As an alternative to Stripe, you can also use Wise to pay your Vendors. You can pay your vendors for both domestic and international payments by ACH / bank transfer. Fees are typically significantly lower.
1. Sign up (If you do not have an existing account)
Sign up for a Wise account via the following referral URL. When signing up from this link, you'll be awarded one fee-free transfer. You can also use your existing Wise account if needed.
2. Create Recipients
You'll need to add each of your Vendors as a recipient within your Wise account. To do this, you'll need to know their email, bank details, and address. The required details may change depending on the country of the recipient.
When setting up your Wise account, we'd recommend ensuring all details are completed for your recipients. Payments may fail if their address and contact information is not complete.
IMPORTANT: Once you have added the recipient, it's important to uncheck this setting for each one so that we can send payments from your balance.
3. Generate an API key from Wise
Go to Settings > API Tokens > Generate a new token
If needed, you can also enter a staging API key if you have a Wise sandbox account.
4. Connect Wise to Onport
Once your recipients have been created, you'll need to connect your Wise account to Onport under the integrations area.
Go to Integrations > Payments Section > Wise > add API key and choose who covers the Wise fees.
The fees may vary by country and we'd recommend getting in contact with Wise support for the applicable fees for your region.
5. Map Vendors to Wise Recipients in Onport
You'll need to map your Vendors to your Wise recipient. Onport won't automatically connect the Wise recipient and the names used can vary if needed.
Go to Contacts > Vendor name > Payment Setup > Choose Wise and Map to corresponding Wise Account.
Important: Make sure that your wise account has enough funds to transfer payments.
Once you have completed the Wise set up please see here to complete the vendor payout workflow:
Please sign in to leave a comment.