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Managing foreign payments amid Covid-19

The Financial impact of Covid-19 on Sport will no doubt change the business of Sport for the foreseeable, maybe for the better in some parts but until we go back to some sort of normality with sell-out crowds at venues week in, week out, we won’t know the true impact for certain.

In the world of International payments, we have seen most sports businesses suffer financially in different ways, but also some positive and versatile moves made by some.  Promoters have not been able to produce live events with crowds, but have managed to setup up virtual tournaments from the homes of players in the world of Darts, and live  Snooker has just hit the screens again from behind closed doors. 

Broadcasters who thrive on projecting these live events out to the millions of viewers, have been investing into archive footage of past classic football matches, epic Ryder Cups & all-time great boxing bouts which has kept some cash moving from broadcaster to promoter.  ‘Under the radar’ Sports may also have found new fans during these times where a lot of people have been flicking through channels trying to not watch the Arsenal invincibles of 2004 again and again!

Generally, sponsors and commercial partners have deferred payments until events start to take flight again, but it seems in most cases Football Clubs have still been expected to make outstanding stage payments for past player purchases as normal.

Fortunately, our partners at IFX operate in an industry where there is always a need of some description for businesses or individuals to make payments. IFX have managed to help businesses both old and new, as well as individuals with the need to send and receive foreign currencies by giving them their easy to use, cost-effective, multi-currency online banking platform (IBANQ), which means the user can receive and send up to 39 currencies through one account/ IBAN number. A lot of their new customers have found it difficult to speak with anyone at their current bank due to staff shortages and changed working conditions, so opening new currency accounts or resolving issues has been tough. IFX are able to open an account within two hours of online application, and have staff based in the UK dedicated to helping its clients. IFX have also given clients flexibility on any currency deals they have hedged and not yet been able to fulfil due to delayed incoming funds from their clients. Whenever payments are late or missed it has a knock-on effect for everyone associated in that chain of business, so IFX have tried to support their clients and not penalise them, to ensure businesses survive and grow through these uncertain times.