International payments facilitator Flywire and Volvo Car USA have struck a deal to support international receivables for the automaker’s US sales organization.
A key feature is payment support for Volvo’s International Student Program that provides vehicle leases to international students. Those students can make cross-border payments in their preferred currency. Volvo Car Financial Services will enjoy improved payment tracking and reconciliation.
In a release Flywire cited several issues common to international payments:
- Hidden fees and unpredictable FX rates cost companies and their customers millions of dollars every year.
- Slow, unpredictable processing times hurt cash flow and impede growth.
- A lack of transparency creates frequent manual errors increasing operational costs and hurting customer satisfaction.
- Businesses targeting international customers spend unnecessary time and cost setting up international payment infrastructure, distracting from their core business.
- Country-specific regulatory restrictions add additional complexity and costs.
“As economies become more global, cross-border transactions are much more common,” Flywire EVP Jeff Althaus said. “Yet, international wire and bank transfers are still very complex and costly.
“The lack of transparency makes cross-border transactions unnecessarily difficult for any enterprise or institution, and their customers – impacting operating costs, cash flow, customer satisfaction, and business growth.”
“Our goal is to make life less complicated for our customers and Flywire helps us do that for international students,” said Rick Bryant, vice president of sales operations for Volvo Car USA, “Volvo’s new international student program reduces the risk of international transactions for Volvo’s retailers while providing a luxury vehicle on convenient terms for visiting students.”