Best International Payment System for Online Sellers
If you run an e-commerce business, you have the opportunity to sell to anyone anywhere in the world! And yet, despite this tremendous advantage, many online sellers steer away from the global market due to the complex nature of foreign transactions and all the fees that come with it.
But what if we told you there’s an easier way to go about processing international payments for your business? A system that requires little to no effort on your end, and is very reasonable from a cost standpoint?
Introducing Airwallex, the fintech platform that makes processing foreign transactions a breeze! Here’s what makes the company so special, in the words of TechCrunch reporter Jon Russell:
“Its customers can, for example, set up overseas bank accounts if they have paying customers located overseas,” Russell explained. “When they want to move that revenue back to their HQ, they simply do so through the Airwallex system, which uses inter-bank exchanges to trade forex at a mid-market rate. That’s something that can save its clients as much as 90 percent on their foreign exchange rates, and it massively simplifies the challenge of doing business overseas.”
As you can imagine, it opens up a whole new world of possibilities for online sellers, many of whom have struggled to grow their businesses in an increasingly competitive industry.
“Airwallex has been a game changer for us,” said Murray Kester, CEO of Cosmetics Now. “I cannot recommend these guys enough. The forex services are super efficient and super competitive. The customer service is not gold-plated, it’s solid gold. One of the best e-commerce services for merchants we have some across since PayPal hit the scene 20 years ago.”
And Kester isn’t the only one who’s found success with Airwallex. Andrew Ford and Rosa-Clare Willis, co-founders of pottery site Crockd, are also huge fans.
“Airwallex is our one-stop shop for all our banking needs, in one easy-to-use interface,” Ford and Rosa-Clare Willis said in a joint statement. “Without Airwallex, we would not have been able to scale our business as fast as what we’ve been able to achieve.”
But for as revolutionary as it is, it’s not like Airwallex is the only company of its kind. Transferwise, Stripe, and Payoneer all provide similar services and are considered top competitors. So what makes Airwallex the best then?
For starters, they’ve got massive backing from some of the world’s leading financial institutions, including SalesForce Ventures, Sequoia, Mastercard, and Lone Pine Capital. To date, the startup has raised more than $700 million in funding and is valued at an astounding $4 billion. But as David Craver, managing director at Lone Pine Capital, explains, there’s more to it than that.
“Airwallex has a clear competitive advantage in the digital payments market,” said Craver. “Its unique Asia-Pacific roots, coupled with its innovative infrastructure, products and services, speak volumes about the business’ global growth opportunities and its impressive expansion in the competitive payment providers space.”
Another strong selling point for Airwallex is the fact that they’re part of Amazon’s PSP Program, an exclusive network of approved payment service providers. The Program was launched in an effort to protect sellers and customers from widespread fraud and abuse. As a result, Amazon will only accept bank accounts managed by PSPs that participate in the Program.
“If you use a PSP that does not participate in the Program, we will notify you and you will be required to switch to either a Participating PSP or a bank account directly issued to you by a deposit-taking bank,” an official statement from Amazon reads. “We may hold further disbursements until you change your disbursement method accordingly.”
As of the time of this writing, only Airwallex and Payoneer are part of Amazon’s PSP Program; Stripe and Transferwise are not. Between Airwallex and Payoneer, Airwallex has a higher overall rating (five stars vs. Payoneer’s four and a half), which is another reason why we recommend the former.
In conclusion, it’s only natural that more and more sellers will begin to shift their focus towards international sales now that it’s easier and more affordable to do so. That being said, it’s more important than ever that they factor in the costs of doing so to ensure their business remains profitable.
By the way, as a CapForge client, Airwallex is offering $20K in FX fees free when you sign up using this link!
If you’re an online seller and would like help breaking down the financial health of your company and getting your bookkeeping done right, we can help. Simply fill out the contact form below and we will be in contact with you shortly.