wamo is a financial management platform that facilitates financial matters for businesses in Malta. but what does that mean exactly? We asked two different people with two very different companies to talk about which wamo features have had a positive impact for them.
Cheap and fast fintech
For small businesses, controlling costs is, of course, of the utmost importance. The costs of renting or owning a POS machine can really add up, as can the fees to take card payments with them. These costs are a thorn in the side of small businesses that feel like they are being micro-charged at every turn. The other big factor is speed – when you’re small and know where every penny goes, it can be maddening to have to wait for payments to clear or guess how much your business account is at any given time.
A wamo business account comes with multiple payment options for accepting and making payments, while wamo’s QR code functionality removes the need for any type of hardware to accept payments. At St. Julian’s Sushi Club, wamo QRs are placed on tables where customers use their smartphone camera to scan and pay (no download required). We asked Matthew, manager of Club Sushi, if this was a cheaper and faster solution for them.
“It’s faster, yes definitely – thanks to Apple Pay, it’s instantaneous. Cheaper? Let me put it this way – in terms of commission – if everyone paid us through wamo, my boss could give me a raise!” So that’s a yes then.
It’s like getting an email in 1995
Moving to a new digital platform can be a real headache for a business. It can take some time for the staff to figure this out and can end up feeling like more trouble than it’s worth. We asked Matthew how difficult it was to introduce the wamo platform into the restaurant.
“The Wamo team came and installed it in less than an hour, then they trained us on how to use it. Then gave us some respite before moving on. They check in every week. If ever there is a glitch, they are there right away to fix it. It’s a brilliant service.
And how have the staff adapted?
Listen,” Matthew laughs, “to be honest at first we were skeptical, the staff in particular were like: Can it really be that easy? Are you sure we got paid, we don’t have a receipt or anything? ! It was a bit like receiving an e-mail in 1995!
The difficulty of creating a business bank account – solved!
Thanks to the greylist, the process of opening a traditional business bank account in Malta can be very complicated. Apart from the 10-25 pages of forms to print, fill out, scan and send back taking tens of hours of time, there is the wait (sometimes months) not to mention the strong possibility of being refused at the end of everything that anyway.
Patrick, owner of a marketing company based in Malta, had had enough of the traditional banking route to a business account. He was pleasantly surprised to discover wamo.
“The process was incredibly simple and smooth, because everything was digital and intelligent. It took me a short time. So I stopped trying with banks and opted for wamo.
Like a business bank account, but better
Patrick uses wamo as his main business account – paying his own salary, sending invoices and receiving payments on the wamo platform. “I can give 100% positive feedback here.” He adds: “The whole structure and flow of the product is very intuitive, very easy to understand. The recently added statement function is also excellent: I could send everything immediately to my accounting company to check in no time. It’s really easy to transfer money to suppliers and send payment requests to customers – I just fill in their details and IBAN and that’s it.
Unlimited accounts are a game changer
Unlike regular banks where everything is hosted in one account, wamo has a sub-account feature which allows the account holder to create an unlimited number of sub-accounts. Each sub-account has its own IBAN, and you can choose a currency, link it to a Visa debit card (virtual or physical) and use it as a separate account for whatever you want. “The sub-account feature is incredibly cool for me as I have a number of companies and business partners – I just have to send them the correct IBAN per project and per company and from the board, I immediately know how much is allocated to which project and who is incredibly helpful.”
Would these two companies recommend Wamo?
Matthew again: “Absolutely, especially in the F&B industry, it just saves time. When people pay cash, you are there at the end of the day to count and recount and there is always the possibility of human error. Even with credit cards there is a bit of extra work – when the right one comes out we have to keep a copy to present to the accounts. With wamo, everything is already in the system – at the end of the week or month, all you have to do is request a statement. Fact.”
Patrick doesn’t hesitate either: “My main recommendation would be to use wamo instead of trying to open a business bank account in Malta. It’s a very quick and convenient way to get a business account and support is simply excellent – personal and consistent and it really has a huge positive impact.
With a host of features including multiple payment options, team Visa cards (virtual and physical) and even a contactless menu for F&B businesses, wamo seems to cover all the bases with a speed and adaptability that will be hard to beat. . For more information, see wamo.
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