Enforced lockdown across the world transformed the nascent virtual fitness industry with consumers, unable to visit the gym, finding ways to exercise at home.
The boom in virtual fitness has created a global community, and this has led to new international opportunities for everything including virtual classes, boutique classes and smart devices for personal training and measuring fitness progress. With these new opportunities, there is an increasing need for fitness companies to protect their profits and mitigate their foreign exchange risk.
How international payments can affect the fitness industry
The move from the physical space of the gym to virtual services has meant that the fitness industry is global. While virtual services offer opportunity for overseas revenue streams, this also increases the need for FX services to exchange currencies.
Whether it’s paying trainers overseas for local language classes on a platform or receiving subscription fees from abroad, these transfers can incur significant costs if a poor exchange rate is agreed. If the costs are transferred to the customer, this could limit the opportunity however costly transfer fees from banks and FX providers can damage your profits. By working with a specialist and planning all your foreign exchange exposure and budgets well in advance, you can help to protect your margins.
How we can help your business save money
Fitness companies are able to rely on a valuable and cost-effective service with a Moneycorp business account. With 24/7 access to your online currency account, you are able to process and manage the range of payments that you may need to make.
Every business is assigned an account manager who understands the ins and outs of your sector and will guide you through currency volatility to ensure you are offered a solution tailored to your business needs.
Our global payment solutions allow you to make bulk payments for any business costs or staff salaries in over 120 different currencies to over 190 countries. You can also use a range of FX tools, including a forward contract, stop loss or limit order and spot trade contract.