TAM is a game changing Forex platform for SME Travel agents – Ananth Reddy, Founder & Managing Director of BuyForexOnline

TAM is a game changing Forex platform for  SME  Travel agents  –   Ananth Reddy, Founder & Managing Director of BuyForexOnline

Bengaluru based BuyForexOnline, the pioneer in the online Forex space, had recently announced the launch of a revolutionary new B2B Forex platform for Travel agents. The Total Agent Module (TAM) allows agents to effortlessly place Forex and Remittance orders for their clients. The additional burden of Sales, Payment, Delivery, Escalations and Customer support is then completely handled by the BuyForexOnline Team, leaving the agent free to focus on their core travel competencies.

As part of the pilot launch in Bengaluru, more than 250 agents had signed up for the platform, which has now been rolled out across India to primarily target SME Travel agents.

Ananth Reddy, Founder & Managing Director of BuyForexOnline, in an interaction with Pocket News Alert, spoke about TAM and how it can be a game changing Forex platform for travel agents:

Why should a travel agent  sign up for the Total Agent Module (TAM)?

Forex in the B2B space is a largely disorganized 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.
What is the advantage of ordering forex through TAM as opposed to the local Forex agent? 
It is a simplified service for placing foreign exchange & Remittance orders. So an agent can focus on their core business. Commission is also automatically captured for repeat business from the client even if they come directly to us next time, providing you with an additional new revenue stream.

The key advantage of TAM is that the lead is mapped to the agent, and their commission is automatically captured by the system even for all subsequent transactions by that client – giving a substantial additional revenue-stream to the agent. An in-depth report can be viewed on our system by the travel agent to monitor their commissions. Our rates are the lowest in the market, and travel agents are free to add-on a further margin for their clients, which will be protected for them.

Can you service Large groups?
We provide a superior experience for groups of all sizes, from individual travelers, families to large groups going abroad for travel, conferences (MICE) or education.
 What is your Reach in India? How many locations do you service?
We can deliver Forex to over 70 locations across India. New locations can be added on request.
 Is the process KYC compliant?
Entire process is fully KYC compliant. Airport checks have now become mandatory and stringent, and travelers need to produce a receipt for forex. Buying in the grey-market is now not an option.
 Why do you encourage sales of a prepaid card over cash? What are the benefits?
Lower rates can be offered on cards, so the agent can apply a higher margin for themselves. Easy online reloads possible, so higher volumes, resulting in higher commissions. Also, Safety for clients. Can block card easily if lost. No counterfeiting. Ready availability of 18 currencies on a single multi-currency card. Can withdraw cash if required from any ATM abroad.
 Does the travel agent get a commission on Client Reloads?
Yes. Each client is mapped to them through their passport number, and commission is shared on all their future forex business with us.
 How often will the travel agent get his commissions?
Every  fortnight.  They will be provided with access to our system to track their commissions at any point.
 How can the travel agent ensure that his client information is secure?
If required, we will sign an NDA. Our process is completely transparent and we do not use client data for any other purpose other than forex.
 Will there be a conflict between your B2C online rates & the higher rates (margin) quoted by the travel agent on TAM?
TAM business is conducted through our dedicated 'YourForexPartner' portal, which does not have any link to our B2C vertical. So there can be no confusion for the client on this account.