Flywire, a provider of global payment and receivables solutions, and Billtrust, a B2B payment cycle management facilitator, today announced a partnership aimed at streamlining the receipt of international payments for Billtrust business customers.
Billtrust users will receive an integrated solution that adds Flywire’s international payment processing and receivable capabilities to Billtrust’s automated invoice delivery and payment services. The joint offering will help these customers more easily collect international payments while lowering the cost of international wire fees and eliminating the manual posting of cross-border payments.
Billtrust’s cloud-based Quantum payment cycle management solution suite accelerates cash flow by automating invoice delivery, payments and cash application for businesses. Many of Billtrust’s customers also receive international payment wires. These transactions can be complex and include high transaction fees and foreign exchange costs for both the payer and receiver. The inability to accurately predict these costs can also result in short payments, increasing reconciliation costs for the biller while also negatively impacting customer satisfaction.
Flywire optimizes the international payment experience for its clients and their customers in a variety of verticals including technology, manufacturing, travel, media, publishing, import/export, professional services, education and healthcare. Its global receivables network and processing platform provide a single point of management and payer engagement – from billing and payment through reconciliation.
The integrated solution will enable Flywire and Billtrust to securely share account and invoice details while matching reconciliation data on the backend. Flywire will provide a convenient interface for payers to initiate and track cross-border payments to Billtrust customers using their preferred payment method and currency. The partnership also includes joint research, marketing and sales.
“This partnership with Flywire is a slam dunk for our business customers,” said Flint Lane, CEO of Billtrust. “Flywire is a well-known and trusted entity in the cross-border payments space, and our combined strengths will allow for us to better serve both customer bases.”
“When it comes to expanding internationally, a lot of businesses underestimate the added complexity involved with core things like invoicing and getting paid by customers in different countries,” said Mike Massaro, CEO of Flywire. “Extended Days Sales Outstanding (DSO), short-balance payments and manual reconciliation are just some of the major challenges companies face. Working together, Flywire and Billtrust can streamline the international receivables process and make it easier for Billtrust’s customers to lower their administrative costs while expanding globally.”