When it comes to multi-currency collection, there is no ‘one-size-fits-all’ approach. Depending on your business model, your collection needs may vary. Some of the key challenges we often see that affect international companies exporting or selling online are:

• Lack of visibility over when their payments are received
• IBANs shared among more than one company make collection and reconciliation more complicated
• Online marketplaces and e-commerce companies typically pay their PSP an additional 1-3% in FX conversion fees
• Bank fees and commissions are not always transparent, meaning that the collection process is more expensive than it needs to be, reducing their margins
• A very manual approach to collection, with multiple user interfaces and banks involved in the process

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• Open accounts online and start collecting within days
• Receive up to 29 foreign currencies in different currency accounts
• IBANs issued by Kantox and appear in your company’s name, making the collection and reconciliation process smoother
• Simple, straight-through-process (STP) saves time and money
• Immediately save on FX fees by having your PSP settle directly into your accounts (e-commerce companies and online marketplaces)
• Have Kantox automatically convert your funds and save on FX conversion fees  
• Improve your customer’s experience by letting them pay in their preferred currency

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