Non-bank foreign exchange and money transfer service World First has moved into a niche market, setting up 'receiving accounts' allowing smaller e-commerce players to receive sales proceeds in a local currency. The firm claims this saves online sellers into foreign markets up to four per cent in bank transfer and FX conversion fees in the process.Ray Ridgeway, chief commercial officer of World First, said that this had been a benefit to his firm, with the Australian part of the business booking annual growth of 200 per cent year for the past four years.He said automated and inflexible mandated payment schedules from the likes of Amazon were driving Australian e-commerce retailers away from the payment systems imposed by international online marketplaces. "From the need to open a bank account, to being tied to schedules which transfer funds earned overseas back to Australia and having undesirable exchange rates imposed on them, we're seeing online entrepreneurs and sellers express their frustrations, especially at the necessity of a 'double exchange' - as the money has to flow back to the supplier after landing in Australia," said Ridgeway.