Airwallex reduces costs for domestic payments processing

Businesses across Australia could save up to USD 12,000 each year after Australian-born financial platform Airwallex slashed the cost of online payments processing for domestic credit and debit cards by nearly 30%.

Starting 27 March 2023, customers of Airwallex will save from 1.65% to 1.20% per payment plus USD 0.15. This compares to other major providers charging between 1.75% and 2.20% plus USD 0.15 cents to process each online payment.

Officials from Airwallex said the price drop would save businesses thousands of dollars in transaction costs, particularly leading into the busy Easter and Mother’s Day periods. They know the cost of doing business has only been going up, so cutting back payments costs will mean businesses can keep more of what they earn.

Savings scenarios:

• A smaller business doing $20,000 a month in transactions would save $2,400 per year;

• A business doing $50,000 a month in transactions would save $6,000 per year;

• An average business doing $100,000 a month in domestic transactions in Australia would save $12,000 per year in transaction fees from the change, compared to other companies’ offerings at up to 2.2%.

Company officials added that Airwallex had doubled-down its investment into building leading online payments infrastructure in Australia and abroad, which meant it could lower its transaction fees. They’ve been investing in their online payments infrastructure as they grow, which means they can pass on the cost savings by dropping their prices for merchant customers.

Airwallex processes nearly USD 50 billion in transactions each year and powers more than 6,000 businesses in Australia.