Case Study: BikesOnline streamlines global payments and reduces FX risk with OFX

BikesOnline streamlines global payments and reduces FX risk with OFX

BikesOnline, an Australian-owned online retailer, faced significant challenges managing complex cross-border payments and unpredictable foreign exchange risks while dealing with suppliers in Asia. Their previous process, which involved using multiple financial platforms, led to duplicated efforts and a lack of streamlined control. They turned to OFX for a more efficient and cost-effective solution, utilizing the vendor's Global Business Account and multi-currency accounts.

By implementing OFX's platform, BikesOnline consolidated all payments, approvals, and corporate cards into a single system that integrated with Xero. The use of Forward Contracts provided crucial cost certainty, allowing for accurate forecasting and protecting profit margins from currency fluctuations. OFX delivered massive operational efficiency gains, streamlined financial control, and eliminated the frustrations of their previous multi-platform process, powering the company's growth.

BikesOnline