Business

SIRCLO, an Indonesian e-commerce enabler, reduced time and costs by partnering with Wallex.

Written by tranfer_money

Background

 

SIRCLO is an Indonesian e-commerce enabler and technology firm that helps businesses sell online by providing two types of solutions: Entrepreneur and Enterprise. SIRCLO Store, an online store management tool for SMEs to sell across three platforms (website, marketplace, and chat commerce), is available to entrepreneurs. SIRCLO offers an end-to-end e-commerce enabling service through SIRCLO Commerce and an omnichannel technology development solution through ICUBE by SIRCLO in the enterprise category.

The Challenge

‌1. Transaction limits of online banking

Even while most Indonesian banks now offer online services, they only do so for a limited amount of transactions with a USD 25,000 cap. It is required to visit a bank branch for high-value transactions. They could use internet banking to complete a few low-value transactions, but high-value purchases would still require a trip to the bank branch.Even while most Indonesian banks now offer online services, they only do so for a limited amount of transactions with a USD 25,000 cap. It is required to visit a bank branch for high-value transactions. They could use internet banking to complete a few low-value transactions, but high-value purchases would still require a trip to the bank branch.

  1. Time inefficiency

Because of the daily transaction limit and bank operating hours, making cross-border payments can take up to 3 hours. Not to mention the requirement to complete lengthy documentation during a branch visit.

Because of the daily transaction limit and bank operating hours, making cross-border payments can take up to 3 hours. Not to mention the requirement to complete lengthy documentation during a branch visit.

  1. Expensive transfer fee & exchange rate

Their high-value transactions resulted in costly fees because the bank levied a percentage ( percent ) fee. Given a company’s requirement to move huge sums of money, this resulted in high expenses for all FX payments.

Solution

SIRCLO is able to save a substantial amount of money and improve efficiency in corporate spending by using Wallex’s flat-fee service in Indonesia instead of a percent fee.

Wallex’s user-friendly and secure online platform was simple to use and saved a lot of time and effort by eliminating the need for actual bank branch visits.

 

“We also don’t need to file a lot of paperwork; it saves time and the environment by using less paper!” 

Result

SIRCLO’s Finance team is now saving hours per week by utilising Wallex’s online platform and simplified payment experience:

  • The ability to conduct business at any time and from any location
  • Payments can be initiated in as little as 15 minutes (previously 3 hours)
  • Simpler paperwork ‌
  • Take advantage of Wallex’s flat price for foreign payments, as opposed to the former Bank’s percent fee on each transaction.
  • Avails of competitive rates compared to bank and other payment alternatives in Indonesia

Globalise your business and simplify your payments with Wallex. Get in touch with our FX expert and learn how we can help you save time and money while you scale your business.

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