge to get money into a seller’s bank account can make a huge difference over the course of a year. With OFX for Online Sellers, we’re providing the means for merchants to reach new customers around the world.”