India-based BuyForexOnline is now stepping into the world of B2B with a new platform.
The company announced Friday (April 21) that it is rolling out a B2B Forex platform for travel agents and education consultants. These agents and consultants can place Forex and remittance orders on the platform, while sales, payment, delivery and other processes are handled by BuyForexOnline.
The firm released the new solution in pilot phase in Bengaluru with more than 250 agents and is now broadening the service across India. It will target SME travel agents and student consultancies that focus on global education, the company said.
“Forex in the B2B space is a largely disorganized sector with agents ordering Forex for their clients through multiple offline channels, often requiring additional resources both in time and manpower for coordinating the transaction,” explained BuyForexOnline Founder and Managing Director Ananth Reddy in a statement. “This becomes challenging, especially when it comes to determining rates, arranging for delivery and collecting payments.”
He added that the firm’s Total Agent Module platform addresses these points of friction.
“It is an easy lead-generation tool, and once the lead is triggered, the BuyForexOnline team then takes over and contracts the client to close the lead,” Reddy explained.
Commission for travel agents and education consultants is automatically captured, according to the company, with the platform automatically generating reports for these professionals.
“Our rates are the lowest in the market, and travel agents are free to add on a further margin for their clients, which will be protected for them,” said Reddy.
BuyForexOnline promotes the use of Forex cards and facilitates wire transfers and remittances. The platform enables travelers to reload Forex cards while abroad.