Clocky Relies on Airwallex to Reduce the Costs of its Global Business
Clocky wanted to accelerate global expansion and increase revenue per channel. Find out why they chose Airwallex for help in making and receiving payments cost effectively.
Clocky is the best alarm clock on wheels. It leaps off the nightstand and runs away beeping. It's a running alarm clock with an annoying alarm!
Location
Los Angeles, CA
Industry
eCommerce
Company size
1 - 10
Clocky, an alarm clock that jumps off the nightstand and runs away beeping, was created by company CEO Gauri Nanda in 2005, while a student at MIT. Building on the success of its first product, the company wanted to:
Expand globally on various eCommerce platforms
Broaden its product offerings beyond alarm clocks to home-design goods
Increase revenue per channel
Gauri Nanda
CEO, Clocky
Airwallex has made it possible for us to grow quickly across global markets while controlling our FX and transfer fee costs.
Managing the supply chain in a global business
The company needed to find a way to avoid high foreign exchange and transfer fees when making payments. Clocky’s initial service provider imposed fees — a percentage of every transaction — for accepting and making payments. When Clocky decided to move $700,000 to Airwallex, the service provider wanted to charge Clocky one percent of the transaction — $7,000! That was a bridge too far.
Airwallex helped negotiate a lower fee with the service provider. Nevertheless, Gauri didn’t want to be held captive within its service provider’s financial ecosystem. She wanted the flexibility to move and collect money globally at scale.
Gauri Nanda
CEO, Clocky
Clocky wants to expand its product offering beyond alarm clocks and increase revenue per channel. Airwallex will be a big part of achieving those goals.
How Clocky uses Airwallex
Clocky deployed Airwallex to assist with collecting payments from some of its eCommerce platforms and to set up new platforms. This helped reduce the costs associated with transfer fees when moving funds from another bank and when making payments to vendors and overseas freelancers.
The company found the Airwallex fee structure far lower than its predecessor. Moreover, Airwallex offered the ability to be in more countries, while saving on FX fees, lowering collection costs, and making it easier to pay vendors and suppliers regardless of location. Extending their global reach was essential to Clocky’s goal of expanding their products into the home interior design space.
Get started today with a business account built for eCommerce
See how our customers are finding Airwallex
"Airwallex have been a fantastic partner for Olsam Group as we grow our eCommerce brands to new channels and new markets. Their easy to use interface and integrations have been a joy for our finance team to use as we scale."
Sam Horbye
Co-Founder, Olsam
"For ME + EM, expanding into international markets such as the US has been our focus - and with Airwallex, we were able to use their local USD Global Account to collect from our Paypal US account, thereby allowing us to save 3% on each transaction. The process of working with Airwallex has been seamless - our suppliers get paid quickly, we have a dedicated Relationship Manager who has been really patient, helpful and quick to respond. I am keen to use their cards to pay for our ad spend in the near future to save further on our USD invoices."
Meera
Finance Manager, ME + EM
"We've had such a fantastic experience switching to Airwallex. Previously we were using a traditional bank to make all of our international transactions and they'd constantly lock us out of the account everytime we made a transfer, resulting in hours and hours of lost time on hold. Airwallex is secure, makes it super quick and simple to make and receive international payments."
Rupert
Managing Director, Perspective Pictures
“We used to pay Stripe between $5,000 and $10,000 a month in conversion fees because most of our customers pay in dollars. Now we funnel that money into our Airwallex US dollar account, we don’t have to pay commission. We’ve saved more than $100,000 so far this year”
Thomas Adams
Founder and CEO, Brandbassador
"We love Airwallex! It has considerably eased our invoicing and payments to contractors around the world. Sending and receiving money is much faster and cheaper than before."
Edle Tenden
Co-Founder, Mobile Transaction
“We are so glad that we have found Airwallex! There are no hidden charges, they are quick to respond to any queries and we had the smoothest transaction with amazing support from the team continually.”
Andreia Beja
Supply Chain Executive, Miss Patisserie
"Our water solutions company, Dropterra (go.dropterra.com) has partnered with Airwallex since inception and it has been the best banking and payment partner a company can think of. International transactions are easy, secure, and fast, the technology is incredible and their client service fantastic! We look forward to growing and deepening our relationship with Airwallex!"
Francois Schramek
Co-Founder, Dropterra