# How and Why Airwallex Supports Shopify Merchants for Cross-border Commerce and Digital Payments

Airwallex is a financial technology company that offers integrated solutions for cross-border payments, including business accounts used by small businesses, SMEs, and established enterprises to sell globally. Airwallex has recently launched a new easy-to-use plug-and-play integration with Shopify, enabling Shopify merchants to tap into Airwallex’s payment solution ecosystem. With features to simplify payments and cost-effective foreign exchange (FX) rates, merchants can focus on scaling their business with better financial planning and without needless fees. 

At Wave Commerce, we often hear from Shopify merchants that an obstacle to scaling their business to new markets and providing cross-border commerce is that they don’t know how to get started on managing cross-border payments. There are a lot of potential financial uncertainties that come with cross-border commerce, especially around financial planning — knowing how to budget and prepare funds for transaction fees, taxes, localization to new markets etc, which, more often than not, are not very transparent and highly variable. But, one of the key values of a solid connected ecosystem strategy that Shopify offers, is the ability to leverage the partners within the ecosystem for quick and effective solutions. Airwallex is a very welcome new addition to the Shopify ecosystem for the value it can provide to merchants, especially as the global economic climate is lowering consumer confidence and businesses are looking at ways to still grow while reducing costs.

What is a digital business account?

A digital business account operates solely online without any physical branches. They typically offer a targeted number of services and products that they are extremely good at — which means they can compete on excellent prices, service quality, transparent policies, user experience, and security. Digital business accounts have greatly disrupted the traditional banking industry by putting the users first with a customer-centric strategy and design philosophy.

3 key benefits of digital business accounts

Time-saving

• Remote account opening; no need to visit a branch or conduct any face-to-face meetings
• Access services any time via an online platform
• Access local bank accounts in multiple regions to collect money locally
• Issue virtual multi-currency corporate Visa cards instantly

Cost-saving

• As digital payment platforms have no branches, less staff, are digital-first, and use the latest technology without complicated legacy infrastructure, they have less overhead and so can provide cheaper fees
• Enjoy $0 international transfers and avoid SWIFT fees by paying like a local
• Save up to 90% on FX conversions

Better financial visibility

• Digital business accounts are streamlined to deliver more value, such as clear and concise reporting
• They are designed to integrate with other financial tools, like Xero, digital signature and contract systems, or trading platforms - which gives more accurate visibility across your financials
• Ability to automate financial reconciliation

Airwallex launches their integration on Shopify

The Airwallex Online Payments Shopify App is a payment solution for merchants to integrate with their Shopify store to accept payments from global customers. With Airwallex, merchants can:

• Receive settlements directly in 11 major currencies including USD, thus avoiding unnecessary currency conversions and related fees
• Accept payments directly into an Airwallex multi-currency wallet and pay out with borderless cards or transfers
• Payment methods include Visa, MasterCard and UnionPay, and 30+ other local payment methods across the Asia-Pacific and Europe, such as GrabPay in Southeast Asia, WeChat Pay in APAC, as well as Bancontact and Sofort in Europe