Float's Bill Pay product supported by Airwallex offers various payout options such as bank transfers, EFT, wire, and ACH, as a component of Float's integrated business finance platform tailored for Canadian businesses.
Why is this partnership important for businesses in Canada?
Close to 100,000 small and medium-sized businesses in Canada frequently engage in international transactions and depend on smooth local and global payment procedures to facilitate their operations.
The Bill Pay service in Canada aids Float customers in streamlining manual accounts payable tasks by enhancing oversight and management of their significant expenses – invoices – through automated invoice handling, payments, and reconciliation. Additionally, this service reduces expensive foreign exchange fees.
Embedded Finance opens new opportunities for fintech and SMBs
Float benefits from the increasing demand from small and medium-sized businesses for integrated financial solutions that cater to various requirements. According to a recent Airwallex survey, over 80% of SMBs globally are interested in comprehensive software packages and are open to shifting away from traditional banks for payment requirements. Additionally, 76% are willing to invest more in all-in-one solutions from one provider, benefiting platforms like Float which have strong relationships with small businesses, giving them a competitive edge over banks with similar services.
Airwallex previous developments and partnerships
As a worldwide financial platform catering to businesses, Airwallex offers solutions to assist merchants in managing their payments, treasury, spending, and Embedded Finance. Airwallex aims to enhance global payments and financial operations through its infrastructure, enabling businesses to capitalise on new opportunities and expand internationally.
Moreover, in its efforts to advance its development strategy, Airwallex has made various announcements and formed various partnerships. In December 2023, the company collaborated with WooCommerce (Woo) to introduce a payment extension on Woo's platform. This integration allows Woo merchants to accept cross-border payments instantly using global cards, Apple Pay, Google Pay, and over 60 local payment methods during checkout.
Airwallex also teamed up with Jebhealth and Visa to launch payment cards for corporate health and employee benefits. This collaboration enabled Jebhealth to use its digital software solutions to tackle obstacles and reduce expenses in providing healthcare services to the public. Moreover, the initiative aimed to help the company address issues related to accessibility, precision, and affordability by harnessing technology.
