Airwallex POS Review

Airwallex offers a suite of payment solutions aimed at businesses looking to manage global transactions efficiently.

With its focus on enabling seamless cross-border payments, Airwallex helps companies scale by supporting a wide range of payment methods in over 180 countries.

In this review, I’ll outline key features, pricing, and the platform’s strengths and weaknesses to help you decide if it suits your business needs. Let’s dive in.

Airwallex at a Glance

Airwallex is a solid choice for businesses seeking a robust global payment platform, especially for those handling international transactions and multi-currency payments.

Its range of products and features is designed to simplify the complexities of cross-border payments, offering competitive FX rates, AI-powered fraud detection, and easy integrations.

However, businesses in high-risk sectors or those seeking a more traditional banking model may need to look elsewhere.

Pros and Cons

What is Airwallex?

Founded in 2015 in Melbourne, Australia, Airwallex is a financial technology company that simplifies global payments for businesses. Originally created to address challenges with foreign exchange and payment systems, Airwallex now provides solutions for eCommerce, SaaS platforms, and global merchants.

The company offers services such as multi-currency payment processing, global payouts, subscription management, and fraud protection through AI. With its API integrations, businesses can seamlessly manage payments across borders, avoiding high fees and complex processes.

Airwallex operates in 180+ countries and serves over 100,000 businesses, from startups to enterprises, providing a cost-effective, efficient alternative to traditional banking systems.

Airwallex Products and Features

Airwallex offers a comprehensive suite of financial products designed to simplify global payments and enhance business operations. Here’s a breakdown of their key features:

1. Payment Gateway: Accept payments globally in over 160 currencies with multiple payment methods, including cards, bank transfers, and e-wallets. Seamlessly integrate with platforms like Shopify and Magento for easy online transactions.
2. Multi-Currency Accounts: Hold, manage, and transfer funds in various currencies without conversion fees. This feature enables businesses to streamline international transactions and save on foreign exchange costs.
3. Payment Links: Easily generate customisable, secure payment links for businesses without a website. Share these links via email, social media, or messaging apps to collect payments quickly.
4. API Integrations: Leverage powerful APIs to integrate Airwallex’s payment processing into your existing systems. These APIs are designed for scalability and allow businesses to automate global payment operations seamlessly.
5. Subscription Management: Automate recurring billing for subscription-based services with flexible plans, including free trials and tiered pricing models. Customers can manage their subscriptions via a self-service portal.
6. Global Payouts: Send bulk payments to suppliers and employees across borders using local payment methods, reducing transaction fees and ensuring faster payouts.
7. AI-Powered Fraud Detection: Protect your business with advanced machine learning algorithms that detect fraudulent transactions in real-time and offer customisable risk settings to suit your business needs.
8. Competitive Foreign Exchange Rates: Benefit from transparent and competitive exchange rates to minimise conversion costs. Airwallex’s FX tools also help businesses predict currency trends and optimise conversions.
9. Expense Cards: Issue physical or virtual cards to employees for easy expense management. Set spending limits and track real-time transactions to maintain budget control across your team.
10. Banking Services: Open business accounts, set up direct debits, and manage credits, all integrated with accounting tools like Xero and QuickBooks. Simplify your financial management in one platform.

Airwallex Pricing

Airwallex offers a tiered pricing structure designed to accommodate businesses of all sizes, with various fees for subscriptions, transactions, and additional services. Here’s a breakdown of the key pricing elements:

• Explore Plan: £0 per month if you deposit at least £10,000 per month or hold a minimum balance of £10,000. Otherwise, £19 + VAT per month.
• Grow Plan: £49 + VAT per month.
• Accelerate Plan: £999 + VAT per month.
• Custom Plan: Custom pricing for high-volume businesses or those with specific requirements.

Transaction Fees:

• UK cards (Visa and Mastercard): 1.30% + £0.20 per transaction.
• EEA cards (Visa and Mastercard): 2.40% + £0.20 per transaction.
• International cards (Visa, Mastercard, and all UnionPay cards): 3.15% + £0.20 per transaction.
• Amex cards: 2.40% + £0.20 per transaction.
• UnionPay cards: 3.15% + £0.20 per transaction.
• Local Payment Methods: £0.20 + payment method fee per transaction.
• Subscription Management (API only): 0.40% per successful transaction.
• Custom URL Payment Links: £8 per custom link per month.

