FairFX.com Launches Unique Business Expenses Platform

• Businesses can make substantial savings on employee spending overseas

FairFX, the online foreign currency provider, today announces the launch of its unique business expenses platform, bringing substantially better exchange rates and significant cost savings to the business travel market.

The business expenses platform will be offered in conjunction with the FairFX prepaid currency card (available in Euros and US Dollars). The Card is a MasterCard prepaid debit card that provides market leading foreign currency rates for UK travellers.

Stephen Heath, Chief Executive of FairFX, said: “We have almost reached parity between Sterling and the Euro, so it has never been more important that businesses get better value when spending overseas. The foreign exchange market has been opaque about costs for years. We launched FairFX.com in 2007 to challenge the status quo and bring better value and complete transparency to holidaymakers. Today’s launch, via FairFX.net, is about delivering the same promise to businesses.”

The Business Expenses platform provides the capability for employers to issue, load and monitor cards, as well as exercise better control over employees’ expenditure.

The key benefits of this platform vs. other Corporate Card services are:
• Substantial reduction in foreign exchange conversion charges
• Significantly lower expenditure on initial card acquisition and annual service fees, conventional cash advance fees and late payment penalties
• Large cost savings by eliminating uncontrolled employee expenditure
• Flexible reporting system including real time alerts/exception reporting
• Reduced resources and costs by streamlining expense control and reporting

The platform has been structured as a pyramid, allowing password controlled access to its functions and reporting as required by management. Thus, full or selective access can be provided at head office and departmental levels with tailored access at the individual level.

Stephen added: “It is the online reporting area that provides the real opportunities for reduction of wastage and improved cost control. The system provides online real-time detailed reporting by user and by transaction but also has the flexibility to provide real-time alerts on spending, cost centre allocation, expense reporting and client billing allocation.”

Typical corporate charge cards:

• £30 to £80 per card per annum
• Foreign exchange conversion fees of 2.75% to 4%
• ATM withdrawal fees of 2% to 4%
• Late payment charges based on very high interest rates
• Limited real time capabilities and general system flexibility

FairFX’s corporate card:

• A 1% foreign exchange cost
• A flat ATM withdrawal fee of €1.50 or $2 (levied by the ATM networks)
• A platform usage fee to be determined based on volume
• No late payment charges as cards are pre-funded
• No hidden charges

For further information, please visit www.fairfx.net

Thursday 01 October 2009, 10:59am

Tags: business expenses, business expenses platform, business expenses software, corporate expenses