How Fyorin became Thought3d’s partner in cross-border payments

Thought3D faced a few financial hurdles with their cross-border operations. The most pressing issue was collecting payments from customers in US dollars. Accepting payments in this currency meant they had to deal with different intermediary banks, which resulted in considerable delays. There were instances when payments failed at the bank, leading to a two-week back-and-forth exchange of emails between the company, the customer and the bank to send back the funds and set up a new payment, with new details. The long wait for large and important payments crippled the ambitious growth of the company, as it slowed their operational efficiency, and made a dent in their time and cash flow.

On the payables side, they encountered a similar challenge. In the UK, they needed to make fast payments to vendors. Intricacies associated with exchanging Euros or US dollars into British Pounds - the FX and operational fees, dealing with multiple banks - made it a labor-intensive process. Additionally, every purchase, no matter how small, had to be approved by management.

All of this was putting an enormous strain on Thought3D's financial department. As they aimed to scale their operations without expanding their financial department, time lost on manual financial activities became a significant concern.

Fyorin became a trusted financial partner for Thought3D by providing them with innovative solutions to streamline global, multi-currency payments. The suite of financial products offered by Fyorin enabled Thought3D to grow without borders while keeping the cost of their financial financial operations down

With Fyorin’s International Payments Thought3D leveraged Fyorin’s global network of financial institutions to send, receive, exchange and hold funds in different currencies. As an ambitious mid-sized manufactor, they were able to swiftly open and manage local USD and GBP accounts to streamline collection of funds as a local, and expedite payments.

In the case of US dollars, access to local ACH payments created a seamless purchase experience for customers, while the company itself received the payout faster. With local accounts Thought3D can now operate globally as easily as they would locally. Additionally, the manufacturer is now able to instantly exchange funds they hold in the Global Wallet between GBP, EUR and USD and pay suppliers without delays, additional fees, or having to deal with multiple banks. From one unified platform they can multi-bank as easily as they would with one provider.

Virtual Cards enabled Thought3D's employees to make online payments making transactions swift and straightforward. It was especially useful when dealing with logistics and service providers in their home country. Connecting cards to sub-accounts also enabled budgets to be assigned directly to projects and teams, eliminating the need for management approval on each payment. Finally, Fyorin's Customer Support Team provided exceptional support and addressed any questions in a timely and direct manner. Consequently, Thought3D can rest assured that they can run their financial operations without disruptions.

Fyorin eliminated pressing pains faced by Thought3D in the past and supported their growth in the international market. The obstacles stunting their progress were no longer an issue thanks to streamlined financial operations - namely, receiving and sending funds in different currencies without delays and at scale.

Fyorin’s International Payments and Local accounts mean that Thought3D can now transact in USD GBP and EUR with ease. Collection of funds in US dollars now happens without the delays and the back and forth that previously plagued their financial teams. The money is received almost instantly, compared to days or weeks with a traditional bank. Receiving bigger payments on time also meant they could manage cashflow better and focus on growth. Similarly, paying suppliers on time allowed them to build positive relationships with vendors around the globe.

Ability to easily exchange between different currencies and hold them within the global wallet means significant cost savings on FX and banking fees which in the past, impacted their bottom line when the start-up managed multiple banking relationships.

For all their online payments, Thought3D can now rely on Virtual Cards. These swiftly createdfrom the platform and instantly issued for the employee to use. This means smoother operations, clearer insights into budgets and less strain on the financial team that would otherwise need to approve each payment or deal with financial institutions to set up new cards with contracts and signatures.

These changes significantly lightened the load on their financial team. They reclaimed valuable time, saving hours each week, which cumulatively amounted to approximately a full working day each month.