Airwallex Integration

kirbyzone

Member
Airwallex is an online banking/money transfer/payment gateway service, similar to Wise, and very popular in Australia. It allows merchants to open bank accounts in several countries around the world, and keep funds in different currencies in local bank accounts. It also offers an API that allows users to collect payments from clients, in different currencies, allocating them to the appropriate account.

While Airwallex does have some built-in facilities for issuing 'payment links' - i.e., clickable links a customer can send to their clients, to direct them to a ready-made payment interface - it has no subscription features at all, as of now. It would be incredibly helpful if Pebbly Subscriptions provided direct support to Airwallex, allowing us to collect subscription payments in different currencies, and automatically allocating the payment to the appropriate bank account, depending on the currency.

Why is Airwallex better than other payment gateways, such as Stripe or PayPal?
A big problem with accepting payments in multiple currencies is that dealing with foreign exchange conversion incurs a cost. Companies like Stripe and PayPal will charge anything from 1%-3% every time the merchant has to convert from one currency to another. As an example, let's say that you are an Australian business, which holds an account with Stripe or PayPal in AUD (Australian dollars). Let's say that apart from your Australian customers, you also have customers in North America that pay in USD (US dollars), and customers in Europe that pay in EUR (Euro). That means that when you receive payments in USD or EUR, companies like Stripe or PayPal will be taking between 5%-8% of your subscription fee, by the time you get your funds in your AUD account. If you have suppliers also overseas, asking for payment in USD or EUR, then when you make those payments out of your AUD account you will again incur another 1%-3% fee. This means that depending on the payment gateway you're using, you might end up payment over 10% of all the fees your receive to your payment gateway.

Companies like Airwallex allow you to keep multiple accounts in different currencies, without doing any conversion. So when your customers pay in USD, it goes into the USD account. When they pay in EUR, it goes into the EUR account. And so on. Also, when you pay OUT to your suppliers, if you pay in USD, it will automatically get paid from your USD account, without foreign exchange conversion - same for all currencies. This can potentially reduce the fees you'd normally be paying out to your payment gateway down to the usual 3%-5%.

This may make the difference between your subscription product/service being financially viable, or not. And this is why it's so important for Pebbly Subscriptions to support services like this.
 
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