Liquidity Services taps Flywire for global payments

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.

Payment changes

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. The new setup automates reconciliation across payment methods and currencies and consolidates reporting for the finance team.

The arrangement also reduces payment costs through Flywire's surcharging programme and speeds up refund processing across payment methods, according to the companies. Compliance checks, including know-your-customer requirements, are built into the workflow.

Marketplace reach

Liquidity Services focuses on the resale and redeployment of surplus assets, including industrial equipment, vehicles and other inventory that would otherwise sit idle or be discarded. The company says this model helps clients recover value from assets while extending their useful life.

Cross-border payments have become a more prominent issue for digital marketplaces as sellers seek access to overseas buyers and finance teams face added complexity from multiple currencies, payment methods and compliance rules. For platforms serving corporate and public-sector clients, payment administration can become more difficult as transaction values rise and asset categories widen.

Flywire, which provides payment software and related workflow tools, works across sectors including education, healthcare, travel and business-to-business commerce. The company says it supports more than 5,300 clients across more than 240 countries and territories.

Ryan Frere, Executive Vice President & General Manager of B2B at Flywire, said the deal showed how the company handles more complex international payment operations for marketplace businesses.

"We are thrilled that Liquidity Services Inc. is realizing strong value from Flywire. Their story is exactly the type of problem Flywire is uniquely positioned to solve - offloading the complexity of collecting global payments and allowing a focus on the mission of their business," said Frere.

Kellie Twiss, Head of Product at Liquidity Services, said the payment changes were part of the company's broader effort to improve how buyers complete international transactions on the platform.

"Liquidity Services Inc. is on a mission to transform surplus from a burden into a value-added opportunity. And Flywire is a natural fit here. It has turned collecting cross-border payments - a burden on buyers and finance operations - into a growth opportunity," said Twiss.