Billtrust’s B2B payments and billing portal, Invoice Central, just got an upgrade. The company rolled out enhancements to the platform on Thursday (Feb. 18), a move that was twofold, according to Billtrust SVP and General Manager of Invoice Central Paul Harrison.
Reports said Invoice Central’s upgrades aim to reduce the cost for suppliers to accept credit card payments from corporate buyers and eases the onboarding process for SMEs that want to begin using the platform.
Together, the changes are part of Billtrust’s broader goal of making it easier for buyers and suppliers to ditch paper.
“We have been hearing for years that small businesses are looking for alternatives to printing checks, paying for postage and scrambling to get payments into the mail on time,” Harrison said in a statement. “However, these businesses have historically been unwilling to move away from paper checks until there was an electronic equivalent of a universally accepted payment method that is free to use.”
He added that Invoice Central is the push these businesses need to make that change.
According to reports, Invoice Central achieved Level 2 and 3 interchange qualification, a move that means suppliers can accept payments made with a card product for more affordable rates.
And in the second upgrade, Billtrust struck a partnership with FinTech platform Plaid to make it easier for SMEs to upload their bank account information using their bank account credentials, instead of having to manually enter account data.
Plaid additionally speeds up the time it takes for the platform to authenticate those credentials, meaning SMEs can use the Invoice Central portal almost immediately after signing up.
“We partnered with Plaid because they have significant banking industry experience and established relationships with many banks to provide services, such as bank authentication,” Harrison added.