Sign-Up and use WU-EDGE from EdgeCTP
Within EdgeCTP, if you’ve signed up to the EdgeDOCS plan or above, then Western Union Business Solutions Live Spot FX Rates are already available to you. Just change the document currency in any of the financial documents and you’ll get an FX rate in the product lines. If you’ve EdgeSTOCK, then you’ll have Western Union Business Solutions Live Spot FX Rates on Products too.
In this blog post, we’ll explore signing up and open an account with Western Union Business Solutions. We’ll do it from, within EdgeCTP.
Why Use Western Union Business Solutions (WUBS)?
When trading internationally, you may need to deal with payments in various currencies. Simply limiting yourself to trading with buyers and suppliers, only in your home currency, will erode your competitive advantage. Additionally, simply relying on your local business bank to manage your exchange rate, may open you to exchange rate risks, which could make your trade unprofitable.
Consider using Western Union Business Solutions (WUBS) when you want to: efficiently manage your international payments; understand the FX transaction costs and rates upfront; minimise conversion fees; make bulk multiple currency payments; ensure timely and safe transaction compliance; grow your business internationally and seamlessly update accounting systems with payments.
Why Use EdgeCTP and WU-EDGE?
Connecting EdgeCTP with WU-EDGE and Accounting Systems EdgeCTP is the world’s #1 Combined Trading Platform (CTP) and is best used to manage your physical goods trading with overseas Buyers and Suppliers. Generate Quotes, Proforma, Commercial Invoices, Purchase Orders, Sales Orders, etc. from EdgeCTP. Use the Sales and Purchase workflows of EdgeCTP to track when goods need to send or received and associated payments. EdgeCTP seamlessly connects with WUBS to fetch the live spot FX rates, so you’re aware of the indicative FX rates when trading goods involving foreign currencies. If you want to reduce your FX rate exposure with a Spot Deal or a WU Hedge Product, then from within EdgeCTP you can click-and-speak with the Western Union Customer Services and Dealing Teams.
WU-EDGE is ‘WUBS’ payments platform, which you’ll use to manage your international FX payments, corresponding with the physical goods trade you’re doing in EdgeCTP. WU-EDGE provides fee-free FX payments, in 54 different currencies, with near real-time payment delivery to their destination. Also available within WU-EDGE are Holding Balance Accounts, which allow you to hold and manage funds in multiple currencies that further help reduce conversion fees.
Online Accounting Systems/Packages are seamlessly connected to by both EdgeCTP and WU-EDGE, which allows financial (accounting) information to flow with just one or two clicks from EdgeCTP and WU-EDGE into the Accounting System. That is, use EdgeCTP for the physical good’s trading activities and the resulting in actual/realized financial transactions, get echoed into the accounting system, for business trial balance and P&L purposes. Subsequently, use WU-EDGE to manage any corresponding FX payments, and copy across the FX positions/obligations into the accounting system. Use the Accounting System for your business accounting purposes and as the books-and-records, golden source that both EdgeCTP (trading activities) and WU-EDGE (FX payments) reconciled against.
Signing Up to WU-EDGE from EdgeCTP
First, login into EdgeCTP.
From the Home dashboard’s top-left menu, choose Administration > Settings > FX Payments tab to show the Western Union settings.
If the ‘Already got a Western Union Account?‘ is set to “No“, then click the [Sign-Up] button to open a new browser tab and complete the WU-EDGE ‘Get Started‘ form and click [Submit].
Western Union will perform the necessary ‘WU compliance checks’ before you’re given an account.
Login to WU-EDGE from EdgeCTP
Once you have a Western Union Business Solutions account, you can log into WU-EDGE from within EdgeCTP.
Start by logging into EdgeCTP. From the EdgeCTP Home Dashboard, choose from the top-left menu: Administration > Settings > FX Payments tab to show the Western Union settings.
If the ‘Already got a Western Union Account?‘ is set to “No”, then switch it to ‘Yes‘. The [Login] button appears.
Click [Login] to open a new tab browser tab and the WU-EDGE login page appears.
Using WUBS Spot FX Rates within EdgeCTP
WUBS Spot FX Rates are available by default within EdgeCTP on Products and Financial Documents.
Setting Product Price FX Rates within EdgeCTP
Products can be priced in multiple currencies, with rates fetched/checked against WUBS Spot FX Rates. Open the product within EdgeCTP by selecting: Home > Product & Inventory and choose the View action next to the product you wish to open. Click on the product’s Pricing tab and if you wish to add ‘Alternative Currency Sell Pricing‘ then click the [Edit] button.
Either click the ‘+ New Currency Sell Price‘ or the Edit action to set the alternative currency sell prices. WUBS FX Spot Rate will be shown in the pop-up as a guide to the FX Rate.
Set the value in the ‘Set Rate‘ field and click [Save] to complete the pricing adjustment.
Setting FX Rates within Financial Documents in EdgeCTP
Financial Documents, such as Quotes, Proformas, Standard and Commercial Invoices, Purchase Orders, etc. can all be stated in multiple currencies. The range of currencies corresponds to WUBS supported currencies. Further, the Financial Document’s product detail line(s) can have individual FX rates, which convert product pricing currencies to the overall Financial Document’s currency.
Open the Financial Documents Dashboard within EdgeCTP by selecting: Home > Financial Documents and choosing the Edit action next to the Financial Document you wish to open. Set the document’s (Invoice) Currency field, which will then dictate the FX rates to be applied for any product(s) added to the document.
Scroll down and add the necessary product(s) to the financial document product lines.
Click the FX Rate field currency pair link to show a pop-up to allow you to either: apply the WUBS Spot FX Rate; set a rate manually or (if available) apply the alternative sell price currency rate.
In all cases within EdgeCTP, you can click-n-speak with WUBS Dealing Teams to cover the FX position with a Spot Deal or Hedge Product.