Volopay is not a bank – but we definitely offer more bank-like services in comparison to Wise. The latter is, at its core, a money transfer service that has expanded to add-ons for larger businesses and entities. But users find themselves unable to access general business account facilities such as ledgers, accounting, card management, comprehensive payment processes, or even diversity in vendor networks and currencies.

We have all of that and more. Opening a business account with Volopay is more well-rounded. For starters, all your payments are managed on a single dashboard – not just specific invoices or foreign transfers. You can issue cards as per your need, hold multiple currency wallets, and even generate analytics. Departmental allowances can be set based on forecasts, and reimbursements handled from the same place. 

The Wise business account is, essentially, a personal money transfer portal plan expanded for businesses. It generates a local bank account number, similar to a unique ID on Stripe or PayPal. Volopay is not a payment business plan, nor for personal use. It is a powerful enterprise-level tool for companies to create and manage sophisticated financial processes from the same platform. The accounts function just as bank accounts would, with the same level of security, accessibility, and speed. 

If you were to open a Wise business account, you’d have the option to onboard certain employees and assign them roles (such as payer, accountant, and more). However, these roles can sometimes be limiting in their functionality. Unless an employee has a role pre-designated, they are unable to access some of Wise’s functions. Conversely, an employee with a higher-level role could bypass accountability. In response, Wise has tightened its security, leading to multiple blockages in payments for their clients.

Volopay uses a different method of accountability. Following the philosophy of maker-checker, our platform has multiple levels of approvals. These approvers are unique to cards, wallets, reimbursements, and departments (meaning the decision-maker of the department or employee gives the seal of approval instead of an assigned payer). You can delegate up to five levels of approval, and also create workflows to bypass approvals in cases of absences so that no payment is stopped.

These approval policies can also be designed to auto-approve certain vendor payments or amounts, or even employees who are approvers within the same workflow. As for compliance, your company and department expense policies get automatically applied! Timely payments without any loopholes or monopoly over cash movement.

Wise’s debit card options are limited to certain countries, and can only be utilized when the amount is loaded into the account. In contrast, Volopay’s corporate card facilities are much wider.

Available to all clients in all markets, Volopay offers a range of physical cards, virtual cards, and corporate cards with credit. All of these cards can be linked to a specific employee, and follow the expense policies of the company. Transactions are recorded in real-time and added to the company’s General Ledger (GL), also accessible from the Volopay platform. 

Whether you need a one-time use card for a gift or that one SaaS subscription, or a recurring card for your star salesperson, Volopay has you covered.

Yes, it’s true. Wise’s business account definitely comes with accounting integrations. However, it is notable that these integrations only account for transactions made on the Wise platform (primarily foreign transactions). With Wise being limited in its vendor network and its card offerings, this means that a good chunk of your cash flow does not get recorded.

On the other hand, the accounting integrations with Volopay fully become part of your financial ecosystem. Bookkeeping is automated to include not just foreign payments and receivables, but also corporate cards, credit line utilization, travel mileage, reimbursements, corporate travel bookings, allowances, and even employee reimbursements!

No part of your expense management journey is missing, or riddled with manual entry errors. Instead, your ledgers are neat, clean, and audit-ready with all the information you need for your financial statements. 

Perhaps one of the biggest gems in the Volopay crown is our customer service. Trained to focus on your success, our service executives are available around the clock to handle any kind of issue. Want to change your plan? Facing trouble with onboarding? Is a feature not working? Our team addresses concerns within hours and irons them out at lightning speed.

In fact, we take pride in our response time and how we incorporate feedback to improve our product. Additionally, each client gets a dedicated customer service manager and account executive for individualized support. 

Everyone uses Wise for their easy foreign transactions. But what if we told you there’s a way to do it that is cheaper, allows bulk amounts, and accounts for every transaction. While Wise has enabled a business account feature to make international payments, their platform still blocks and flags larger sums. A security feature that has disrupted thousands of payments to vendors. Moreover, larger sums also invite larger fees, due to Wise’s usage of mid-market values.

At Volopay, you can transfer the same amount for a much lower cost. In addition, if you make or receive payments to a particular country more frequently, you can establish a wallet in that currency to minimize charges. The best part? Volopay offers you the ability to send and receive payments in over 130 currencies (much higher than Wise’s 80 currency threshold).