Liquidity Services has implemented Flywire to process domestic and cross-border B2B payments on its ecommerce marketplace.
US-based Liquidity Services, which operates an online marketplace for surplus and idle assets, now runs payment collection for both domestic and international buyers through Flywire, a US-based payments enablement and software company. The announcement covers a marketplace that has recorded more than USD 15 billion in completed transactions over 25 years. Its listings range from individual pieces of heavy equipment and fleet assets to entire plant closures. The platform connects more than six million qualified buyers with 15,000 corporate and government sellers, including federal, state, and local government agencies in the US and Canada.
The global deployment followed an earlier phase in which Flywire collected localised payments for Liquidity Services in complex payment corridors. According to the companies, the results of that work led Liquidity Services to extend Flywire’s role to its payment operations worldwide.
Under the arrangement, buyers in more than 240 countries can pay in 140 currencies through a network of more than 1,200 local payment methods. Flywire is integrated via API into the Liquidity Services customer portal, so buyers complete payment within the marketplace environment rather than being redirected to a separate process.
Reconciliation, fees, and compliance
The implementation also addresses back-office processes. Liquidity Services previously reconciled payments manually across bank transfers, credit cards, and several vendors. Flywire now automates reconciliation across all payment methods and currencies, and provides consolidated reporting, which the companies state saves the finance team several hours each day.
On costs, Flywire’s surcharging programme is used to offset interchange expenses, while refund processing has been accelerated across payment methods. Know Your Customer (KYC) checks are built into the payment flow, so compliance steps run automatically as part of each transaction. This is relevant for a marketplace that facilitates transactions on behalf of public sector sellers, where compliant and secure processing is a requirement.
Commenting on the implementation, Ryan Frere, EVP and GM of B2B at Flywire, said the case reflects the type of problem the company aims to address: removing the complexity of collecting global payments so clients can concentrate on their core business.
