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How iPeakoin helps merchants in the UK solve financial difficulties
Davis is a home appliance seller in Britain. During last year, he has massively grown his business due to the energy crisis. Since the conflict between Russia and Ukraine erupted earlier, the wholesale price of electricity in the EU’s internal market is growing higher and higer. The deliberate reduction of gas supplies by Russia is the main cause of the recent skyrocketing gas prices in the EU. EU consumers are thus looking for new ways to battle the coming cold winter at a low cost.
 
Heating appliances, like electric blankets, heaters, heat pumps, and other products are in high demand. Davis and his team thus prepared large amounts of related products from its suppliers, among which China remains his first choice with efficient productivity, relatively lower costs of industrial power and production materials.
Challenge also comes with business growing.
 
Challenge 1: Expensive FX rates and transaction fees when making overseas payments via traditional banks
 
Capital controls are strictly enforced in China, so making payments to China at a high cost and long-time processing remains to be a ticklish problem for global traders or e-commerce merchants. Wire transfer, one of the most common payment methods in China, is widely used, but transactions may be subject to additional fees imposed by the sender as well as high exchange rates, and enterprises sometimes are asked to the counter to submit a lot of information.
 
In the past, Davis had to bear expensive foreign exchange rates and transaction fees when paying his suppliers via traditional banks. He also found that there is a lack of transparency with many of these online banking platforms and that they are inconvenient and difficult to use.
 
iPeakoin Solution: Helps minimise 99% of transaction fees for overseas payments
 
Using iPeakoin's Global Account, Davis can directly pay his overseas designers without having to go through the SWIFT network, saving up to 99% in international transaction fees.
On the other hand, Chinese suppliers can also use Global Account to directly receive foreign currencies and make settlement of exchange at a lower fee rate, which brings the two sides great convenience and helps them save money.
 
Challenge 2: Davis relied on a heavily manual process of expense management
 
Expense management was another knot for Davis. For each single business expense they made, from deposit paying to overseas delivery and employees' business travel and paying for social media ads, employees used their personal credit cards or asked Davis to pay for the spending. When reimbursing their business purchases, the team had to first download card statements from the bank, and then export them to a spreadsheet at the end of each month for reconciliation. Then the accounting team had to go through the submitted spreadsheet and pay each employee back – really a time-consuming and inefficient process.
 
iPeakoin Solution: Helps reduce 90% of time spent on expense management
 
Quantum Vrtual Card is an institution-grade solution for expense management launched by iPeakoin. After integrating iPeakoin's Quantum Virtual Card API into his own business system, Davis is able to create and issue virtual credit cards to teams all online within a few clicks, and customize budgets for different purposes. Meanwhile, full visibility and real-time tracking of expenses enable Davis to keep business expenses in control. At the end of each month, the accounting team can generate and export statements online for smart reconciliation, releasing them from tedious work.
 
Fund management used to be quite time and money consuming for Davis and his team, while iPeakoin provides a one stop shop for all their needs, and then Davis can focus more on his business growth.
 
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For more details, or just want to say hi, feel free to send us a note at marketing@ipeakoin.com or https://t.me/ipeakoin (Telegram).
iPeakoin, a fintech company that builds an institution-grade global cash management platform, is committed to bridging the gap between traditional finance and crypto, and to providing a one-stop shop for diversified and globalized cash management with technology.