UKForex Introduces New Merchant Solution, Undercutting Transfer Fees

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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term the most cost-effective online retail market.

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.”