What accountants REALLY want to know about new Xero add on SAT FX Online
December 16, 2015…We thought we’d share the top three questions accountants asked us after they got in touch about SAT FX Online over the last week.
Question 1: How much does it cost?
The easiest (and most common) question to answer is about cost. Well, it costs NOTHING.
No set-up cost, no subscription cost and no payment costs. SAT FX Online makes a profit within the rates of exchange our customers trade at and where we buy or sell currency.
Question 2: How do your exchange rates compare to other brokers?
Of course we are much better but that is easy to say. The reality is however, that your customers don’t know how much they are being charged by whoever they buy or sell currency with. Rate comparisons can be used to compare but are often not done live so exchange rate movements during the comparison prevent true results. The answer is a simple, free audit that SAT FX Online will complete on two or three recent trades using the transaction date, the amount sold and the amount bought. The results will reveal that (a) there is room for improvement or (b) the exchange rates are good (at which point we can try to persuade your customer to switch based on the exclusive features SAT FX Online offers). The worst case for your customer is peace of mind that they are being well looked after.
Question 3: How much can I earn from introducing my customers?
And why shouldn’t you earn a commission from introducing your customers and letting us set them up for you? Well, the truth is it depends on how much your customers use SAT FX Online and how much currency they trade. If you have a customer that buys £50,000 of Euros a year you will earn less than a company buying £50,000 a month. All our commission agreements are based on 20% of the net profit per trade but don’t forget how pleased your customers will be that you have introduced them to an add-on that will make their business run more efficiently and save them money!
Got more questions? Get in touch to find out how SAT FX Online works with your Xero account