As part of our month-long promotion in helping SMEs, “Rethink Wire Transfers” Align Commerce began offering new customers exchange rates without any mark-ups or added fees if they choose to send or receive payments to any of our corridors in the Euro Zone – essentially making their entire transaction free. Since the introduction of this corridor, the Euro Zone has become an important and popular corridor for our customers who wanted to simplify their global business payments and were looking for an alternative to complicated bank wire services.
One such customer is Flower Essence Services. As a small business that provides flower essences, floral infused water products for mind-body health and skin care to clients all over the world, owner Richard Katz found that the traditional system of paying and receiving overseas payments to be inefficient. In his search for alternative means of getting paid by local distributors worldwide, Richard found Align Commerce.
Initially, Richard was using a small independent bank in San Francisco. It was a tricky process since the bank did not have their own SWIFT code, so international payments were often routed through Wells Fargo. Consequentially, this caused confusion with their overseas accounts (particularly in the Euro Zone) and additional paperwork that Wells Fargo required. Richard expressed that a third of his transactions had issues, with the most common being not able to locate where his money was. Having gone through multiple banks charging their own transaction fees, the amount of money Richard actually received in the end was around $10 to $20 less than what he was expecting.
Frustrated with SWIFT’s process, Richard sought for a replacement.
Align Commerce proved to be the service he was looking for. With Align, where his funds are in real-time and know the exact amount that he would be getting. He said, “What I like is the fairly straight forward way customers can send funds without using intermediary banks.”
The streamlined process saved Flower Essence Services in bank fees and exchange rate volatility, allowing the business to thrive in providing flower essence therapy to its global customer.