SHOPLINE levels up with Airwallex’s embedded finance solution
Discover how Airwallex’s embedded finance solution empowers SHOPLINE to enhance its products, discover new revenue streams, and accelerate global expansion.
Higher customer retention rate
for SHOPLINE
New revenue streams
unlocked with more diverse financial capabilities
94% + Payment Success Rate
for US merchants
Headquartered in Singapore, SHOPLINE is a leading global retail solution provider and commerce SaaS provider, enriching merchants worldwide with a unified commerce platform, seamlessly integrating e-commerce, social commerce, point-of-sale, payment, CRM, and marketing solutions. SHOPLINE empowers merchants to foster an immersive and frictionless shopping experience, serving merchants in key markets including the US, the UK, Australia, Japan, Mainland China, Hong Kong, Taiwan, and Southeast Asia.
COMPANY SIZE
2000+ employees
LOCATION
Singapore
INDUSTRY
SaaS
AIRWALLEX PRODUCTS USED
Established in 2013, SHOPLINE is one of the top choices for merchants looking to build their online stores. From the initial website-build to omnichannel solutions, SHOPLINE has been accelerating its expansion into developed markets such as the United Kingdom, the United States, Australia, Japan, and other new regions with the help of Airwallex.
As SHOPLINE serves over 500,000 global brands, it needs to provide one-stop financial service for merchants and help them to meet changing consumer demands for more local payment methods.
As payments technology has improved, consumer expectations have also risen. When shopping overseas from merchants, consumers now expect to see products priced in their local currency and expect to pay via the payment method of their choice. In fact, Airwallex’s cross-border eCommerce whitepaper that polled 1,000 global businesses revealed that 77% of global consumers are likely to abandon their cart if their preferred payment method is not available.
SHOPLINE’s merchants, like a good majority of the 1,000 enterprises Airwallex surveyed in our report on embedded finance, are interested in accessing financial services through SaaS platforms and marketplaces. Additionally, merchants are happy to pay extra for the convenience of accessing multiple financial services through a single platform.
While SHOPLINE partners with several traditional banks who are able to provide competitive prices, SHOPLINE quickly realized they needed more robust financial partners as it accelerated its global expansion plan.
Raymond Hsu, the General Manager of Payment at SHOPLINE, says that there were 3 key factors SHOPLINE considered in their evaluation of partners:
Comprehensive product solutions. An end-to-end solution that can be integrated through open APIs, which can keep empowering their financial products launch in new markets, avoiding repeated integrations.
Global coverage that aligns with SHOPLINE’s target markets. Large geographical coverage that maps with their growth strategy.
Sufficient payment licenses. A licensed provider that could comply with the various legal regulations of local markets.
Airwallex was a clear choice with its comprehensive product solutions, processing capabilities with major card schemes and local payment methods, payout capabilities in over 150 countries and regions, and over 60 licenses and permits globally.
Partnering with Airwallex
Charles Vitry
Product Lead, Platforms at Airwallex
“Embedded finance brings new opportunities for SaaS platforms like SHOPLINE. It enhances platform products, discovers new revenue streams, and accelerates global expansion without affecting the original UI and user experience.”
With Airwallex’s Payments for Platforms solution, SHOPLINE is now able to upgrade its financial capabilities from multiple dimensions:
Power SHOPLINE Payments using Airwallex’s embedded finance
Through SHOPLINE Payments, SHOPLINE merchants can customize local payment methods to enhance checkout experience and get diverse financial services such as global accounts, digital wallets, FX and payouts. This product has unlocked new revenue streams for SHOPLINE.
Empower the building of SHOPLINE’s account system
Programmatically create accounts, automatically split funds, and raise SHOPLINE’s control over merchants’ fund flows;
Empower SHOPLINE merchants with more financial capabilities
The potential financial capabilities for merchants include white-labeled wallets, the collection, payouts, management of funds and FX. Merchants can also accept payments globally in 170+ currencies and 160+ payment methods to improve conversion rate;
In addition to enhancing SHOPLINE’s product capabilities, the Airwallex team also worked with SHOPLINE to optimize the risk management and full-cycle operation of onboarding process in key markets, improve risk management in payment acceptance services, and continue to provide professional financial consulting services for SHOPLINE.
