Wise E-Commerce Review 2023 [No Hidden Fees, Fast And Secure]
Navigating the complex waters of e-commerce can be intimidating for many, but not when one has a trusted tool like Wise Business. In the past, this game-changer in the e-commerce beast was known as TransferWise but underwent a rebranding.
Now, it shines under a new moniker with upgraded features, making it truly 'wise' for all online ventures. This Wise E-Commerce review aims to explore this promising platform's facets.
It's everyone’s quest to find that one affordable solution that simplifies business transactions and is user-friendly. And so, like many other business owners who turned to Wise Business, we decided to embark on an exploration journey of our own.
As we tread along this path, we shall uncover every noteworthy feature that Wise Business offers and lend our unbiased perspective to help you make an informed decision.
What Is Wise?
The company was founded in 2011 by Estonian entrepreneurs Kristo Käärmann and Taavet Hinrikus, who were frustrated with traditional banks' high fees and unfavorable exchange rates when transferring money internationally.
Wise offers a fast, affordable, and transparent alternative to traditional banks, with over 10 million customers using their services to send and receive money across borders.
The company is headquartered in London, UK, and has offices worldwide. In addition to money transfers, Wise offers a range of other financial products and services, including the Wise Multicurrency Account, which allows users to hold and manage multiple currencies in one account.
Wise E-Commerce: A Rebranding Story
Rebranding may often be seen as risky, but when done carefully and thoughtfully, as in the case of Wise Business, it can yield significant benefits.
Formerly known as TransferWise, this powerful platform underwent a significant transformation to become Wise Business.
Transforming From TransferWise
TransferWise carved its niche as an international money transfer service that competitive banks struggled to match in terms of speed, affordable fee structures, and transparency. However, the growing aspirations of the company led it down the rebranding path.
Decision to Rebrand
TransferWise’s decision to rebrand wasn't solely skin-deep. They sought for their branding to reflect better their expanded service offerings beyond just transferring money and align with their evolving mission.
Launched initially as a money transfer service for individual users in 2011 by founders Taavet Hinrikus and Kristo Käärmann, they quickly spotted opportunities in serving SMEs with their low-cost transfers.
The Birth of Wise Business
Expanding its horizons fit TransferWise like a glove or perhaps a new brand name! Thus in 2021 emerged the all-new Wise Business.
This development expanded its user base from individuals alone to include budding entrepreneurs seeking an inexpensive platform to conduct cross-border transactions.
The brand understood that e-commerce is not just about buying and selling; it's about building strong relationships between businesses and customers everywhere.
A More Comprehensive Offering
Whether paying invoices or salaries, accepting payments from clients worldwide, or comfortable intra-organization cash flow management, Wise Business provides everything at an economical rate.
Moving away from merely a platform for sending money abroad, Wise has transformed into a versatile multi-currency account provider with competitive exchange rates.
How To Use Wise E-Commerce?
Sure, here's a step-by-step guide on how to use Wise E-commerce:
- Create a Wise Business account: The first step is to create a Wise Business account. You'll need to provide basic information about your business, including your name, address, and contact details.
- Enable Wise E-commerce: Once you have a Wise Business account, you can enable Wise E-commerce. This feature allows you to accept online payments in different currencies from customers worldwide.
- Integrate Wise E-commerce into your website or platform: To start accepting payments, you'll need to integrate Wise E-commerce into your website or platform. Wise provides an API and SDK that you can use to integrate with your website or platform.
- Create payment links: If you don't have a website or platform, you can still use Wise E-commerce by creating payment links. These links can be shared with your customers via email or social media. When the customer clicks on the link, they'll be taken to a payment page where they can enter their payment details.
- Customize your payment page: Wise allows you to customize your payment page to match your branding. You can add your logo and choose a color scheme that matches your website or platform.
- Accept payments: Once you've integrated Wise E-commerce and customized your payment page, you can start accepting payments. Wise supports over 50 currencies so that you can accept customer payments worldwide.
- Manage your payments: Wise E-commerce provides a dashboard where you can manage your payments. You can view your transaction history, issue refunds, and track your revenue.
That's it! With Wise E-commerce, you can start accepting online payments from customers worldwide quickly and easily.
Benefits Of Wise E-Commerce
Wise E-Commerce provides various benefits for businesses selling their products and services online. Some of the key benefits of using Wise E-Commerce include:
Access To A Global Customer Base
With Wise E-Commerce, businesses can sell their products and services to customers worldwide without worrying about currency conversions or high transaction fees.
Competitive Exchange Rates
Wise E-Commerce offers highly competitive exchange rates, which means businesses can save money on transaction fees and currency conversions.
No Hidden Fees
Unlike traditional payment processors, Wise E-Commerce does not charge hidden fees, meaning businesses can keep more earnings.
Seamless Integration With Leading E-Commerce Platforms
Wise E-Commerce can easily integrate with leading e-commerce platforms such as Shopify and WooCommerce, which means businesses can start accepting payments quickly and easily.
