Case Study: BikesOnline achieves streamlined global payments and reduced FX risk with OFX

Bicycles Online - Customer Case Study

Bicycles Online, an Australian-owned online bicycle retailer, faced challenges with complex cross-border payments and unpredictable foreign exchange rates while managing its global supply chain. Using multiple financial platforms led to inefficiencies and budgeting uncertainty. The company turned to vendor OFX for a more efficient solution to manage its international transactions, primarily in US dollars with suppliers in Asia.

OFX provided a streamlined platform that consolidated all of Bicycles Online's domestic and international payments, approvals, and corporate cards into a single system that integrated with Xero. Utilizing OFX's Forward Contracts allowed the company to lock in exchange rates, providing cost certainty for forecasting and protecting profit margins. This solution significantly boosted operational efficiency, eliminated double-handling of tasks, and gave the finance team greater visibility and control, empowering the company to focus on growth.

Bicycles Online

Jonathan Allara

Co-Founder