Pay Local, Buy Global; Choosing the currency you pay your supplier invoices gives you additional flexibility to manage your business
Deciding in which currency you will receive your invoices is typically a discussion that is had with your supplier. Some global suppliers will have the capacity to accept multiple foreign currencies, while other, smaller, enterprises will have a preference for a certain currency such as USD. This can create additional, unnecessary, strain on SME's especially if the conversion from their home currency is experiencing fluctuation.
Benefits of Paying Your Suppliers in Local Currency
- Ease of accounting/ reconciliation
- Competitive Market Rates
- Improved Cashflow
Managing your Currency Preferences with 40Seas
When paying your invoices through 40Seas you can opt for the currency that best fits your business needs. When you go to pay your invoice (currently this feature is only available for invoices without net terms), you will be offered the option to pay based on your region, and which payment options are available for your choice.
From your supplier's perspective, they will be able to withdraw their funds in their preferred, supported currency.
Currently we offer the following currencies for conversion:
- GBP
- USD
- CAD
- AUD
- EURO
Please note that this feature is currently only available for invoices without payment terms (as of 07/08/24)