- New invoicing tool enables businesses to create invoices, receive payments faster and automate reconciliation
- Last financial year, more than 600,000 businesses used Wise Business, marking a 20% year-on-year increase
New York, 26 September 2024 – Wise Business, the international business account for going global, has announced the launch of a brand new invoicing feature. The free-to-use service simplifies the process of generating invoices, making and receiving payments, and tracking finances — all within the Wise Business account.
Designed with smaller businesses in mind, the service is available free of charge to Wise Business customers, and offers users the ability to:
- Create and issue professional, well-formatted invoices - which can be automatically issued via email
- Automatically reconcile payments without hassle, with invoices seamlessly integrated into the Wise Business account
- Issue invoices in multiple currencies - including USD, EUR, GBP and PHP - and receive payments free of inflated exchange rates and hidden fees
- Attach payment methods, allowing clients to pay quick and securely - a "Pay with Wise" option provides the cheapest, fastest experience for users whose customers also use Wise
After an initial beta phase and full roll out in September, the new invoicing tool has already helped businesses globally process approximately $18.5mn worth of invoices, making their payment experience faster and more efficient.
June Yuan, Wise Business Product Lead, said: "Invoicing is an essential yet often dreaded part of running a business. This is amplified when a business is operating internationally and needs to manage the complexity of multiple currencies, different types of account number formats, and more.
"We’ve built this new feature to take the pain out of invoicing and make getting paid as simple as possible. With Wise, businesses can now create and send invoices in just a few clicks, and the payments flow seamlessly — saving them time and effort, all while using the real exchange rate, the one you see on Google. Best of all, it’s free to use."
This launch further amplifies the growing success of Wise Business, which has surpassed 600,000 active customers globally – marking a 20% year-on-year increase over last financial year. Wise Business helps small and medium-sized businesses across the world go global from day one. It enables users to hold and send money in over 40+ currencies to 160+ countries, with account details in 9+ currencies. Other features include employee expense cards, batch payments, and integrations with major account platforms, like Xero and QuickBooks.
Users can also opt-in to receive annual percentage yield (APY)* on USD, GBP and EUR balances. The Wise interest feature** allows customers to earn interest while maintaining the flexibility to send, hold and receive money into their Wise Business account. Those who opt-in also receive passthrough FDIC insurance of up to $250,000 through Wise’s Program Bank***.
*4.44% Annual Percentage Yield (APY) on USD balances is current as of September 19, 2024 and is subject to change certain limitations apply see Program Agreement for details.
** Feature not available to residents of New York or Alaska at this time. Please see eligibility criteria.
**For customers opted in to receive interest on EUR and GBP balances, the FDIC passthrough insurance provided by our program bank is for up to the equivalent of $250,000 in total for your USD, EUR and GBP combined balance amounts (collectively, the "Eligible Balances")
About Wise
Wise is a global technology company, building the best way to move and manage the world's money. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money.
One of the world’s fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE.
In fiscal year 2024, Wise supported around 12.8 million people and businesses, processing approximately £118.5 billion in cross-border transactions, and saving customers over £1.8 billion.