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Cash Management
Soled Distribution, reliable payments keep the supply chain moving
Reliable payments keep the supply chain moving If payments don’t reach international suppliers on time, Soled Distribution’s cash flows can be impacted for up to 12 months.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 for the company’s cash flow and profits, so it was crucial to find a simple way to manage international payments.
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
Suey Cooper, Founder Sole Distribution
Western Union Business Solutions (WUBS) is the issuer of the products discussed in this video and would be a counterparty to any transaction you undertake with us. Click here for full disclaimer.
The Last Exchange
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.
Resources are provided for general informational purposes only and do not take into account your particular needs or circumstances. The resources provided here should not be construed as providing advice or recommendations of any kind.
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