B2B forex plat­form for agents

BuyForexOn­line has launched a new B2B forex plat­form. The To­tal Agent Mo­d­ule (TAM) al­lows them to place forex and re­mit­tance or­ders for their clients.

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Anew plat­form launched by Ben­galuru-based BuyForexOn­line is tar­geted purely at travel agents that will en­able them to place forex and re­mit­tance or­ders for their clients of­fer­ing on­line pay­ment op­tion free of charge through net­bank­ing. Sales, pay­ment, de­liv­ery, es­ca­la­tions and cus­tomer sup­port is then com­pletely han­dled by the BuyForexOn­line team, leav­ing the agent free to fo­cus on busi­ness. A pi­lot launch in Ben­galuru saw more than 250 agents reg­is­ter for the plat­form. BuyForexOn­line, on the other hand, is a B2C plat­form where clients can trans­act them­selves.

The plat­form called the To­tal Agent Mo­d­ule (TAM) will now be rolled out across In­dia to pri­mar­ily tar­get SME travel agents and stu­dent con­sul­tan­cies spe­cial­is­ing in over­seas ed­u­ca­tion. Ananth Reddy, Founder and Man­ag­ing Di­rec­tor, BuyForexOn­line, says, “Forex in the B2B space is a largely dis­or­gan­ised sec­tor with agents or­der­ing forex for their clients through mul­ti­ple off­line chan­nels, of­ten re­quir­ing ad­di­tional re­sources both in time and man­power for co­or­di­nat­ing the trans­ac­tion. This be­comes chal­leng­ing, es­pe­cially when it comes to de­ter­min­ing rates, ar­rang­ing for de­liv­ery, and col­lect­ing pay­ments. TAM was launched to ad­dress these chal­lenges and to stream­line the process. It is an easy lead-gen­er­a­tion tool, and once the lead is trig­gered, the BuyForexOn­line team then takes over and con­tacts the client to close the lead.”

The key ad­van­tage of TAM is that since all clients are mapped to the agent in the sys­tem, their com­mis­sion is au­to­mat­i­cally cap­tured by the sys­tem even for all sub­se­quent trans­ac­tions by that client. “This is unique iand pro­vides a steady rev­enue stream for agents. Our rates are the low­est in the mar­ket, and travel agents are free to add-on a fur­ther mar­gin for their clients,” added Reddy.

TAM has al­ready been launched in 70 lo­ca­tions pan-In­dia in­clud­ing Tier-I, Tier-II and Tier-III cities. Some of the key lo­ca­tions are NCR, Chandi­garh, Bhopal, Mum­bai, Pune, Ahmed­abad, Kolkata, Hy­der­abad, Kochi, Chen­nai, Madu­rai and Coim­bat­ore.

Ananth Reddy Founder and Man­ag­ing Di­rec­tor BuyForexOn­line

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