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.
AUD$12,000
saved each month from currency conversion fees on global expenses
2.5%
savings on SaaS such as Shopify, Klaviyo and others
4+ hours
saved each week from simplified processes
The Sheet Society creates a memorable night's sleep with a timeless range of bed sheets, quilt covers and pillowcases.
Industry
Retail
Location
Melbourne, Australia
Company size
20 - 50 employees
The challenge
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.
Hayley Worley
Founder
“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.”
The solution
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.
Andy Worley
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.
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What users say about Airwallex
"Airwallex has been a game changer for all our banking needs. As a fast-growing startup, we need a scalable yet cost-efficient batch payment solution to pay our employees and vendors both inside and outside Hong Kong. Airwallex helps us save money on every bank transfer with their near-zero transaction fee and market-beating FX rates. We also use Airwallex’s multi-currency Visa cards for business travel expenses and SaaS subscriptions to avoid hidden bank fees that would otherwise have been difficult to spot. Would highly recommend other startups to get started with Airwallex!"
Henson Tsai
Founder, SleekFlow
"Airwallex has been great for our team - it makes payments and transfers so much easier, and has saved us significant amounts of time compared to what we were doing before with HSBC. Airwallex's platform is easy to use and very intuitive. Airwallex virtual card has solved most of our painpoints with sharing corporate card numbers and credit card limits. The best part is being able to save money on all our monthly bank transfers, and we've already saved thousands of dollars by using Airwallex. Airwallex's support has also been highly responsive to troubleshoot any issues in a timely manner."
Sarah Chang
Co-founder & COO, Forkast.News
“Airwallex provides us with flexibility and cost savings in dealing internationally. We used Airwallex to receive our recent global fundraising round and pay international suppliers and are saving at least 5% per dollar transferred versus the big banks.”
George van Dyck
Finance Manager, Zoomo – Technology Startup
“Airwallex has been a game changer for us. I cannot recommend these guys enough. The forex services are super efficient and super competitive. The customer service is not gold-plated, it's solid gold. One of the best eCommerce services for merchants we have come across since Paypal hit the scene 20 years ago."
Murray Kester
CEO, Cosmetics Now – eCommerce
“Having all our global SaaS subscriptions in one place has streamlined our finance processes and enabled better tracking and control of expenses. It’s even better knowing that Airwallex isn’t hitting us with any international transaction fees.”
Warren Durling
Chief Operating Officer, Dovetail – Digital Agency
“Airwallex is our one-stop shop for all our banking needs, in one easy-to-use interface. Without Airwallex, we would not have been able to scale our business as fast as what we’ve been able to achieve.”
Andrew Ford and Rosa-Clare Willis
Co-founders, Crockd – eCommerce
