Helping LFM become a global business.
LFM International are a local Gold Coast business that supplies furniture, homewares and artwork all over the world. They call it a "shop in a box" and provide products from Indonesia, China & Vietnam to several countries worldwide.
They started by combining products in containers to fill shops in Australia with a couple of each of the best selling items filling a 40ft container, having it packed and shipped direct to retailers that would then set up stores all across Australia.
The idea to then keep the same model, but ship worldwide meant several potential headaches, however a huge world of opportunity. After several months of marketing and trade fairs, orders started to roll in, clients from Germany, New Zealand, USA and the UK quickly came on board..... now what ?
Enter CB3 Global Payments, a perfect partner for growing their business internationally. We were able to set up bank accounts in each of the required countries to collect funds, make payments back into USD to pay suppliers and move the balance back to AUD as company profits.
After completing the first few trial orders, larger orders followed. With several currencies involved and a requirement for USD to keep suppliers paid, we booked forward contracts from EUR/USD and GBP/AUD to ensure that prices that were offered to clients did not have to change and also did not cost LFM any losses while securing rates for a portion of the profits as a worst case scenario.
LFM International now manage all of their incoming and out-going funds via their online dashboard and we speak once every few weeks to ensure that the forward contracts in place protect and are matching the levels of funds coming in.
"Chris has been able to streamline our transactions and simplify our systems all in our favour saving us money on each transaction but more importantly he saves us valuable time and manpower.
I have been working with Chris for several years now and consider CB3 an integral business partner for our company, I highly recommend reaching out to see what he can do for your business as its been a game changer for us" Regards Mike Lang - Director of International purchases & Imports, LFM International.
Speak to us to see if we can help you too.