Liquidity Services has implemented Flywire to handle domestic and cross-border business-to-business payments for its global eCommerce marketplace, covering payment flows for buyers and sellers in more than 100 countries.
The move brings Flywire into the payment operations of a marketplace that has recorded more than USD $15 billion in completed transactions over 25 years. Liquidity Services operates a business-to-business marketplace for surplus and idle assets, serving more than six million qualified buyers and 15,000 corporate and government sellers.
The Bethesda-based company handles sales ranging from individual pieces of heavy equipment and fleet assets to entire plant closures. Its marketplace also supports transactions for federal, state and local government agencies in the United States and Canada.
Flywire first worked with Liquidity Services to collect localised payments in more complex cross-border corridors before the broader rollout. The expanded implementation now covers domestic and international business payments across Liquidity Services' operations.
According to the companies, buyers on the platform can now use Flywire in more than 240 countries and in 140 currencies. The payment system supports more than 1,200 local payment methods and is integrated into the Liquidity Services customer portal through an application programming interface.
The integration allows customers to complete payments within the eCommerce portal rather than moving between separate systems. It is designed to support transactions across locations and currencies within a single online workflow.
For Liquidity Services, one of the main operational changes is reconciliation. Payments previously had to be matched manually across bank transfers, card payments and multiple vendors.
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