Online accounting program Saasu has signed an agreement with foreign currency broker OzForex to provide cheaper overseas transactions initiated from within Saasu.
The integration will save business owners from paying high exchange rates at banks and reduce the complexity of reconciling international payments through foreign exchange brokers, said Marc Lehmann, CEO of Saasu.
“If you’re an importer or exporter buying stock in different currencies at retail forex prices it’s very expensive. You can lose 3 percent to 5 percent of your money,” Lehmann said. “This integration is like having your own FX dealer you can give Australian dollars to and they convert to other currencies and pass it onto the party you want to pay.”
Saasu users will set up OzForex bank accounts from within Saasu. Once OzForex has carried out the standard security checks users can start processing foreign transactions.
An Australian company importing clothing from the UK might receive an invoice in pounds. When the company enters a payment against the purchase order in Saasu, it will take the user to an OzForex payments screen with the details copied across from the purchase order.
Once the user has accepted the foreign exchange rate, the window will close and the transactions will be reconciled within Saasu. OzForex withdraws the amount from the company’s bank account in Australian dollars and pays the supplier in pounds on the purchaser’s behalf.
A company could also use the service to receive money from customers. The Saasu user would invoice US customers with bank details for the OzForex account. Payments to OzForex would be attributed to the customer in Saasu, instead of the business trying to figure out which customers had contributed to a lump payment from their foreign exchange broker.
“OzForex becomes like a bank account in your Saasu file. All the transactions appear as the customers or the suppliers,” Lehmann said. “It’s a couple of clicks to process it rather than typing it into two systems.”
The integration will also help businesses paying overseas staff or repatriating money to foreign businesses.
Under the terms of the agreement the feature will only be available to Saasu clients in Australia, New Zealand and the UK. The estimated release date for the FX integration was mid-November, Saasu said.
Image credit: Asian Correspondent