Product
Read time 2 mins
Author Charley 📊
Gift cards are now a global marketplace, making the ability to transact seamlessly across borders more than a convenience but a necessity.
Recognizing the diverse needs of our international buyers, who navigate the complexities of purchasing gift cards in multiple currencies, we embarked on a mission to simplify this process.
Our solution?
A real-time Foreign Exchange (FX) tool integrated directly into the Tillo Platform - International Payments.
Unlike other gift card providers whose currency exchange requires manual involvement and the physical movement of money from multiple currency floats, Tillo's International Payments is built into the payment processing experience, removing manual effort altogether and allowing users to transact from one core currency effortlessly.
Other providers: Users pay a fee to convert one currency to another and must hold each currency in a separate float. Users must maintain the float balances for each currency they hold separately, requiring constant monitoring.
Tillo's International Payments: Users hold and maintain just one core currency float in their chosen core currency - GBP or USD. International Payments automatically converts their core currency using the latest FX rates, delivering global gift cards seamlessly.
International Payments is a new and innovative feature of the Tillo Platform that eliminates the need for our buyers to maintain separate currency floats, saving them both time and money.
Before: Customers needed to maintain separate floats for each currency
After: Customers only need one International Payments float and can purchase gift cards at the current FX rate automatically.
With International Payments, we seamlessly execute FX transactions on behalf of our buyers during the gift card purchasing process, providing them with a straightforward, cost-effective, and efficient solution that enables them to trade internationally with ease.
🚀 It's a market-leading solution to a common and time-consuming problem.
🌎 It's easy to use and designed with global buyers in mind, making international transactions as simple as domestic ones.
✈️ It helps facilitate expansion into new markets by removing the operational hurdles of managing multiple international floats.
💸 It's cost-effective! Our International Payments feature allows buyers to say goodbye to the additional fees associated with third-party FX platforms.
🔎 You retain control with complete oversight and a real-time view of the FX rates, updated automatically every 10 minutes.
Launching International Payments was a collaborative endeavor that brought together the brilliance of our Product, Engineering, Finance, and Data teams.
As you can imagine, a lot goes into bringing a feature like this to life and doing so is a testament to the collaboration and passion of the team we have here at Tillo.
Your feedback has always been the catalyst for our innovation, and as we continue to evolve, we're eager to hear your thoughts on International Payments.
If you're a Tillo customer and are keen to learn more about getting started with International Payments, please contact your Account Manager.
Or, if you're new here and would like to explore what Tillo can do for your business, then get in touch with one of our experts to see our award-winning Gift Card API and Platform in action.
