Demand for technology has skyrocketed since the beginning of the year. This has included software and platforms that facilitate homeworking, IaaS allowing companies to rapidly scale up and cyber security solutions to protect newly created virtual workspaces.

The boom in technology has created an expanding global market as companies are seeking the tools to manage their ongoing challenges and survive, and thrive, in the new landscape. With these new opportunities, there is an increasing need for technology companies to protect their profits and mitigate their foreign exchange risk.

How international payments affect the technology

Technology has always been a global industry. SaaS, PaaS and IaaS solutions dissolved geographic boundaries, but there are still the same practical requirements to manage overseas businesses. This includes the need to exchange currencies for revenue and cover costs from overseas.

International payments can cost your business time and money due to the administration time involved and poor exchange rates, which can damage your bottom line. Rapid expansion could come at a high cost, but by working with a specialist you can manage your foreign exchange exposure and plan your budgets well in advance. This will ultimately enable you to protect your margins.

How we can help your business save money

Technology companies are able to rely on a valuable and cost-effective service with a Moneycorp online business account. With 24/7 access to a secure online platform, you are able to process and manage the range of international payments that you may need to make.

Every business is assigned an account manager who understands the ins and outs of your sector and will guide you through currency volatility to ensure you are offered a solution tailored to your business needs.

Our global payment platform allows you to make mass payments for any business costs or staff salaries in over 120 different currencies to over 190 countries. You can also use a range of FX tools, including a forward contract, FX order and spot contract.

What about Brexit?

With Brexit on the horizon, further change to the industry is on the way. From new data protection requirements to changes to import and export procedures, even for virtual services, companies may be facing increased costs.

While some of these issues may require additional resources, you can minimise the impact on your finances by saving money on international transfers with our specialist service that can also help your business expand beyond the EU.

Our Brexit Hub offers a look at the latest developments regarding Brexit and the currency markets, helping you stay informed.