Fast And Secure Payments
Wise E-Commerce provides fast and secure payments, which means businesses can receive their payments quickly and with peace of mind.
Multiple Payment Options
Wise E-Commerce supports multiple payment options, including credit and debit cards, bank transfers, and digital wallets. This means businesses can provide customers with various payment options that suit their preferences.
Wise E-Commerce Limitations
While Wise E-Commerce offers many benefits, there are also some limitations to keep in mind:
- Limited currency options: Wise E-Commerce supports a limited number of currencies compared to other e-commerce payment solutions.
- No dispute resolution: Wise E-Commerce doesn't offer dispute resolution services for transactions, so you'll need to handle customer disputes independently.
- No automatic refunds: Unlike other e-commerce payment solutions, Wise E-Commerce doesn't offer automatic refunds. You'll need to process any refunds yourself manually.
- Limited integration options: Wise E-Commerce doesn't integrate with as many e-commerce platforms and marketplaces as other payment solutions, which may limit your options if you use a less popular platform.
- Bank transfer only: Wise E-Commerce only supports bank transfers as a payment method, which may not be as convenient for customers who prefer other payment methods like credit cards or digital wallets.
Wise E-Commerce Working Explained
Wise E-Commerce works as an integrated payment solution for online businesses. Once integrated with the e-commerce platform, Wise provides a seamless checkout process to customers by offering multiple payment options in different currencies.
It allows businesses to receive payments in their local currency, avoiding any conversion fees or unfavourable exchange rates. Wise also provides fraud prevention tools and secure payment processing to protect the business and the customer.
To use Wise E-Commerce, businesses must first sign up for a Wise business account and then integrate the payment solution with their website or online store.
Wise provides a set of APIs and plugins for popular e-commerce platforms like Shopify, WooCommerce, Magento, and more.
Once integrated, businesses can customize their checkout process, set up automatic currency conversion, and receive real-time payment notifications.
How Wise Stacks Up Against Competitors
Wise E-Commerce faces competition from several other e-commerce payment platforms, including:
- PayPal: PayPal is a widely recognized e-commerce payment platform offering secure online transactions and a user-friendly interface. It has a broad user base and offers a range of features and services that benefit e-commerce businesses.
- Stripe: Stripe is an online payment processing platform popular among e-commerce businesses. It offers a range of features, including secure transactions, real-time data and analytics, and customizable payment options.
- Square: Square is another e-commerce payment platform that offers a range of features, including secure online payments, mobile payment processing, and customizable payment options. It is trendy among small and medium-sized businesses.
- Amazon Pay: Amazon Pay is a payment service that allows customers to use their Amazon account to make payments on third-party websites. It offers a seamless checkout experience and a high level of security.
- Skrill: Skrill is an online payment platform that offers a range of features, including secure online transactions, low fees, and fast payments. It is trendy among international businesses.
Wise E-Commerce For Business
Wise E-Commerce can help businesses in several ways. It allows businesses to quickly and securely accept international payments from customers worldwide, regardless of location or currency, allowing businesses to build their global outreach.
This can help businesses expand their customer base and increase sales. Wise E-Commerce offers competitive exchange rates and low transaction fees, which can help businesses save money on international transactions compared to traditional payment methods.
Wise E-Commerce provides businesses tools and integrations to streamline payment processes, such as APIs, plugins for popular e-commerce platforms, and invoicing tools.
Managing payments becomes less of a burden for businesses, and it can save loads of time. Overall, Wise E-Commerce is a flexible and cost-effective payment solution that can help businesses of all sizes expand their global reach and improve their bottom line.
FAQs Regarding Wise E-Commerce Review
Can I Use Wise For E-Commerce?
Yes, you can use Wise for e-commerce. With their online payment solutions, merchants can accept payments from customers in over 50 currencies and get them directly into their bank accounts quickly and securely.
Can I Buy On Amazon With Wise?
It is possible to buy from Amazon using Wise. You can pay for your purchase with a bank transfer and use your Wise borderless account to pay in US dollars.
Can I Use Wise To Make Purchases?
Yes, you can use Wise to make purchases. You can use your Wise borderless account to pay for products or services in over 50 currencies, including US dollars. Additionally, you can pay with a bank transfer or credit card for added convenience.
Does Wise Charge Any Additional Fees For Its E-Commerce Service?
Wise does not charge any additional fees for its e-commerce service.
Wise E-Commerce is a reliable and efficient payment solution for businesses that deal with cross-border transactions. Its user-friendly platform and low transaction fees make it popular among e-commerce merchants.
With its advanced features, such as multicurrency accounts and customizable payment pages, businesses can streamline their payment processes and provide a seamless checkout experience for their customers.
Despite its limitations, Wise E-Commerce remains a strong competitor in the online payment industry. Wise E-Commerce is a solid choice for businesses looking for a cost-effective and efficient way to handle cross-border payments.
In this Wise E-Commerce review blog, we discussed it's features and benefits as a payment solution for businesses. asked questions about Wise E-Commerce.
Hopefully, this review will help you make an informed decision when it comes to selecting a payment solution for your business.