Background
BEDANDBASICS is one of Singapore’s prominent eCommerce furniture retailers. Through their commitment to quality & constant innovation, they aim to offer products that enrich the lives of their customers.
They use Wallex for payments to their partners and vendors seamlessly. Through their Wallex Global Business Account, they convert, hold and send money in multiple prime and Asian currencies.
The Challenge
- BEDANDBASICS needed an efficient platform for their international business payments
BEDANDBASICS was seeking a quick and accessible platform for international payments. Working with traditional remittance providers involved manual quotations, non-competitive rates and long negotiations. Closing a single transaction could take up hours. This led to a model that was ineffective for the company. - BEDANDBASICS was looking for a cost-effective solution
FX rates provided by traditional remittance providers were typically expensive. Moreover, the time lag caused due to the long transaction time by them led to less competitive rates
So, the company wanted a platform that could instantly offer competitive, near mid-market rates.
- BEDANDBASICS wanted an accessible, user-friendly platform
Solutions provided by traditional remittance providers and financial institutions are not easily accessible or user-friendly.
The UI/UX can be challenging for new employees. BEDANDBASICS needed a platform that could save time & effort for their team.
The Solution
- Wallex offers speedy payments, which is crucial for urgency
With multiple global vendors & suppliers, BEDANDBASICS required speedy transactions to meet their supply chain timelines & expedite procurement. Wallex has never delayed their payments. - Wallex offers competitive and transparent FX rates
All FX rates are competitive and readily available on the Wallex app. There is no need for manual quotations or further negotiations. Each payment can be made in a matter of minutes! - UI/UX for the Wallex app is easy-to-use
Payments can be done at the click of a button, directly on the Wallex app. Accessible & easy to use!
The Results
- Each international payment can be approved and made in a matter of minutes.
- BEDANDBASICS’ beneficiaries always receive their international payments on time!
- Wallex is accessible & user-friendly.
