'Prime Managed', 'Prime Execution' & 'Prime View'.
Three headings you may see dotted across the Prime Cap website, but, nowhere else.
Currency businesses and their online articulation of their work and value tend to follow a similar format:
Businesses tend to detach 'Private Client' foreign exchange from 'Corporate' or 'Business' foreign currency needs.
We are not entirely sure why most companies make this distinction and our confusion is routed in the belief that the practical procedural 'things you need to do' in order to get money from one currency to another, and one bank account to another, is the same regardless of whether your need is personal of business focussed.
We suppose that the main reason for the definition between 'private' and 'corporate' foreign exchange is that pigeon holing a client like this, or allowing the client to tell you which category they think they fit in to, makes for an easier on-boarding process?
Additionally, it immediately allows the currency company to qualify the revenue potential for that client. Frankly though, those things are more important to firms that do not meet their clients and don't already have a personal referral on which to formulate both their approach and their recommendations prior to registration.
It tends to be the case that business currency clients expect and receive smaller/tighter currency rates than individuals do.
This is because most businesses engaged in international payments have exposure to currency businesses already so have come to learn what sort of level of competition they should expect.
With an individual, perhaps not so.
The three 'Service Wrappers', as we refer to them, in evidence on our website (www.primecappayments.com) are as close to pigeon holing as we get, but, the methodology and reasons behind these three distinctions are different to those of other firms, and that is the key.
You may notice that the explanations of these three service wrappers do not distinguish between personal and businesses use for our services; this is entirely intentional.
With our belief that the individual person who is executing the exchange is the focus, we prefer to define and pigeon hole the service we will offer, rather than the need of the client.
We want you to identify and show what we will provide based on your needs, rather than us using information you've given in order for us to qualify you to us. It may seem a round about way of explaining the purpose of these wrappers, but, we can assure you that it is different and makes a difference too.
Defining clients, access, products and price based on whether you are a business or an individual is basically what a bank does and we feel is totally at odds with what a currency broker can offer and how a broker should approach their work.
Take it from us, you being a personal customer or a business customer makes absolutely zero difference. So, why do our peers continue to press the distinction? Laziness.
Prime View basically confirms to you that, if we do not choose any other setting or conduct a bespoke assessment, the Prime Cap team will only observe your online activities.
View only means we will literally 'only view'.
When a client logs in to our online system we can see this.
We can see what currency, product and term is selected.
If you have put in that you wish to exchange Euros in to Botswana Pula then we can see this and we will think 'hmmmm...Emma said she would be exchanging GBP to EUR...shall we give her a ring to confirm'.
Many of our customers do genuinely prefer to pick up the telephone to us and talk through what they want to do.
Some email their broker and know they can expect an immediate response.
Other clients want to do it themselves online. We don't want to give them the key to car without telling them how to drive it, but, equally, we cannot change gear for them if they are behind the wheel.
Bad analogies aside, the View Only setting gives you the security of know an experienced dealer is behind the scenes, but, you dont have to talk to anyone if you dont want to.
The reason it is our 'default' setting is because we do sometimes have clients who just want to login and do-it-themselves.
If that is what they expect then that is what they will get and we can very quickly read the room to conclude that clawing input from our broking team might not be welcome.
Often we will notice things about someone's exchange activity that are indicative of habit or could stand to be improved.
You may be exchanging in such a way that benefits from our intervention. If that is the case we will, having built a case to put to you, bring this to your attention.
At the end of the day, whilst 'View Only' may be what we call the service we offer if nothing more appropriate enters our heads, it tends to be the case that each clients' activities include different aspects of the 'Execution Only' or 'Fully Managed' offering too.
As mentioned before, one of the unique characteristics of our approach to currency exchange and payment strategy services is that it doesn't really matter to us who the overriding owner of the currency we're exchanging is. Nor does it matter how much they are exchanging.
The main things that matter to us is that our rate is the best, the actual person inputting the details and conducting the exchange knows what they are doing and feels confident, and that whether a private client or a business, you have access to the most sophisticated consultative acumen and insight available.
A business or a private client....it makes no difference to us - you're a client.