Release notes: Earn returns on your money with the launch of Yield in Australia and take advantage of Payments enhancements
Product Launch 🎉
Australian customers: Earn competitive returns on your money with Airwallex Yield 🚀
Businesses will now have the opportunity to earn up to three times the returns on their AUD funds compared to big banks and for the first time earn returns on USD through Airwallex’s investment in JP Morgan’s low-risk money market funds. Plus there is no minimum lock-up period or penalties for withdrawing your funds, giving customers the flexibility they need to keep their business growing.
Customers with a minimum investment of $500K AUD or USD equivalent will be eligible for Yield during the initial launch. We’ll be launching Yield to all Australian customers regardless of investment size early next year and to customers in additional markets in 2024. Learn more here and join the waitlist.
Product Enhancements 🎨
Approve bill payments on the go 📱
iOS users can now approve bills from their phone with Airwallex Bill Pay. View all bills that need approval in your task list, tap into a bill to review details and add comments if needed, then approve or reject the bill.
Bill Pay is a new Airwallex solution that allows you to manage each step of paying a bill — from uploading the invoice to approving, paying and reconciling the bill — in the Airwallex app. For a more efficient way to manage accounts payable, try Bill Pay today.
Take advantage of our enhanced Payments features 📈
Gain more insight from your merchant reports
We’ve updated merchant reports to provide you with greater transparency on fees and expected settlement times for individual transactions. You will now be able to view a breakdown of the fees for each transaction and see additional information such as the expected settlement date in your merchant reports. We are continually enhancing our reporting capabilities so that you can have the best possible experience managing your global accounts.
Put customer payments on hold and capture them at a later date
You can now put customer payments on hold, reserve funds, and capture them up to 30 days later. This feature is supported for Visa, Mastercard and Klarna payments. It is particularly useful for businesses such as hotels that require a deposit from their customers in order to cover any additional charges that might be incurred during a customer’s stay. Click here to learn more.
Make faster global transfers 🏎️💨
We’ve enhanced our payout engine to enable even faster global transfers. To achieve this, we’ve extended the cutoff and processing times for various transfer methods. For example, Hong Kong Faster Payment System (FPS) payouts are now processed 24/7. It’s just one of the ways we’re helping our customers streamline global money management.
Upcoming arrivals 🧳
US customers: Accept global payments online with an optimised checkout 🇺🇸
We are currently onboarding beta customers to our online payments solution, which will soon be generally available in the US.
Our US customers will be able to boost global sales by offering popular payment methods such as Apple Pay, Klarna and all major credit cards, plus local payment methods at their checkout. They can also avoid currency conversions that are often forced by other payments platforms or having to set up multiple bank accounts for each currency. With Airwallex, businesses can settle their earnings in multiple currencies ‘like-for-like’ directly into their multi-currency Wallet.
Customers can choose the integration path that is right for them, from no-code plugins with popular eCommerce platforms such as Shopify, Adobe Commerce (Magento), and WooCommerce to a fully customisable checkout that can be built via our API. Customers can also use payment links and QR codes which can be embedded into invoices, emails and SMS.
Airwallex Payments is already available in Australia, Singapore, Hong Kong, the UK, and Europe. We’re excited to bring Payments to our US customers.
That’s it for our release round-up. We hope these improvements help you propel your business to new heights.
Have something you’d like to see earlier for your region on our roadmap? Let us know here.
*Disclaimer: This information does not take into account your objectives, financial situation, or needs. It is important for you to read the Product Disclosure Statement (PDS) for Airwallex Yield, which will be available to you at the time of onboarding. Airwallex Yield is brought to you by Airwallex Capital Pty Ltd (Authorised Rep No. 001304702). All investments carry risk.
Tilly manages the content strategy for Airwallex. She specialises in content that supports businesses in their growth trajectory.
Why accepting payments smarter matters more than ever before