The importance of 75% in your business

By on May 31st, 2016 in Editorial

Even more astonishing, however, is the fact that 80% of businesses (according to our own 2015 study ‘Breaking out of the FX status quo’) still exchange currency using banks, despite the murkiness of their hidden fees and their unfavourable terms for small businesses.

The average exchange fee with a bank is 0.8% – and this is by no means constant. By marked contrast, we offer a guaranteed fixed fee of 0.2%. This is not peanuts! Those are real savings!

But perhaps it’s hard to picture what a reduction of 75% looks like in the context of your business, so we’ve put together this handy list of real world examples:

● Imagine you lost 75% of your chair and table legs. Most of your furniture would be left with only a single leg to stand on, and your employees and computers would slide to the floor. Work would grind to a halt and you would be faced with a litany of health and safety lawsuits.

● Imagine you lost 75% of your walls. You would most likely be outside. The ceiling would fall on your employees and computers, as might the remaining wall. Health and safety lawsuits.

● Imagine you had to give up 75% of your workforce. You would need to sack three quarters of your loyal, hard-working staff – or dismember all of them. It would be a difficult decision, and both options are likely to result in lawsuits.

● Imagine you lost 75% of your stationery. The remaining 25% would run out quickly. Your dedicated personnel would ultimately be forced to take notes and sign important documents with their own blood. Lawsuit.

● Imagine you lost 75% of your lawsuits. Your company would soon go out of business, and you would lose 100% of everything.

As you can see, 75% is not to be shrugged off. It is to be revered, celebrated and acted upon. Small businesses need to make savings wherever they can, and avoid those that are out to exploit them.

Don’t let the banks overcharge you by 75%. Make your foreign payments with freemarket.

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James is freemarket’s Chief Commercial Officer. He has a history of finding new ways to solve age-old financial challenges and was responsible for launching some of the first online money transfer and prepaid card initiatives in Europe.

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