As the global pandemic continues, maintaining and accelerating cash flow by making it easy for customers to pay is crucial to every business. Designed to complement its order-to-cash suite, Billtrust, a provider of B2B order-to-cash solutions, has enhanced its payments platform with tools designed to enhance email billing, enable expanded digital payment acceptance, accelerate cash flow and aid remote workforces to capture payments at every step of the order-to-cash journey.
Businesses know that their invoices don't always remain top of mind for the buyer when a payment due date nears. Billtrust's Pay on Email solution allows suppliers to securely request electronic payment on specific invoices without requiring buyers to register for a portal and maintain credentials. This mobile-optimised feature solves reconciliation headaches by ensuring that remittance is automatically associated with payments, even for lump sum transactions. Pay on Email also captures 100% of remittance necessary for payment postings back to any enterprise resource planning (ERP) system. Overall, Billtrust says that its customers using electronic payments see cash application match rates of up to 98%.
"Billtrust emails nearly US$250bn in invoices each year, and although emailing invoices is a great strategy to reduce costs and deliver bills quickly, it's often a one-way transaction with the payments on those same emailed invoices coming back via paper cheque," said Flint Lane, founder and CEO of Billtrust. "Pay on Email includes a convenient smart payment link inside of each email so that customers can easily schedule a payment that is returned with full remittance detail, creating a 360-degree digital payments experience."
In addition to Pay on Email and with remote accounts receivable teams in mind, Billtrust has also developed solutions to enable self-service online payments and secure phone payments. For suppliers hampered by being unable to take online payments during the pandemic, Billtrust has created a turnkey Hosted Payments Page, giving them a tool to enable their customers to self-serve specific multiple invoices being paid and submit credit card payments on the web 24/7 by simply linking to the page from their website or email signature.
For suppliers struggling to enforce security standards when remote employees take payments via phone, Billtrust's payments solution now features a cloud-based Virtual Terminal enabling call centre teams to capture payments and maintain PCI-compliance. Unlike other solutions, Billtrust's Virtual Terminal captures client account and multi-invoice data required for reconciliation.
Billtrust's Business Payments Network (BPN) also furthers digital payments acceptance by providing suppliers with consistent data, speed and security by optimising the experience and costs associated with accepting ACH, wire and credit card. BPN allows financial and payment data to seamlessly come together at scale while providing reconciliation to suppliers and buyers. Participating buyers and financial institutions can also facilitate payment automation with access to BPN's supplier directory, a transparent listing of supplier payment preferences.
"Enabling flexible acceptance functionality across our order-to-cash platform with deeply integrated payments capabilities continues to be our top priority," said Steve Pinado, president of Billtrust. "Our payments platform enhancements can be implemented quickly with minimal IT effort, help maintain PCI-compliance, enable a remote workforce to be productive and facilitate greater adoption of digital payments while providing customers more flexibility."
The Billtrust payments platform allows suppliers to facilitate payments on their terms and grow their businesses, while offering their customers flexibility to pay through the modalities they prefer - from ACH and credit cards to wires and EFTs. The automated platform is designed to make it easy to handle and apply payments, create branded experiences and honour customer payment preferences. The firm says it aims to tackle the complexity of B2B payments with integrated payment and order-to-cash solutions, accelerating cash flow, and automating reconciliation with the user's ERP.
Like this item? Get our Weekly Update newsletter. Subscribe today