How Embedded Finance has improved SHOPLINE’s customer retention rate
After plugging in Airwallex’s Embedded Finance solution, the positive changes at SHOPLINE have exceeded their expectations according to Raymond Hsu. The major changes include:
Significant increase in customer retention rate
Merchants can complete various financial operations on the same platform, which improves the user experience and customer stickiness of SHOPLINE.
Success rate and stability stay in pole position
The launch SHOPLINE’s own payment product SHOPLINE Payments in tandem with SHOPLINE’s UK launch. Since launching, the payment success rate has been over 94%, exceeding UK merchants’ expectations.
New revenue streams unlocked with more diverse financial capabilities
With Airwallex’s solution, SHOPLINE can not only provide payments services for merchants but also explore more diversified products such as FX, funds collection and payouts, and issuing, further enriching the platform’s revenue streams.
Quicker merchant onboarding resulting reduced entry time to new markets
Airwallex’s comprehensive and flexible APIs and over 60 global payment licenses have enabled SHOPLINE’s integration smoother, significantly speeding up the launch of their financial products in new markets.
A more business-friendly deposit policy
Airwallex payment capabilities provide more friendly guarantee rules and settlement cycles, which helps merchants manage healthy cash flows even during peak sales seasons.
Raymond Hsu
Payment General Manager at SHOPLINE
“The Airwallex team is ready to hear our feedback at any moment and provide prompt follow-ups and actions. They shared in-depth understanding of acquiring, issuing, and other product details, and had profound insights into embedded finance solutions. Their robust technological iteration capability also allows our demands to be met rapidly.”
The Boundless Future of Embedded Finance
Today, an increasing number of industries are embracing digital transformation and moving operations online. For non-financial platforms, independent development of financial capabilities can be challenging and impractical. The ideal solution is to work with a fintech company that offers embedded finance solutions that can reduce time, cost and resources.
Looking forward, Airwallex is committed to being the reliable partner that our platform customers can count on, delivering solutions that will be always more seamless to integrate and operate, balancing risk and growing revenue.
SHOPLINE will leverage embedded finance to power their global expansion and provide more comprehensive financial services to global merchants. “Together with Airwallex, we will set a new benchmark for the application of embedded finance across industries,” said Raymond Hsu.
Trusted by 200,000+ businesses
"Genuinely, Airwallex has saved us so much time, money, and hassle. Previously there would always be this anxiety when we were doing these big shoots or having to work with lots of remote teams and pay them, and I would be constantly worried that we would have our bank account locked."
"The customer service and the responsiveness of Airwallex is a massive reason why we’ve chosen to work with you. We’re having to set up new accounts all the time, if we hit roadblocks we know we can email or call, and we’ll have a timely response."
"Airwallex is the perfect cross-border payments and FX partner to support our mission. Their strong technological infrastructure and dedicated engineering support team has allowed for a seamless integration process."
“It is crazy to see that kind of technology...it's just one of those ideas where you think, why has this not been done before?”
“We were looking for a technology-enabled banking partner who could help us manage our finances across markets. We use Airwallex for opening accounts in new markets quickly.”
Charlie Bullock
CEO and Co-Founder, Scan.com
“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.”
“Airwallex has allowed us to get things done at ten times the speed it used to happen. It means we could spend more time on our brand, our website and the customer experience. That’s what helped us to grow so much in a short span of time.”
“Airwallex has unlocked a much more efficient way of managing our money that we couldn’t do before. Our previous provider could not scale the way we needed it to. Now, our team is freed up to tackle the more important work on how ClipChamp expands globally.”
"Airwallex is an innovative fintech platform with a first-class customer support team. They transformed the previously painful process of creating corporate cards into something simple."
