FX and payments?

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Why is FX important for payments>

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@Baker Great question and one our team gets asked often. Without knowing what context or angle you are asking I will point you to some resources we have here in the community that can help potentially answer your question. Also, as an active community, others hopefully can provide some conversation as well.

Foreign exchange (FX) is important in payments because it enables transactions between parties in different countries with different currencies. When a payment is made between two parties in different currencies, the amount needs to be converted to the currency of the recipient. This is where FX comes into play.

FX is important in payments for several reasons:

  1. Facilitates cross-border payments: FX enables cross-border payments by allowing parties in different countries to transact in their local currencies.
  2. Manages currency risk: FX helps manage currency risk by converting the value of payments into the currency of the recipient. This helps to ensure that the recipient receives the correct value of the payment in their local currency.
  3. Enables global trade: FX enables global trade by providing businesses with the ability to buy and sell goods and services in different currencies.
  4. Improves financial planning: FX can be used to manage financial planning by allowing businesses to hedge against currency risk and forecast cash flows accurately.

Here are some articles that may help as well:

  1. :open_book: Docs: Payment with FX
  2. :open_book: Blog: How to Accept Foreign Payments with Rapyd FX
  3. :tv: Video: Rapyd Bytes: Checkout Page with FX - YouTube

Let us know if this helps or what other questions you might have!

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