The report emphasises that enhancing the cross-border payment experience can significantly improve customer satisfaction and contribute to business growth. According to the survey commissioned by Flywire, which gathered responses from over 460 B2B payers across Latin America, the Middle East, and Africa, there is a strong demand for digital, localised, and seamless payment solutions among international customers.
What are some of the main insights?
Key insights from the report highlight that B2B vendors' Accounts Receivable (A/R) processes play a crucial role in accelerating business expansion globally. The research underscores that addressing challenges such as foreign exchange complexities and currency-related delays is important for improving payment efficiency and security. Specifically, respondents expressed concerns about FX management, delayed payments due to currency issues, and the lack of local payment options.
Moreover, the survey revealed that international customers prioritise vendors who streamline payment processes and support local payment methods. Respondents indicated a preference for vendors offering payment in local currency and seamless cross-border payment capabilities. Difficulty in payment processes was shown to have significant repercussions, including strained relationships and hindered business operations.
Flywire's B2B solutions, highlighted in the research, aim to address these challenges by integrating international and domestic payment capabilities, accepting various payment types, and offering a cloud-based platform that supports integration with major ERP systems. This approach is designed to enhance the overall payment experience for global clients across diverse industries, facilitating easier cross-border transactions and improving operational efficiencies.
