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Online currency conversion provider rolling out product
E4X, a New York-based online currency exchange company, is rolling out its product after several months of beta testing.
E4X, a New York-based online currency exchange company, is rolling out its products after several months of beta testing, Yuval Tal, CEO, tells Internet Retailer. Retailers who want to sell overseas can install an E4X software system on their servers. The system converts U.S. currency to any foreign currency and displays the price to local users in their own currency. That way, buyers know exactly how much they are paying for a product and sellers know exactly how much they are receiving. Tal says the system eliminates currency fluctuations for retailers. E4X takes the risk of currency conversion by hedging the price with a major trading bank. Most retailers would have a hard time hedging the currency fluctuations themselves because banks don’t usually hedge amounts less than $1 million, Tal says. E4X will aggregate currency conversions from a number of clients to reach the minimum. While no retailers are using the system yet, E4X’s customers include chess portal KasparovChess.com and a travel packager. "As simple as it sounds, it did not exist until recently," Tal says.