Every franchise needs a reliable, efficient and cost-effective digital payment system to accept payments, manage transactions and pay suppliers.
Traditional banks have traditionally dominated this space, but digital payments are now all the rage, particularly in expansive countries such as Australia.
Annual transaction values have been projected to hit a whopping $513.10 billion in Australia, highlighting just how popular digital payment methods have become.
Airwallex, PayPal and Revolut are amongst the most reputable platforms in Australia. With that in mind, read on as we look at how they can support franchise businesses.
Why Digital Payment Systems are Important to Franchises
Before diving into the specifics of each platform, it is important to understand what digital payment systems do and why they have become so indispensable.
Their first priority is to make sure every electronic transaction between buyers and sellers goes through without a hitch. It also works for both local and international transactions.
But the right payment system does so much more than just moving money around. It gives you a user-friendly platform to manage your accounts and become familiar with some of the business tools such as accounting software and inventory systems.
It also comes with built-in security and cuts out the middleman when dealing with international transactions.
Any franchise that wants to operate across different cities or even countries will need to centralise their transactions. That is where these digital payment systems come in.
Top Three Digital Payment Solutions for Franchises
Airwallex
Airwallex is an all-in-one payment system that has pretty much anything customers will need to perform smooth local and international transactions.
Not many rivals can match the versatility of the company, so it is no surprise that it has quickly become one of the most popular payment solutions, especially for ambitious businesses.
One of Airwallex’s biggest advantages is that it has over 160 different ways of accepting payments across 180 countries around the world.
That kind of reach makes it perfect for franchises with international supply chains or those that plan to expand their global footprint across the globe.
Airwallex allows funds to be disbursed in the same currency through its multi-currency accounts to help reduce how much customers pay during conversion.
Businesses can open an account online and get access to local bank account details in different countries without needing to visit a physical bank or go through a mountain of paperwork.
PayPal
PayPal has been around for much longer than Airwallex. Most Australian business owners and customers are already familiar with their services.
The platform is popular for being safe and easy to use in performing online payments. It is also accepted around the world, so it ticks a lot of boxes for millions of customers.
But that comes at a price. Placing your trust often comes with high conversation rates in PayPal, especially for businesses with online sales components.
PayPal supports various payment methods, including debit and credit cards, direct bank transfers and PayPal balances.
The platform is suitable for numerous industries, including online betting and gaming, which is one of the most lucrative sectors in Australia.
Many of the sportsbooks featured on reputable comparison platform AustralianBettingSites offer PayPal as a means of making deposits and withdrawals.
The impartial betting experts on the site pay close attention to factors such as the range of payment methods when reviewing sportsbooks to ensure they meet customer requirements.
PayPal offers the kind of versatility that betting platforms and other franchises related to gaming and entertainment can get behind.
It also includes helpful business features such invoicing and integrates with plenty of eCommerce platforms, including Shopify, BigCommerce and WooCommerce.
Revolut
Revolut is one of the best digital payment solutions in Australia. It started out as a digital bank that only had individual clients but has since expanded its offerings to serve businesses.
The platform uses global banking features, allows businesses to create accounts in different currencies, and has a user-friendly interface that tech-savvy entrepreneurs find attractive.
Revolut’s business accounts are not restricted to specific countries. Its accounts can make international transactions and allow currencies to be converted at interbank rates.
It also offers customisable corporate cards, which can be assigned to franchise managers or employees. But these cards often come with spending limits and multiple ways of being tracked.
These tools are useful for managing expenses across different locations and maintaining financial control. But using Revolut comes with its perks.
There are features that are free or included in monthly business plans, but there are others that incur extra charges, like making international transfers above certain limits.
