Flywire, a provider of global payment and receivables solutions, recently introduced a new international invoicing service designed to dramatically streamline the billing process for companies serving customers outside of their home country. The new solution, available globally, and free of charge, targets a variety of verticals including technology, manufacturing, travel, media, publishing, import/export, professional services, education and healthcare.
According to the World Trade Organization, the global export opportunity exceeds $7 trillion. Thanks to digital technologies, this opportunity is no longer limited to large enterprises. But companies expanding their sales efforts globally often underestimate the complexities involved in simple processes such as sending invoices to customers in different countries and getting paid. There are questions around currencies, foreign exchange rates and risk, fees, taxes and languages, and a lot less transparency across the payment process. Timelines between invoice and payment are typically longer, and once received, reconciliation can be a very manual and 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.”
Flywire’s new international invoicing solution which has been in beta for the last six months, is already delivering thousands of invoices globally every month for select customers. The offering simplifies the process for users by automating invoice preparation and distribution based on customer and country-specific requirements. Key features include:
- Multi-currency invoicing –provides the opportunity to bill payers in their local currency, with more than 100 currencies available
- Automatic invoice reminders – enable users to customize settings to minimize the amount of time and effort spent
- Recurring invoices and monthly installments – give users the flexibility to tailor the invoicing process to specific business and customer requirements
- Seamless integration – with the accounting software businesses are using, and with most other enterprise applications
- Robust analytics – enables reporting to manage cash flow, detect payment delinquencies, and minimize customer-associated risks
- Built-in compliance – incorporates business and country-specific requirements into each company’s invoicing and payment instructions.
The free solution is available immediately and can be deployed stand-alone or in combination with Flywire’s global payments and receivables platform.