Foreign Exchange Fees:

• Foreign Currency Settlement Fee: 0.50% per settlement of a non-GBP transaction in the same non-GBP currency.
• Foreign Currency Conversion Fee: 2.00% per conversion of a transaction currency into the settlement currency.

Other Fees:

• Refund Fee: £0.20 per refund request.
• Chargeback Fee: £15 per chargeback request.

Employee Cards:

• The first five employee cards are free.
• Subsequent employee cards are £5 per month.

How Easy Is it to Use Airwallex

Airwallex is an easy-to-use platform that simplifies global financial operations. The dashboard is intuitive, allowing users to quickly access payment processing, multi-currency accounts, and transaction history.

Integration with systems like Shopify and WooCommerce is seamless, and businesses can automate processes through Airwallex’s APIs, reducing manual work and errors.

The mobile app for iOS and Android enables businesses to manage accounts, track transactions, and complete tasks from anywhere. Customer support is available via email, live chat, and phone for quick assistance.

Overall, Airwallex offers a simple, accessible solution with strong features and reliable support for managing global finances.

Airwallex Safety and Security

Airwallex prioritises the safety of user data and transactions with strong security measures and regulatory compliance. The platform uses advanced technologies like network tokenisation and 3D Secure 2.0 to protect sensitive information.

It’s monitored 24/7 for ongoing security. Airwallex also features AI-driven fraud detection, which checks transactions in real time and flags potential fraud, with a risk score assigned to each transaction for customisable security settings.

Two-factor authentication (2FA) is required for all accounts, adding an extra layer of protection. These features ensure that Airwallex offers a secure environment for businesses managing global financial operations.

How to Get Started with Airwallex

1. Sign Up for an Account: Visit the Airwallex website and click on the “Sign Up” button. Provide your email address and create a secure password to start the registration process.

2. Verify Your Business Details: After signing up, you’ll need to provide essential details about your business, such as its legal name, registration number, and business address. Be prepared to submit documents that verify your business, such as your certificate of incorporation or partnership agreement.

3. Complete KYC (Know Your Customer) Verification: To comply with regulations, Airwallex requires KYC verification. Submit your identification documents, such as proof of identity and address for directors or owners. The platform will review your details, which may take a few business days.

4. Set Up Your Multi-Currency Account: Once your account is approved, you can set up your multi-currency account. This allows you to hold, receive, and send funds in multiple currencies, reducing the need for frequent conversions.

5. Integrate with Your Business Systems: If you want to integrate Airwallex with your eCommerce platforms (like Shopify or WooCommerce) or accounting software, follow the integration guides available in the Airwallex dashboard. You can also use Airwallex’s API for custom integration.

6. Add Payment Methods: To start accepting payments, configure the payment methods you wish to offer, such as card payments or local payment methods, through the Airwallex platform.

7. Start Sending and Receiving Payments: With everything set up, you can start receiving payments from customers globally and make payouts to suppliers or employees via the Airwallex platform.

8. Monitor Transactions and Manage Finances: Use the Airwallex dashboard or mobile app to track transactions, manage balances, and monitor your finances. You can also set up automatic features like recurring payments or subscriptions if needed.

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FAQs

Is there a limit on how many currencies I can manage with Airwallex?

Airwallex supports over 18 currencies, allowing businesses to hold, manage, and transfer funds in multiple currencies.

How do I add payment methods to my Airwallex account?

You can easily configure payment methods directly through the Airwallex dashboard. You can add options like card payments or local payment methods to start accepting payments.

Can I make international payments with Airwallex?

Could Yes, Airwallex enables businesses to make international payments with competitive foreign exchange rates and without the high fees typically associated with traditional banks.

Can I issue employee cards through Airwallex?

Yes, Airwallex allows businesses to issue physical or virtual cards for employee expenses, with the first five cards provided for free.

Can Airwallex handle multiple accounts for different business entities?

Yes, Airwallex allows businesses to manage multiple accounts across different entities, making it easier to consolidate finances in one place.