Recurring or subscription based payments
Businesses typically have a variety of ongoing payment needs, with a number of payments to be made to suppliers based overseas. These businesses can leverage the Airwallex platform to acquire FX at near interbank rates and then issue cards to payout suppliers in various currencies. You can choose one virtual card for each supplier or for each cost-centre, and set up cards in a way that controls how much is spent and where the card is used.
The savings start when the FX is processed via Airwallex’s market leading FX engine allowing customers access to near interbank rates. When cards are used to pay out these funds, there are no hidden fees or charges.
For businesses with recurring payment needs, for example monthly subscriptions payments for business software, memberships, recurring office expenses, you can manage your volume by leveraging the Airwallex platform.
A business requests a multi-use virtual card; sets the allowed currency along with associated transaction limits. The business also nominates the relevant merchant category that is to be allowed, and provides the cost-centre number in the meta-data field.
A multi-use virtual Visa card is generated instantly.
The business provides the virtual card details to the supplier via the supplier’s website or platform integration (leveraging the supplier’s payment gateway).
As needed (on a recurring basis) the supplier’s gateway initiates a card-not-present transaction which is routed to Airwallex via the Visa network.