BPerfect Cosmetics needed a payment solution to keep up with its rapid product development and global supplier base. That solution had to reliably and cost-effectively make same-day international payments to ensure their products could get to market on time and collect multi-currency payments from their Irish TikTok Shop sales.
About
BPerfect has grown into a leading cosmetics brand, selling across multiple channels in Ireland, the UK, and multiple markets worldwide. BPerfect operates in a fast-moving, trend-sensitive industry where speed to market is crucial. It deals primarily in Euros, US dollars, and Pounds Sterling, selling over 1,200 products through its retail outlets, pharmacies, and direct-to-consumer via online and TikTok.
The Challenge
Paying across borders is difficult. Managing multiple currencies, relying on traditional banking infrastructure, and processing payments with high fees and exchange rates can limit a business's growth.
BPerfect’s global expansion and diversified supply chain presented its finance team with complex payment challenges. They found that traditional banking systems were too slow, rigid, and expensive.
Brendan O’Hea, Chief Financial Officer of BPerfect, described the stakes clearly, “Our industry is so fast-moving that a payment delayed even three days could stop production or bump us down in the manufacturing queue. 90% of our business is manufactured abroad, so we have to get the transactions across quickly. That three-day delay in payment could mean missing a trend window by 8 to 10 weeks.”
Brendan found that these problems were compounded by using traditional payment rails.
“I find that, with some traditional banks, firstly, their exchange rate isn't competitive. It’s difficult to transact on their platforms; they don't send the currency quickly. And if we can't get money across to our suppliers, then our business can be severely impacted”.
There were also frustrations around banking logistics and cost. Megan Ferris, who handles payments day-to-day at BPerfect, shared how these limitations affected their workflow.
“With our bank, paying in US dollars is slower. And if you want a same-day payment, you get charged a higher fee, around £18.50 per payment. If you’re making multiple payments, that adds up quickly.”
The Solution
TransferMate offered BPerfect a solution that met their pace and complexity head-on. Using TransferMate’s virtual account solution, ‘Global Accounts’, the team could collect funds from their TikTok online sales, hold GBP, EUR, and USD balances, convert between them on demand, and make supplier payments internationally without friction.
“We use TransferMate as our provider for TikTok Ireland. So, those payments come into our TransferMate account. And then we can use those funds when we're also looking to go and purchase products from our suppliers in China, Korea, and anywhere we might have a supplier,” said Brendan. “It’s fast, and the flexibility of currency is a huge advantage. For example, I might have a higher balance in Euros, but the supplier wants dollars. I can send that instantly, and TransferMate handles the conversion.”
TransferMate’s solution offered BPerfect same-day transactions to their suppliers in the APAC region, enabling them to be more reactive with new products and stay on trend faster.
“Collecting the currency, paying across with TransferMate, and TransferMate getting the currency to your supplier on the same day means you can start production or get goods released on that day. And it also keeps your suppliers happy.”
BPerfect found value in having a single source of truth for all payments in the TransferMate platform for reconciliation and helping with cross-departmental enquiries.
“To me, the best thing about the TransferMate portal is when you go into your Global Account balance, it gives you a full list of transactions. It shows you the supplier you're paying, the amount you paid, the date you paid it, and the reference number. Those things are all really important for an accountant to go back and try to reconcile anything."
Platform Usability
From Megan’s perspective, as the hands-on operator, the platform’s usability was just as important.
“Recently, Global Accounts have come in. So, I get advised of what currency we will pay in. Either GBP or Euro. I'd check the rates depending on the day to see which is better. And then we'd enter the information. All of our beneficiaries’ details are stored, and once I log in, I can make a payment step-by-step. It’s easy.”
“We start by selecting the GBP or euro Global Account we want to pay from. Adding a new beneficiary is simple; we enter the bank details, which are verified automatically. Then, we click on the supplier from the alphabetical list and confirm the payment.”
Megan added that TransferMate’s automation and transparency in reporting were factors that made her job easier.
“The ability to download a statement is handy. I can see what we’ve paid, and how we’ve used our balance. We use POs, and it's easy to match back. And especially when the payment comes out of our bank account, the payment name is clearly TransferMate. So, you can section them off and match the reference and the amount, and it's easy to find on the list of payments. It makes monthly reconciliation with our accounting package so much easier.”
Megan found that the time savings were significant in her workflow, taking time off the administration of making payments compared to traditional bank processes.
“Because we pay so many different suppliers, adding the pre-saved bank details is beneficial. I had 15 payments to do the other day, and I got them all done within 20 minutes. The layout of TransferMate is so simple. Whereas, if you used traditional banking, it would mean entering the information each time, and then probably a longer process to go back and check to ensure that that's the exact account.”
The Results
The partnership with TransferMate has delivered measurable improvements in speed, cost efficiency, accuracy, and administration for BPerfect.
“Speed is the number one thing for us,” Brendan emphasized. “Traditional banks just can’t match it. When we needed goods released before the Chinese New Year, TransferMate got the funds there the same day. If we had used a bank and the payment took 2-3 days, that delay could have meant losing 8 - 10 weeks of sales.”
In terms of efficiency, particularly when sending payments to new regions, TransferMate offered better processes.
“If I wanted to send currency to Italy, on some of the banks that we use, I would have to go on and set up Italy as a destination country, and then have to go and get approval on it to send a payment there. But if you want to send funds from your Global Account on TransferMate to an account in Italy, you can do it instantly because the process is much quicker.”
One recent example of TransferMate’s cost savings in action compared to a competitor's platform stood out to Brendan.
“We had a £17,000 saving just last week,” Brendan shared. “With another provider, we’d have to convert from euro to sterling, then to USD. With TransferMate, we sent the euro directly, and they converted it and paid the supplier. That step we skipped saved us the equivalent of £17k.”
Beyond the headline £17,000 saving, Brendan praised TransferMate’s customer service and user experience.
“I’ve used two other platforms and traditional banks. TransferMate is far easier and quicker. Plus, the relationship with the team makes a difference. If I need to change or fix something, I can get it sorted by our relationship manager.”
The Final Word
“Our business doesn’t work unless we can buy products; if we can't get money to our suppliers, our company can be severely impacted. The beauty of TransferMate is that it allows us to make transactions worldwide quickly. There are no roadblocks. When you send a payment, that money will get to that supplier. And you won't worry about when those funds will land with them because it's so quick.” – Brendan O’Hea, Chief Financial Officer, BPerfect
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