- Flywire's cross-border payments processing will enhance Billtrust's automated accounts receivable services
- Integration will help lower fees on international transactions and simplify experience for Billtrust customers
- Services will share account and invoicing details and payment reconciling information with enhanced security
Global payments provider Flywire has just announced a partnership with Billtrust, a leading payment management firm, to offer customers a more efficient way to process international payments.
Under the agreement, Billtrust users will be able to access an integrated system that combines Billtrust's automated invoicing capabilities with Flywire's cross-border payments platform. The goal is to help customers collect international payments more easily, with lower costs and less wait time.
Billtrust brings its cloud-based payment cycle management product, Quantum, which speeds cash flow through automated invoicing, payment and cash handling. Because many of Billtrust's customers also process international payments, the company wanted a solution to help simplify these transactions and lower costs for sender and receiver.
According to company officials, unforeseen foreign transaction costs can catch customers off guard, resulting in short payments, higher reconciliation costs and dissatisfied customers.
Flywire's platform streamlines the international payments process for clients in numerous industries, including tech, manufacturing, media and publishing, travel, healthcare, education, imports/exports and professional services. Flywire offers a powerful global network and a single point of processing for billing, payments and reconciliation.
Flywire and Billtrust will share account information over a secure connection, with a more convenient interface for customers to initiate and track international payments using their preferred method and local currency. The deal also includes provisions for joint sales, research and marketing.
"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 Flywire CEO Mike Massaro. "Working together, Flywire and Billtrust can streamline the international receivables process and make it easier for Billtrust's customer to lower their administrative costs while expanding globally."
