moneycorp announces partnership with ChamberCustoms
Specialist international payments partner, moneycorp, is pleased to announce a new partnership with ChamberCustoms, a customs broker, training, and advisory service delivered through the British Chambers of Commerce across the UK. The partnership will help ChamberCustoms’ clients – over 1,800 British businesses – to thrive in today’s global economy, with access to a one-stop shop for mitigating risk when importing and exporting across the globe.
At a time when the markets and SMEs alike have seen unparalleled turbulence because of changes to trade borders and Covid-19, SMEs need support to get them into the international stage and kick-start economic recovery and prosperity at home. This rolling partnership offers and gives businesses access to services that will help them to protect themselves, understand their customs declarations and currency risk, all in one place. Crucially, British business leaders will be given the tools to make forward-thinking decisions when it comes to trade, through the hands-on advice and training sessions that can be provided by moneycorp and ChamberCustoms, tailored to each businesses’ needs.
As a recent survey between the British Chambers of Commerce and moneycorp revealed, for those that currently export to the EU and/or the rest of the world, over 50% had concrete plans or intentions for growth in non-EU export markets. There is ample appetite to move forward trading horizons. Yet, one-fifth (21%) of firms say currency risk is more of a concern than two years ago.
New customs declarations add another layer to what might be an uncertain process for many British SMEs and make a dent in their bottom line in terms of time, manpower, and delayed goods. Yet, this partnership will consolidate brokerage, training, consultancy, and advisory services to allow businesses to have a base of knowledge at the right time, making the complexities of export and import, smooth, quick, and entirely transparent.
The partnership circumvents confusing, lengthy information online, and instead provides live support and a pool of experts on hand to guide them through the intricacies and risks of international markets into opportunity and growth. In particular, the partnership will introduce SMEs to the range of hedging options and online payment solutions available to manage currency volatility. For example, moneycorp’s pioneering multi-currency IBAN, which allows customers to receive international payments from over 70 countries in just one receiving account – making payments swifter, simpler, and more secure.
There is a huge difference between reading generic, lengthy government guidance versus having clear advice from an expert on hand to support, especially when it comes to matters as important as a fiscal declaration: customs compliance is crucial. This partnership will have a pivotal impact on how businesses access relevant advice, information, and the consultancy they need when seeking the support they need to import and export goods to and from the UK.
Lee McDarby, CEO of UK International Payments at moneycorp, said: “At moneycorp, ease, transparency, and support are paramount to us when it comes to helping our clients trading overseas. We are delighted to partner with ChamberCustoms and give our customers access to its global expertise in supporting thousands of businesses, in matters of trade, consultancy, and advisory.
As we continue to face heightened challenges and opportunities globally, especially when it comes to trade, we’re hugely excited to help provide the certainty businesses need to get back on their feet and into the world. Customers shouldn’t have to struggle when it comes to navigating a complex and changing set of import and customs regulations. The partnership is another step in our commitment to providing the right experts to our customers, so they are equipped with wrap-around support in all matters around international payments and trade.”
Liam Smyth, director at ChamberCustoms, said: “The British Chambers of Commerce has had a longstanding relationship with moneycorp who already support many businesses across our network. Extending this relationship to ChamberCustoms is an obvious step, as our customers come to terms with the complexity of trading goods across the EU border now that we are outside of the single market.
As traders deal with the additional costs of trading, Chamber FX delivered by moneycorp can help our customers to gain margin back through taking a more planned approach to buying and selling across a range of currencies and open up opportunities to acquire new customers across the globe.”