As the global economy becomes more “borderless,” it’s becoming both simpler and more complex to be an international business. It’s simpler, because tech-enabled infrastructure makes it easier to reach new markets, provision new resources outside of a company’s country of origin - from setting up new websites and acquiring new customers, to accessing goods and services. It’s more complex because fragmented systems and fast-moving regulations that differ per region require considerable time, money and other resources to navigate. This can slow growth and divert time and attention from revenue-focused activities.
Surprisingly, one of the hardest things for businesses to do when expanding internationally is simply to get paid. According to Flywire’s new research, 9 of 10 finance professionals - those who have a role in handling the inbound payments at their companies - said global expansion efforts could accelerate if businesses could deal with foreign exchange rates in an easier way. These same respondents report revenue loss due to operational inefficiencies with receivables processing. As one professional put it:
Without operational efficiency within our payment processes, we regularly lose money.
To better understand the challenges and opportunities when it comes to receiving business payments, Flywire commissioned independent research of finance professionals who work at middle-market organizations with an international footprint across the manufacturing, technology, consumer goods and professional services industries. The findings, which are outlined in this interactive report, unveil the critical success factors for organizations to overcome the common pitfalls when it comes to transforming payments into an opportunity to achieve operational efficiency and scale.