Business
Flywire survey: Solving international receivables can be a critical growth lever for global businesses
91% of those surveyed are more likely to do business with an international vendor who simplifies the invoice process BOSTON, June 18, 2024 (GLOBE NEWSWIRE) --
About this update from Flywire Corporation - Voting
[{"type":"text","content":"91% of those surveyed are more likely to do business with an international vendor who simplifies the invoice process\nBOSTON, June 18, 2024 (GLOBE NEWSWIRE) -- Improving the cross-border B2B payment experience can directly boost customer experience and be an important factor in driving business growth, according to the latest research from Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company. Flywire’s survey details the business advantages of providing a digital, localized and seamless payment experience for a B2B vendor’s international customers. And importantly, those responsible for paying international invoices are eager for innovation, with 94% of those surveyed saying their organization would embrace a change that eases the cross-border payments process. In its new report, The secret weapon for attracting and retaining international customers, Flywire reveals the results of an independent survey it commissioned of more than 460 B2B payers across Latin America, the Middle East and Africa. The data uncovers how the B2B payment experience impacts customer experience, and why organizations looking to go global should consider their Accounts receivable (A/R) process as a key driver of business acceleration. “Some of the feedback we receive from our B2B customers is that by solving for their domestic and international receivables, we’re also helping them build lasting loyalty with their global customer base,” said Ryan Frere, EVP and GM of B2B at Flywire. “So for our latest research, we wanted to further examine the relationship between B2B organizations - or vendors - and their international business customers. Our research indeed validates our belief that payments are an extension of a company’s brand, and that a seamless payment experience can be a critical growth driver for organizations looking to scale internationally.” International customers want to improve payment timeliness, accuracy and security Business payers surveyed noted that dealing with foreign exchange (FX) market complexity holds back their company’s growth, introduces delays and causes problems in paying invoices to key partners. For example: 82% of those surveyed have waited to pay a vendor because of FX complexity.88% of respondents said dealing with bills in another currency has sometimes delayed payment to vendors.84% sa...