TransferWise Releases Batch Payments – A Faster Way for American Businesses to Run International Payroll and Pay Suppliers Abroad
New York, May 8, 2018 – TransferWise today launches batch payments, a new way to run international payroll and pay suppliers, which also saves time and money. As the firm expands its offering for small businesses, it also reveals that it surpassed the $1 billion milestone in borderless account deposits, 10 months after launching the product.
The new batch payment tool lets you make up to 1,000 payments at once. This means businesses can pay remote workers, freelancers, invoices and more, in over 45 currencies from a single file. US-based companies currently using this service include customer support tool Help Scout, on-demand massage service Zeel, and Time Doctor, a time tracking program for freelancers and businesses.
“Once we launched our service for business, we started getting requests from companies who needed an easy way to make hundreds to thousands of payments per day,” says Stuart Gregory, business product lead at TransferWise. “Our new batch payments tool helps SMBs effectively manage their business across borders. Not only will it help them save money, but also time, which any entrepreneur will tell you is just as important.”
Small businesses comprise 30% of TransferWise’s monthly US volume. They move money at an average fee of between 0.6% and 0.9% – equivalent to $61.00 on a $10,000 transfer – depending on the currencies you’re sending to and from. This makes TransferWise roughly eight times cheaper than using a bank, with no hidden charges, inflated exchange rates, or monthly account fees. Payments arrive around the world in one to two business days.
“We depend on TransferWise for nearly all of our payment and accounting needs,” says Liam Martin, co-founder of Time Doctor. “The batch payments feature is really exciting, especially for a company like us who uses TransferWise all the time. Before we had TransferWise, we used Paypal. Our employees and contractors would complain that they weren’t receiving their full salary.”
In addition to the batch payment tool, TransferWise has been privately testing a new API. This will allow large-scale enterprises to integrate TransferWise seamlessly into their accounting tools or directly onto their platform to make cross-border payments cheaper and more convenient for their customers.
Originally a consumer-only product, TransferWise launched its business service in the US at the end of 2016. This was followed by the launch of the borderless account last May, which allowed businesses to hold up to 28 currencies and activate local account details that allow them to get paid domestically in the US, UK, Eurozone, and Australia.
Businesses and freelancers use the borderless account to pay and get paid by vendors, oversee liquidity across currencies, manage operational costs of international offices, run international payroll, and much more. 10 months after launch, the company surpassed $1 billion in deposits. In addition, twelve additional currencies have been added to the account, bringing the total to 40. And there’s more to come later this year with the release of corresponding borderless cards in the US – which went live in the UK and Europe last week.
For more information on how batch payments work, click here. TransferWise will be hosting webinars throughout the month of May to teach businesses how to use this new tool. Businesses can register here to attend a session.
TransferWise is a new kind of financial company for people and businesses that travel, live and work internationally. It’s the fairest, easiest way to manage your money across borders. With a simple money transfer platform and borderless accounts, it makes managing your money quick, easy and painless.
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s most successful fintech startups having raised $397m from investors such as IVP, Old Mutual, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin of PayPal.
Three million people use TransferWise to transfer over $2 billion every month, saving themselves over $2 million every day. www.transferwise.com