Billtrust’s Business Payments Network Grows 99% YoY, Card Payments Up 64% in Q4

Billtrust, in its earnings report for the quarter ended Dec. 31, touted its international expansion as one of the highlights lately.

“We had an amazing quarter to finish the year with great execution across the business, as evidenced by our strong 25.1% year-over-year software and payments segment revenue growth in the fourth fiscal quarter — and 28.0% for full year 2021,” Billtrust founder and CEO Flint Lane said in the report published Tuesday (March 1).

“With secular AR digitization trends firmly intact, our core software and payments segment again outperformed and our integrated payments capabilities are driving improved transaction economics across our platform.”

The company said card payments had been a big part of the revenue as of late, with direct revenue growing 64% year over year in the fourth quarter.

Business Payments Network (BPN) growth was also strong during the quarter, growing 99% year over year. The company plans to continue expanding, buoyed by its recent announcement that Coupa had joined Billtrust as a payment provider and referral partner.

Billtrust also unveiled version 10.0 of its machine learning-driven Cash Application solution on Feb. 17, which works with the Billtrust Business Payments Network (BPN).

Read more: Billtrust Debuts Cash Application 10.0

Cash Application 10.0 helps suppliers bolster revenue recognition of digital payments, adding quicker and more accurate reconciliation of its non-standard remittance information.

It uses the BPN proprietary digital lockbox to help aggregate electronic payments, also standardizing decoupled remittance data from any source, resulting in 100% electronic remittance capture, according to the company.

The application learns from a supplier’s enterprise resource planning (ERP) system, alongside buyer invoice structure and user behavior. It also uses remittances and data to get details on trends.

According to Lane, suppliers’ anxiety about opening up to electronic payments comes because a “digital payment” to a buyer could be entirely manual. He said the new Cash Application program cuts down on a need for manual processes, letting suppliers embrace the new digital world and more automation.