Turning your passion into a business isn’t just a dream; it can be a real possibility - if you’ve got the right tools, that is. 😉
For the adventure company Ticket to Ride, it was their love of surfing and the idea of giving something back to the community that drove them to create what has now become a global business.
Aimed at snowboarders, skiers, cyclists and surfers, their zest for bringing adventure to like minded folk, saw them expand their business across the world and into different sports.
As global nomads themselves, they were already big fans of Revolut as it allowed them to spend fee-free virtually anywhere in the world, but it was when Revolut business launched, that truly changed the way they dealt with their finances forever.
So, what issues were they facing? 🤷♂️
When you’re a growing company - especially one that works with a network of local providers around the world like Ticket to Ride does, the fees associated with foreign transfers can really sting - ranging anywhere from £30 to £50 per transfer. Those fees can quickly add up and cause a real dent it what could otherwise be a healthy profit.
With outposts in Japan, Canada, New Zealand, France, South Africa, Sri Lanka, Indonesia and more - Ticket to Ride would be operating in at least three different locations around the world at any given time, which meant they needed their money to bounce around as quickly as they were.
Making international payments can be notoriously slow though and when you’ve got a hotel chasing you for their money, or you’ve got a surf instructor waiting for their salary, blaming slow processing times from the big banks often won’t cut it. Factor in the hefty fees banks charge just for the privilege of sending your own money around the world and you’ve got yourself a frustrating and costly situation.
And what was the solution? 🤔
Easy - the services of a tech-savvy alternative to traditional banks; one that could support an international business in a seamless, convenient and most importantly cost-efficient way.
Offering up a personal foreign exchange at the click of a button allowed companies like Ticket to Ride to easily exchange money in seconds, around the clock and without paying bloated fees to monolithic banks.
Not only did Revolut Business save them a fortune in fees, but it also saved them countless hours making spreadsheets, or endlessly searching for the best exchange rates.
“Before Revolut Business, we would have to prepare an excel, upload and then email it over to our FX provider. We then had to wait for confirmation and then pay the correct GBP amount once all rates had been confirmed. The Revolut online portal is clear and very intuitive, so we can schedule payments to any of our suppliers with ease any time of the day (which is useful when you're juggling time zones!).“
Ben Bryon-Edmond, Finance Manager @ Ticket To Ride
What else could they do with a Revolut Business account? 🤓
Besides being able to jump on great FX rates in just a few clicks, the team behind Ticket to Ride found that one of the most useful aspects of Revolut Business were the corporate cards.
Offering up a world of flexibility that’s hard to match, the corporate cards allowed them to assign a card to each team member and specify which accounts they could withdraw money from. Not only that, but they could also set different limits for different staff members. They could then choose whether employees made business payments using a live exchange rate, or from another currency account they already held - which helped Ticket to Ride to get the most bang for their buck.
This gave them back total control of how their money was spent, who could spend it and where. As you can imagine, this came as a welcome relief for a company that would have previously found it challenging to keep tabs on all their various expenses around the world.
What about their customers? 💸
One of the best things about a Revolut business account is the fact that the benefits of modern money management can then be passed on to the customer - which can be a total game changer for a growing business.
As Ticket to Ride could have accounts holding different currencies, they decided to allow customers to pay for their next adventure in their own local currency, which meant their customers didn’t have to worry about inflated card transaction fees, or high-street banks charging them for an international payment. And if the customers are happy - everyone’s a winner!
Anything else we should know? 👩🏼💻
Revolut Business is moving forwards at a rapid pace and the team are constantly looking for ways that companies can improve their functionality, to make running their business as smooth as possible.
One of the most exciting features are the Revolut Connect integrations, which allow you to connect your Revolut business account with some of the best known apps. Ticket to Ride is most looking forwards to the Xero integration, as this would allow them to automatically sync transactions between their bank accounts and their accounting platform. Stay tuned for a big announcement very soon!
For Ticket to Ride, Revolut offered up a solution where there were previously only problems. Saving money is of course a no-brainer for anyone, but when those savings allow you to take back control of your finances and help your company to thrive - there’s no looking back.