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Cash Management | Case Studies
Soled Distribution, reliable payments keep the supply chain moving
Soled Distribution previously managed international payments on its own, which was a complicated and time consuming process. The speed with which a payment reaches its suppliers can have significant implications
Challenge
Complicated and inefficient payment methods that led to funds not reaching suppliers’ accounts on time. This had the potential to disrupt the supply chain, and consequently Sole Distribution’s cash flow for up to 12 months.
Solution
Partnering with Western Union Business Solutions to make international payments more efficient, and receive guidance on how to minimize the impact of currency volatility on cash flows.
Result
Efficient payments processes mean the company’s owners can concentrate on growing the business, rather than managing international payments. Locking in exchange rates in advance has helped Sole Distribution improve the accuracy of profit margins and forecasting.
"The difference in the exchange rate for us as a small business could be the difference between a bill being 150 and 180 thousand dollars within a couple of weeks.”
Suey Cooper, Founder, Sole Distribution.
Many small businesses struggle to manage foreign exchange and international payments on their own. Now Sole Distribution can focus on what it does best: importing and distributing quality shoes.