How Sheet Society launched into hypergrowth by automating their financial processes
Discover how this Melbourne-based bedding mecca transformed their financial operations while also driving bottom line savings.
saved each month from currency conversion fees on global expenses
savings on SaaS such as Shopify, Klaviyo and others
saved each week from simplified processes
With explosive growth, Sheet Society was experiencing their currency conversion and transaction fees quickly added up to a significant monthly amount. The team needed a simple, cost-effective and scalable way to manage their global expenses.
Expensive FX fees when paying their international suppliers in USD
Sheet Society was using a domestic Australian bank account to pay their international suppliers. This resulted in expensive currency conversion fees on their growing supplier orders.
Physical corporate card with 2.5% foreign transaction fees
The team used this card to pay for their global SaaS subscriptions, including Shopify subscription fees and other USD-based eCommerce tools. With the team growing, it also became challenging to make card payments with a single, physical card.
“We couldn’t just look at the cost of the product, but also the cost of selling that product. We needed to factor in things like digital marketing spend, merchant fees and currency conversion fees on each sale.”
By paying their global suppliers and SaaS subscriptions through Airwallex, Sheet Society has saved over AUD$12,000 each month. The team has also saved 4 hours each week by automating recurring payments and integrating into Xero for easy multi-currency reconciliation by the hour. This has allowed the team to re-invest back into the business to keep up with customer demand.
Co-Owner & Director
“These small percentages here and there add up over time with a real bottom line impact. When I see the rates are good, I’ll convert my AUD into USD, knowing that I’ve saved money that I can re-invest into the business in the long-run.”
About Sheet Society
Sheet Society was dreamt up by Hayley and Andy Worley in 2017, with a simple idea to create a memorable night’s sleep that is uncomplicated and stress-free. From humble beginnings in a shared working space to their second warehouse expansion, the team has experienced a staggering increase in sales since COVID-19. The bedding mecca is now gearing up for launching into the US and UK.
Sheet Society has blown apart the industry norm of buying in ‘sets’ and overemphasis on thread counts. With Sheet Society, it’s simple to ‘mix and match’. Customers don’t need to worry about ‘matching sets’ anymore, with a timeless colour palette to choose from that compliments across all ranges.
How Sheet Society build their business with Airwallex
Saved over AUD$12,000 on global supplier and SaaS subscriptions each month
The team could track and preemptively convert their AUD into USD with Airwallex’s transparent FX rates. This translated into real bottom-line impact, allowing the team to re-invest every dollar into the long-run of the business.
With 0% international card transaction fees on Airwallex virtual cards, the team could also save on their SaaS subscriptions, especially on their growing Shopify fees. With a growing team, being able to create a new virtual card in seconds has made it easy to empower a new employee.
Automated recurring payments and processes
The team has saved hours each week with Airwallex’s multi-currency Xero integration and batch payments feature. This saved hours of manual work for the team while creating scalable processes for the team as they expand.
Fast-tracked global expansion
As Sheet Society gears up to launch in the US and UK, Airwallex Global Accounts have taken the hassle out of setting up foreign accounts. The team can set up US and UK local accounts, connect to AfterPay and collect in local currency in minutes.
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!"