Introducing Bill Pay: Automate your accounts payable process and pay bills globally, all in one place
Airwallex’s new Bill Pay solution takes the hours out of paying invoices, automating the entire process in one place. Manage each step of paying a bill within the Airwallex platform, from uploading the invoice to approving and sending the payment, and save your finance team hours of manual work. Our no-code integrations with accounting software mean your teams can automate reconciliation and close the books faster each month
Paying bills today is a manual, time-consuming process for millions of businesses
When we spoke with Airwallex customers, we heard three key challenges with their accounts payable process today:
Fragmented workflows
There might be multiple tools a finance team must leverage - one tool to collect the invoice, one tool to track approvals from different team members, and additional systems to make the actual payment for domestic and international bills. All these workflows require time (and dollars) for teams to learn and maintain.
Manual, error-prone processes
On top of that, keeping the right bill info, approvals, and payment data synced across the entire process can be extremely manual. Spreadsheets are often used by finance teams separately to get some level of visibility, but this exposes the business to costly human errors.
More hours spent on paying international vendors
Processing bills from international suppliers presents even more challenges. With many traditional payment processes via banks not supporting international payments (e.g. ABA files, BACS files), businesses are forced to use separate, manual workflows to pay their international bills.
Speed up your entire accounts payable process with Airwallex Bill Pay
Airwallex built Bill Pay to help businesses reduce these inefficiencies significantly so they can focus more of their time on running their business and serving their customers. With Bill Pay, you can now automate every step of paying both your domestic and international bills, from uploading the invoice, to approving and sending global payments, all on the Airwallex platform, with transparency, speed and accuracy.
Businesses using Bill Pay are already seeing benefits:
"Transitioning our accounts payable and corporate cards workflows to Airwallex has simplified our internal processes significantly. It means we no longer have to manage multiple tools across capture, approval, and payment of invoices and card management. Overall, the Airwallex platform has significantly reduced the time and cost of managing our accounts payable and expenses."
Joel Stehr, COO, Bilue
Eliminate manual data entry with the support of AI
Employees can now upload bills directly and Airwallex will automatically extract all relevant details using AI and OCR technology, so no manual data entry is needed. With your chart of accounts data imported from your accounting software, bills can be easily coded by employees as well. Later, when the bill is ready for payment, Airwallex uses AI to check for duplicate invoices and to check that the payment details match the invoice to ensure money is being sent to the right recipient.
“We are really enjoying using Airwallex's Bill Pay product. Getting our international invoices paid is much more seamless now compared to our previous process of paying bills manually through a separate banking system. We've reduced hours and manual data entry for our finance team significantly. Plus Airwallex's integration with Xero automates more of our reconciliation process."
Ben Joy, Financial Controller, TDM Growth
Ensure responsible spending with multi-layer approvals
Multi-layer approvals give your business more control by ensuring the right people within your company review spend before payments are made. Approval flows can be set up depending on the bill currency and amount, and approvers can be set to be the employee’s manager, specific individuals, or specific roles. Comments and audit trails are included in a single tool for full transparency so it’s clear what’s been approved and by whom, and what the current status of the transaction is. Staff can also approve invoices on the go with our mobile app.
Close your books faster with automated accounting integrations
If you’ve connected your Airwallex account to Xero (Netsuite and Quickbooks coming soon), invoices created in Airwallex can be coded using your chart of accounts, or you can import approved invoices from Xero directly into Airwallex for payment. Throughout the process, all bill approvals and payment data are regularly synced to your accounting software to speed up your monthly reconciliation process.
Pay bills using Airwallex’s best-in-class international payout coverage and FX rates
Airwallex also provides a faster and more cost-efficient process for sending payments to vendors once bills have been approved. Payouts can be sent to 150+ countries, in 60+ currencies with instant payouts to 120+ countries. Because Airwallex allows money to be held in multiple currencies, you can pay your vendors without being forced to convert funds. If a currency conversion is needed, you will always benefit from Airwallex’s market-leading rates.
Your business account for global success
Airwallex exists to help companies around the world unlock new opportunities across borders, while streamlining their financial operations. Our global business accounts, powerful payment processing solutions, corporate cards, and spend management workflows aim to save you time and costs as you scale.
With Bill Pay, businesses can make their accounts payable process more efficient, automated, and free from manual errors. If you’re an Airwallex customer, try Bill Pay at no cost today. If you’re not an Airwallex customer yet, sign up online.
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