The Ultimate Guide to Ecommerce Banking in Australia: Choosing Airwallex Over Wise
Navigating the financial landscape for an e-commerce business can be a real rollercoaster. Hold tight, because I'm about to take you on a whirlwind tour of the banking options out there, and spill the tea on why we, at HeapsGood Packaging, ultimately went with Airwallex over Wise.
A Quick Banking Rundown:
- Traditional Banks: Think CBA, Westpac, ANZ, NAB. They're the old guards but reliable.
- Neobanks: Up, Judo Bank, etc. Digital and hassle-free banking solutions.
- Fintech Solutions: Here, Wise and Airwallex battle it out for supremacy in e-commerce banking.
- Payment Gateways: PayPal, Shopify Payments, Stripe, Square, you know the deal.
- BNPL Services: Afterpay, Klarna & Zip, letting your customers shop now and pay later.
If you're just embarking on your e-commerce journey, chances are you'll find yourself using a mix of these to ensure a smooth and effortless payment experience for your customers. In our case, we use several, including CBA, Airwallex, PayPal, Shop Pay, Afterpay and Zip.
Our Rocky Start with Traditional Banking:
We initially teamed up with CBA (Commonwealth Bank of Australia) for our business. Seemed logical, right? Until our credit card was compromised, and all hell broke loose. FB ads, Google, Shopify – everything was on that card. It took ages to get a new one and in the meantime we were stuck. And let's not forget the pesky international fees. While we still have a CBA account we needed an alternative for our day to day and international transactions.
Giving Wise a Shot:
Next stop was Wise (formerly TransferWise). It did the job for a while, with decent international transfer rates and multi-currency accounts. But we felt something was missing. The absence of digital cards for staff and detailed control over our subscriptions were noticeable gaps. It's worth mentioning that Wise has since evolved, now offering these sought-after features.
The Airwallex Revelation:
Finally, we arrived at the Aussie owned Airwallex. This platform changed the game for us. Here's why we think it's the bee's knees:
- Digital Cards with Limits: We could issue cards for each subscription, making it easy to manage and protect against fraud. (Wise now has this functionality too)
- Xero Integration: Say hello to simplified accounting.
- International Transfers: A breeze to execute and cheaper than a coffee.
- Staff Cards: Issuing digital cards for staff with spending limits? Game-changer.
- Tailored for Business: It's as if Airwallex crafted its solutions with ecommerce in mind.
Wise vs. Airwallex: The Showdown
While Wise has some decent features and have added more to close the gap, Airwallex offered everything we needed and then some. Plus, its e-commerce centric features made our decision a no-brainer. Sorry, Wise, it's not you; it's us. Well, actually, it's Airwallex.
The Verdict
The banking landscape for e-commerce in Australia is vast, but for us, Airwallex checks all the boxes. We hope our journey helps you find your financial soulmate, just as we have.
If any queries are still buzzing around in your mind, feel free to ask away below; I'll be on standby to provide answers. Cheers! 🥂
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