September release notes: Faster payment acceptance, smoother reconciliation, and 2FA

The big Q4 is almost here and businesses around the world are gearing up for the busiest time of the year.

This month’s Airwallex releases are designed to help you smash your targets this coming quarter. From local payment methods that will supercharge your global sales, to one-click checkout options and smoother reconciliation. Read on to learn more.

New features 🎉

Efficient payments, better profit margins 📈

Payment Links and Xero Invoice Payments are a great way to ensure your customers pay you promptly. The only problem is that some payment processors — including Visa, Mastercard, Amex and Apple Pay — apply surcharges for online payments.

If you’re based in Australia, Singapore or Hong Kong, you can now pass these surcharges on to your customers. A payment processing fee will be added automatically to your customers’ bill if they select a payment option where surcharges apply. So, you can get paid fast without denting your profits. 

Click here to learn more or reach out to your Account Manager.

Enjoy even smoother reconciliation 🚣‍♀️ 

We’ve made it easier to reconcile customer payments in Xero. Settlement will now be broken out by individual transactions, making it easy to match transactions with invoices and separate out revenue from fees. 

Xero users can also now import Xero contact data (aka your vendors) into Airwallex. This means you can assign costs directly to those Xero contacts when submitting expenses. 

Supercharge your conversion rates and reduce fees 🚀

You can now offer 7 new local payment methods at your checkout with Airwallex Online Payments — PayNow, DuitNow, PromptPay, GoPay, LinkAja, ID Bank Transfer and JeniusPay. 

These payment methods will allow your customers in Asia Pacific to pay you by instant bank transfer, which can save you up to 50% versus card payments. 

Simply plug Airwallex Online Payments into your eCommerce store and offer 60+ local payment methods your customers know and trust. Localise your checkout and enjoy better conversion rates globally.   

Improvements🎨

Keep your finances safe with two factor authentication 🔐

For your security, we have automatically enabled two factor authentication (2FA) for your Airwallex account. Security has always been at the core of Airwallex, and 2FA adds an extra layer of protection for your accounts and cards.

You can set up your preferred authentication method when you login. Click here to learn more, or reach out to your Account Manager at any time.

Enable safer one-click checkout with network tokenisation 🛒

Network tokenisation is a great way to protect customer card details, prevent fraud, and enable a smoother payment process. 

Network tokenisation replaces your customers’ account number with a unique EMV® payment token. So, rather than storing a customer’s card details, you can simply store their network token and enable one-click checkout without running the risk of card data leaks.

Because network tokens are managed by card networks, you can use the same token for a customer even if their card details have changed due to card loss or expiry. So your customers won’t need to go to the trouble of updating their card details when they pay you.

Keep on top of expenses 💳

Want to know how much the bar tab came to at that client event three months ago? Well, now you can. 

You can now filter your Airwallex expenses by date, and easily check how budget was spent on any given day, week or month.   

Admins can also now archive expenses that they don’t want to process through Airwallex. If, for example, you have already processed an expense directly in Xero and don’t want to process it twice, you can archive it.   

Enhance security with restricted API keys 🔒 

For those not in the know, API keys allow developers and calling programs to access Application Programming Interfaces (APIs). 

Restricted API keys allow you to choose which APIs each user has access to, giving you an added layer of security when building with Airwallex APIs.

Upcoming arrivals 🧳

Next on our roadmap, we'll be updating our Expenses feature.

Don't want to waste time approving every coffee round? You'll be able to adjust your settings so that expenses under a certain threshold don't need approval.

We'll also be adding multi-layer approvals so you can set up custom workflows for larger expenses.

Keep an eye on our upcoming release notes to find out more.

That’s the end of our September release round-up. We hope these improvements help you kickstart Q4 the right way.

Have something you’d like to see earlier for your region on our roadmap? Let us know here.