Airwallex, the global payments and financial platform for modern businesses, has launched its payment acceptance solution in the US, enabling merchants there to accept payments from domestic and international customers.
Using the Airwallex payment acceptance solution, foreign merchants with US entities can provide a localised payment experience to their US-based customers, which could unlock higher acceptance rates and lower operating costs.
According to a recent study, over half of consumers worldwide expect to increase their purchase frequency from overseas merchants, despite macroeconomic difficulties.
For merchants to capture that opportunity, Airwallex explained that a localised checkout experience is essential, as 93 per cent of consumers report seeing products priced in their local currency impacts their decision to purchase, and 77 per cent say they are likely to abandon their cart if their preferred payment method is unavailable.
Ravi Adusumilli, executive general manager of Americas at Airwallex, discussed this opportunity and explained how Airwallex hopes to help them take advantage: “With payment acceptance live in 35 markets across Asia Pacific, Europe, and now the US, Airwallex is poised to take on the biggest names in online payments.
“We’re investing here for the long term, showing businesses of all sizes what a truly global financial infrastructure can deliver. The opportunity we’re delivering is two-fold: helping US companies tap into a global customer base, and helping businesses around the world access the massive US market.”
Merchants can also settle transactions in their customer’s preferred currency and hold those earnings in their Airwallex wallet without being forced to convert, preventing additional FX fees that take one to two per cent of every dollar earned.
Airwallex now supports merchants in 35 countries with payment acceptance services, enabling them to grow their business with access to a global customer base.
Targeting expansion
Merchants can offer a variety of alternative payment methods when using the acceptance solution – such as Klarna and PayPal – as well as locally relevant payment methods for shoppers outside of the US – such as GrabPay in Malaysia and Singapore, iDEAL in the Netherlands, and Giropay in Germany.
Airwallex aims to serve customers of all sizes with various solutions, including simple payment links attached to invoices, integrations with popular e-commerce platforms like Shopify and WooCommerce, or highly customised checkout experiences built on Airwallex’s APIs. Software platforms that are looking to embed and monetise their own payment products can also leverage Airwallex’s APIs to build their solution.
The news comes as Airwallex continues to invest in hiring, product development, and market expansion to support its exponential growth in the Americas region. In 2023, Airwallex expanded into Canada and revealed plans to enter Mexico, following a definitive agreement to acquire MexPago, a Mexico-based payment service provider.
