Historically, financial services have been the domain of banks. Now SaaS companies offering digital services such as eCommerce software, accounting software, HR / Payroll software are also looking to extend their offerings into financial services to provide a more holistic solution for their customers. Bank accounts are the building blocks. With Global Accounts, we do the basic banking, you do the rest.
eCommerce software provider
As an eCommerce software provider, you offer merchants a self-service suite of services around payments, marketing, shipping and customer engagement tools to make the process of running an online store easy.
Today, your merchants use legacy bank accounts, credit cards, statements and receipts along with your software to run their business. These bank accounts are usually not designed for the modern business owner with exorbitant fees and a poor user experience. So if you have your way, you will certainly augment your offering with a modern bank account that you will design and build the software and the user experience. But you also have to make sure you are working under regulations and partnering with a banking provider where funds in bank accounts are safe-guarded and insured. And hopefully this bank provider is able to provide you with an API to create and manage all of the bank accounts on behalf of your merchants.
With Global Accounts, you can start offering modern bank accounts to your merchants on-demand, and design your features (fees, minimums etc.) and user experience. Merchants will be able to withdraw funds, make deposits, pay bills and track transactions in the account. All of these can be done via the Global Accounts API.
To understand how the Global Accounts API works, please read here.
In addition, it may also make sense to explore a solution that includes providing credit cards for business expenditures to your merchants. Learn more about how Airwallex Issuing can help you.
If you also have customers that run online businesses in multiple countries and need to convert and move money around, you can also learn more about our FX solutions.
Finally if your customers have a scattered international supply chain, it is worthwhile looking at how you can leverage AWX Payouts to provide an all-in-one suite to them.
Company formation / equity management software provider
As a SaaS provider of company formation and equity management tools, you partner with early ventures to simplify the process of incorporation, signing of formation documents / equity purchase agreements and then helping to manage a company’s cap table through its lifecycle.
Perhaps the most important thing after incorporation (and maybe the first round of fundraising before funds are wired) for your customers is to obtain a bank account, so they can start to fund their business. Therefore it makes the most sense for you to provide an all-in-one solution where a new startup gets all the logistics done upfront (including opening and managing a bank account) so they can focus on building and bring their new products to market.
As your customer’s business grows and cap table expands, you may also look to provide them (the company, employees, investors etc.) with the ability to fund in and pay out for various company equity-related transactions (exercising option grants, share repurchases, share liquidation, capital distribution etc.). With all these, you need a set of bank accounts that can be structured to fit your customer’s needs.
This is where you can also use our Global Accounts to issue bank accounts to customers at incorporation and then provision more of them for equity-related transactions as needed. Depending on the nature of the organizations / persons for whom these accounts are provisioned, different onboarding requirements may apply. A Scale implementation along with Global Accounts may be a potential solution.
Got some other use cases as a SaaS company? Let us know .