Orbitkey accelerates European expansion to over 1,000 stores with Airwallex
Discover how Orbitkey won European wholesalers with localised, easier payments with Airwallex's Global Accounts.
on international transfer fees on USD and EUR Payments
payments from wholesalers from 4 days to 1 day to receive
6+ hours saved
from chasing up missing payments
Orbitkey’s existing payments infrastructure had difficulty in efficiently dealing with international customers, wholesalers and suppliers.
Airwallex provided a single platform that enabled localised bank account details, no-cost deposits, low-cost FX transfers and greatly reduced administration time.
1. Enabling local payments for international customers & wholesalers
Problem: Orbitkey accepted payments from customers in foreign currencies which eventually had to be transferred to an Australian bank account in AUD. FX rates and transfers were expensive which reduced profit margins. Additionally wholesalers needed to pay directly into an Australian account in AUD. This caused a number to decide not to work with Orbitkey due to the costs involved.
Solution: Airwallex provided a EUR Global Accounts so customers and wholesalers could pay in EUR to a local bank account details to avoid fees. Orbitkey could then cheaply access these funds in AUD. Additionally payment speed from wholesalers increased from 4 days to 1 (75% saving).
Co-Founder at Orbitkey
“The most important part for business expanding internationally comes down to localisation. People don’t want to buy out of an Australian warehouse, they want to be buying from a local warehouse. They don’t want to be paying to an unfamiliar bank account with high fees, they want to be paying like a local”
2. Lowering the cost of paying international suppliers & vendors in USD
Problem: Orbitkey paid suppliers (manufacturers) and vendors (marketing ad spend) in USD from their foreign currency account, based out of Australia. This meant they had to pay expensive international transfer fees on each payment made to international suppliers.
Solution: Airwallex’s Global Accounts allowed Orbitkey to make international payments to their suppliers, with their foreign currency funds - saving up to 70% on their international transfer fees.
3. Reducing administration time and financial errors
Problem: Dealing with multiple financial service providers, onboarding times were long and complex. Orbitkey previously used a service that required customers to include a reference number on payments. This step was often skipped resulting in payments being made without Orbitkey receiving the funds. Using multiple providers caused longer than usual administration times resulting in errors, issues with payments and eventual shipping delays.
Solution: Airwallex is a single platform where all global accounts and features can be accessed and managed from a single login. This resulted in significantly less administration and manual errors; a time saving of 6+ hours per week and the avoidance of flow-on impacts to customers.
Virtual CFO at Orbitkey
“Like many high growth businesses, you’re dealing with multiple currencies. Now, with Airwallex we’re using the one platform to make multiple currency payments”
Watch more about Obitkey's story here.
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."
"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."
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."
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”
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."
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.”
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!"