Vault Empowers Rug & Weave by Eliminating Currency Conversion Fees

Rug & Weave is a home decor and furniture retailer based in Guelph, Ontario, specializing in vintage rugs, lighting, bedding, and handmade throw pillows. Founded in 2015 by husband and wife Svein and Sarah, the company has quickly grown from a small Etsy shop to a well-established business.

‍Company Name: Rug & Weave

‍Website: www.rugandweave.com

‍Contact: Svein - Founder

‍Location: Guelph, ON

‍Employees: 11-50

‍Founded: 2015

About Rug & Weave:

Rug & Weave was born out of Svein and Sarah's passion for home decor and their entrepreneurial spirit. With backgrounds in sales, they started by selling vintage rugs on Etsy, and their business quickly gained momentum. Today, Rug & Weave offers a wide range of home decor products, including furniture, rugs, lighting, and artisan-made items. Their focus on quality and unique designs has made them a popular choice among customers seeking distinctive home decor pieces.

You can find out more about Rug & Weave at www.rugandweave.com.

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The Problem:

As Rug & Weave expanded, they faced challenges with currency conversion charges when purchasing goods in foreign currencies. Most credit card companies charge a rate approximately 2% higher than the rate provided by Vault, which can add up to a significant amount of money for businesses making frequent international purchases. Svein, the founder, noted that these charges were a major pain point for their growing business.

Svein shared his frustration, stating, "Most companies don't realize that when purchasing in foreign currency, the rate that most credit cards provide is about 2% higher than the rate provided by Vault. This is a significant amount if you purchase a lot in foreign currencies."

The Solution:

Vault's platform offered Rug & Weave a comprehensive solution to their banking challenges, addressing key pain points with tailored features:

1. Competitive Currency Conversion Rates: Vault provided Rug & Weave with much more favourable currency conversion rates, saving them a significant amount of money on international purchases. Svein highlighted the impact, stating, "The savings we've achieved by using Vault for currency conversions are substantial. It's a no-brainer for us."
2. User-Friendly Platform: Vault's modern, user-friendly platform made banking operations seamless for Rug & Weave. Svein described the platform as "very easy, modern, user-friendly," which enhanced their overall banking experience.
3. Efficient EFT Transfers: Before using Vault, Rug & Weave had to rely on costly wire transfers through their bank. Vault's platform enabled them to perform efficient EFT transfers, reducing their reliance on expensive wire transfers. Svein emphasized the benefit, stating, "The ability to perform EFT transfers instead of wire transfers has been a game-changer for us."
4. Exceptional Customer Service: Vault's customer service team, particularly Leo, provided exceptional support. Svein praised the responsiveness and clarity of the support team, noting, "Leo usually gets back to me with clear directions or instructions within an hour, which is incredible."

The Impact:

Since implementing Vault, Rug & Weave has experienced transformative effects on their financial operations and overall business efficiency. The significant savings on currency conversion charges have allowed them to allocate resources more strategically, ultimately supporting their growth and expansion.

Svein expressed his satisfaction with Vault, stating, "Vault has revolutionized our banking experience, allowing us to focus on growing our business without worrying about excessive fees. With Vault, we have the tools we need to thrive in a competitive market."

Vault has emerged as a trusted partner for Rug & Weave, empowering them to overcome banking challenges, optimize expense management, and drive business growth.