In today’s globalized world, businesses of all sizes are expanding their reach beyond their local markets. As a small business owner in the UK, you may have also considered expanding your business internationally. However, one of the major challenges of doing business globally is managing international payments. With so many payment platforms available, it can be overwhelming to choose the right one for your business. In this article, we will compare two popular international payment platforms – WorldFirst and Airwallex – to help you make an informed decision for your business.
WorldFirst is a UK-based international payment platform that has been in the market since 2004. It offers a range of services including international money transfers, currency exchange, and risk management solutions. On the other hand, Airwallex is a relatively new player in the market, founded in 2015 in Australia. It also offers similar services but with a focus on providing solutions for businesses of all sizes.
Let’s take a closer look at the features and services offered by both platforms to determine which one is the right fit for your business.
Ease of Use
When it comes to ease of use, WorldFirst has an edge over Airwallex. Its user-friendly interface and simple registration process make it easy for businesses to start using their services. They also offer a mobile app for convenient access to their services on the go. On the other hand, Airwallex has a more complex registration process and their platform can be overwhelming for first-time users. However, they do offer a dedicated account manager for each business, which can be beneficial for businesses with complex payment needs.
Exchange Rates and Fees
Exchange rates and fees are crucial factors to consider when choosing an international payment platform. WorldFirst offers competitive exchange rates and low fees, making it an attractive option for businesses looking to save money on international transactions. They also offer a price match guarantee, where they will match any lower quote from a competitor. Airwallex, on the other hand, offers mid-market exchange rates and charges a small percentage fee for each transaction. However, they do not have a price match guarantee.
Payment Options
Both WorldFirst and Airwallex offer a range of payment options including bank transfers, credit/debit cards, and e-wallets. However, Airwallex also offers the option of paying with virtual accounts, which can be useful for businesses with a large number of international suppliers or customers. They also offer a multi-currency account, allowing businesses to hold and manage funds in different currencies.
Risk Management Solutions
Managing currency risk is crucial for businesses operating globally. WorldFirst offers a range of risk management solutions including forward contracts and limit orders to help businesses protect themselves against currency fluctuations. They also provide market insights and expert advice to help businesses make informed decisions. Airwallex also offers similar risk management solutions, but they do not have the same level of expertise and support as WorldFirst.
Customer Support
Both WorldFirst and Airwallex offer 24/7 customer support through various channels including phone, email, and live chat. However, WorldFirst has a reputation for providing exceptional customer service, with a dedicated team of experts to assist businesses with their international payment needs. Airwallex, on the other hand, has received some negative reviews regarding their customer support, with some users reporting long wait times and unresponsive agents.
Conclusion
In conclusion, both WorldFirst and Airwallex offer competitive international payment solutions for businesses in the UK. WorldFirst is a more established and trusted platform with a user-friendly interface and excellent customer support. On the other hand, Airwallex offers more advanced features and solutions for businesses with complex payment needs. Ultimately, the right platform for your business will depend on your specific requirements and priorities. We recommend considering the features and services offered by both platforms and choosing the one that best aligns with your business goals.
In today’s global economy, expanding your business internationally can bring numerous opportunities for growth and success. With the right international payment platform, you can streamline your global transactions and focus on growing your business. We hope this comparison between WorldFirst and Airwallex has helped you make an informed decision for your business. Whichever platform you choose, we wish you all the best in your international business endeavors.
