Business
Flywire Partners with FranConnect to Provide Integrated B2B Payments Solution to the Franchise Industry
Flywire’s integrated offering with leading provider of franchise management solutions offers a streamlined payment experience for franchisors Partnership
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[{"type":"text","content":"Flywire’s integrated offering with leading provider of franchise management solutions offers a streamlined payment experience for franchisors Partnership aligns with Flywire’s strategy to pursue strategic partnerships as a key growth lever in B2B BOSTON, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Today, Flywire Corporation (Flywire) (Nasdaq: FLYW) a global payments enablement and software company, is announcing a partnership with FranConnect, the market leader in franchise management technology, to streamline the payment experience for franchisors looking to grow their businesses both domestically and internationally. FranConnect is expected to extend Flywire’s B2B payments platform through its marketplace to enable franchisors to easily collect royalties and fees from franchisees in different currencies around the world. The partnership between Flywire and FranConnect is designed to provide franchisors more efficiency and access to analytics that enable them to accelerate the payment collection process. Flywire integrates directly into the FranConnect software, helping franchisors to automatically power every transaction, ranging from the initial payments required to sign a franchise agreement, all the way through to managing the ongoing royalty and fee payments from franchisees. Because franchisors can leverage Flywire all from within the familiar FranConnect platform, they can benefit from the ability to easily track and access payments, and to quickly and efficiently settle and reconcile payments. “We’re thrilled to partner with Flywire and integrate their B2B payments platform into our marketplace,” said Gabby Wong, CEO, FranConnect. “Our brands leverage the FranConnect platform for everything from unit sales and territory development, to brand consistency, performance management, and royalty management but a critical missing piece is providing a seamless payment experience, for everything from set-up fees to managing ongoing royalty fees. Flywire enables us to meet that need, and our users will look to their payments capabilities to help them open-up new growth areas both domestically and abroad.” The economic impact of the franchise industry is significant. The most recent data from the U.S. Census Bureau suggests that 10.5% of all businesses are franchises, contributing $790 billion to the U.S. economy and creating more than 8 mi...