Flywire has announced a new international invoicing service that can streamline the billing process for companies serving customers outside of their home country.
The new global solution, which has been in beta for six months for select customers, is free of charge and targets a variety of markets including technology, manufacturing, travel, media, publishing, import/export, professional services, education and healthcare.
Digital technologies have opened up the $7 trillion global export opportunity to smaller companies, but the invoicing process can be difficult. Not only are there questions surrounding currencies, foreign exchange rates and risk, fees, taxes and languages — but there is also less transparency.
As a result, timelines between invoice and payment can take longer, while the reconciliation process once the payment is received can be another time-consuming process.
“For most companies, domestic billing is easy. There are a ton of off-the-shelf software solutions, and the process is simple and straightforward with one currency, one format, well-understood payment methods and costs,” said Mike Massaro, CEO of Flywire. “When it comes to international billing, the process is far more complex, and if your invoicing does not make it easy for your international customers to pay you, it creates a domino effect of problems starting with extended DSO, high reconciliation costs, compliance issues, and poor customer satisfaction.”
Some of the new solution’s key features include multi-currency invoicing, which provides the opportunity to bill payers in their local currency, with more than 100 currencies available; automatic invoice reminders so users can customize settings to save time; recurring invoices and monthly installments to allow users to tailor the invoicing process to specific business and customer requirements.
In addition, the service offers seamless integration with a customer’s accounting software; robust analytics to manage cash flow, detect payment delinquencies, and minimize customer-associated risks; and built-in compliance that can incorporate business and country-specific requirements into each company’s invoicing and payment instructions.
Flywire’s international invoicing is now available to all customers around the globe.