Categories: B2B Payments

Flywire Introduces New International Invoicing System

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.


Exclusive PYMNTS Study:

The Future Of Unattended Retail Report: Vending As The New Contextual Commerce, a PYMNTS and USA Technologies collaboration, details the findings from a survey of 2,325 U.S. consumers about their experiences with shopping via unattended retail channels and their interest in using them going forward.

Recent Posts

Barr Questions Whether Facebook, Others Should Be Immune To Lawsuits

U.S. Attorney General William Barr said on Wednesday he was unsure whether social media giants like Facebook and Google needed…

5 mins ago

Green Dot Stock Up After Upbeat Earnings Report

Green Dot reported its earnings for its fourth quarter ending Dec. 31, 2019, with total operating revenues of $249.3 million,…

47 mins ago

Bitcoin Daily: Gemcoin Founder Pleads Guilty In $147M Fraud Case; Dubliner Forfeits $67.6M In Bitcoin As Part Of Drug Case

Steve Chen, the mastermind behind a $147 million gemcoin fraud from 2013 to 2015, pleaded guilty of his crimes of…

1 hour ago

UK Google Users Will Be Under US, Not EU Privacy Protections

Google users in the U.K. will no longer have access to European Union data security, instead being moved by the…

2 hours ago

Outrider Boasts $53M Funding Round For Self-Driving Freight Trucks

Outrider wants to do for yard trucks what Waymo did for ridesharing, and what Einride did for trucking, by providing…

2 hours ago

Goldman Sachs Warns Of Market Drop Due To Outbreak

Despite high levels of U.S. and European stocks, Goldman Sachs warns that the coronavirus' impact could bring it all toppling…

2 hours ago