October release notes: Afterpay now available, Mexico collections and easier platform management for UK and EU

Payments

Expand your global shopper base and boost conversion by offering Afterpay as a payment method 🌎

Exciting news for businesses looking to access additional local payment methods - Airwallex now offers Afterpay for merchants globally. Afterpay allows shoppers to complete purchases by paying in multiple installments, a form of payment known as Buy Now, Pay Later (BNPL) that is particularly popular with younger shoppers. By offering Afterpay, Airwallex merchants have seen an increase in their average order value by 9% and the checkout conversion rate by up to 41%.

By activating Afterpay as a payment method with Airwallex, merchants will be able to collect payments from any shopper wishing to leverage Afterpay, even if the shopper is in a different region from the merchant. In addition, while the shopper pays in installments, the merchant receive full settlement upfront, subject to reserve plans.

Activate Afterpay as a payment method within your Airwallex account. To learn more about the Airwallex Afterpay capabilities, check out our product documentation.

Coming Soon: Airwallex as a payment processor on BigCommerce 🛒

Merchants using BigCommerce to build their online stores will soon be able to use Airwallex to accept payments on the platform. Installing Airwallex as an application through BigCommerce allows businesses to accept card payments directly on their store’s checkout page, without any redirects. Stay tuned for official availability, coming soon.

Business Accounts

Easily collect and transfer local funds in Mexico 🇲🇽

Businesses can now open Mexico Global Accounts to collect Mexican pesos (MXN) locally. These Global Accounts will be opened instantly in the business’ name and can receive deposits via SPEI, Banco de México’s system for electronic transfers. With SPEI, businesses can make local real-time settlements to grow their offering within the Mexican market more seamlessly.

Open your Mexico Global Account directly from within your Airwallex account starting today.

Spend

Easier, streamlined expenses with our latest export updates 📁

We’ve released two enhancements to our export capabilities for Airwallex Spend products. Card Expenses and Reimbursements users can now easily bulk receipt download with new functionality. Furthermore, Reimbursements users are able to download their exports in .csv, similar to the experience available for Card Expenses users.

You can test out the new experience by navigating to the download icon in the top corner of your Card Expenses or Reimbursements table.

QuickBooks support for Reimbursements 🧾

We’re pleased to announce that customers using QuickBooks can now activate Reimbursements and utilise their accounting data to code and sync reimbursements. This update makes it easier for finance admins to process reimbursements globally and reconcile them in QuickBooks.

QuickBooks users can activate Reimbursements directly within the Expenses settings in your Airwallex account. For more information, check out our Help Center.

Core API and Embedded Finance

Coming Soon: Simpler UK and EU entry for platforms with embedded SCA components 🇪🇺

Platforms using Airwallex embedded finance will soon be able to embed Strong Customer Authentication (SCA) directly into their user interface to more easily comply with EU mandates. For platforms with customers located in the UK and European Economic Area (EEA), these embedded SCA components will allow for the following benefits:

• Faster go-to-market: integration times will be greatly reduced through embedded components, allowing platforms to go live quicker.

• Reduced fraud risk: common risks like Account Takeovers (ATO) will be mitigated as SCA adds an additional layer of security and authentication.

Learn more about SCA regulatory requirements in our product documentation.