Advivo Business Advisors and Accountants share some money-saving tips that our clients are currently raving about
At Advivo, we pride ourselves on being an innovative and dynamic firm. That’s why we’re always on the lookout for new and innovative products and services that can benefit the everyday operation of your business. The following money-saving tips were recommended to us by two of our clients, and we’re spreading the word so you can take advantage of these great features as well.
Money-saving tip #1: Airwallex
Established in Melbourne in 2015, Airwallex is a global payments fintech with a simple goal – to push the boundaries of global financial services capabilities in an increasingly borderless world.
Airwallex is designed to make online payments easy, with the aim of empowering businesses of all sizes to grow and contribute to the global economy. It allows businesses to transact, collect and pay in any foreign currency across more than 130 countries and 50 currencies without the constraints of the global financial system. This makes it perfect for businesses that are looking to expand into new markets across the world.
What’s more, Airwallex doesn’t contain any monthly fees or unnecessary conversion fees, making it easier to invest more in other business aspects like marketing and growing staff.
One of our clients, Jane Toohey from Outsource2Us, has been using Airwallex for over 12 months now and has found that it makes running her business easier than ever, especially with her international clients.
“With Airwallex, I’ve been able to cut out 95% of the international fees for credit card use and it has enabled me to get paid in international currencies without the traditional bank transfer fees. For all intents and purposes to my clients, it just looks like a local bank to them, so it feels safe to transfer payments. The clients also have no expensive currency conversion fees”.
As the world becomes increasingly digital, it’s assuring to know that your banking won’t be left behind. With all its benefits, it’s no wonder Airwallex has come to be known as Australia’s best business bank account alternative.
Money-saving tip #2: Merchant Choice Routing
Every time someone makes a card transaction on your merchant terminal, you pay merchant fees. Merchant Choice Routing (also aptly called ‘least-cost routing’) can help you control your merchant fees by choosing to route a debit card transaction to the lowest cost network for that transaction.
It lets you choose whether the cards you accept at your merchant terminal are charged at a fixed percentage fee when processed via Mastercard or Visa, or a flat fee when processed via eftpos. Which one of these you choose will depend on your individual business and determine your potential savings. If you’re selling higher-value items, the flat fee might suit you better as you’re paying a fixed cost regardless of the transaction amount. However, if you’re selling low-value items then a percentage fee might be better.
Our client Max Roberts from Ojema Group uses Merchant Choice Routing throughout his Totally Workwear stores, allowing him to save significantly on transaction processing costs. “I implemented Merchant Choice Routing in my business and over an 18-month period I saved over $50,000.”
If you would like to implement Merchant Choice Routing in your business, you should contact your banking provider for more information.
Part of the way Advivo strives to help our clients is by sharing any useful tips and tricks we come across. If any helpful tips came to mind while reading this article, contact us here or email us at advice@advivo.com.au to let us know.
