Business-to-business (B2B) order-to-cash technology provider Billtrust has created methods to accelerate the setup process for its collections software technology, decreasing “time-to-value” from 90 days to 20-25 days amid the pandemic, according to an announcement.
According to the company, quicker setup for collections enables those who work on accounts receivable (AR) to create stronger client relationships, automate contract supervision and prioritize accounts more strategically.
The move comes as Billtrust said disruption to workplaces and the economy caused by the coronavirus has created significant hurdles for collections workforces.
One Billtrust client was tasked with creating a more efficient and consistent collections program due to COVID-19. The client was able to put the collections technology in place in under 30 days by working in conjunction with Billtrust. That compares to the typical 90 business days on average from the start of a project to “go-live.”
"We've always been successful [at] automating collections processes, but the urgency brought on by the pandemic inspired our teams to develop faster ways to implement and help customers get paid quickly,” Billtrust President Steve Pinado said in the announcement. “Our teams have worked diligently to make it make it easier for businesses to weather economic turbulence while enabling their employees to stay safe and work remotely."
Billtrust, for its part, aims to speed up cash flow through the automation of credit decision and tracking, payment intake, bill delivery, collections and cash application.
Earlier in August, Finexio announced plans to team up with Billtrust to offer quicker and more connected payments. Billtrust's Business Payments Network (BPN) links purchasers with suppliers in a single platform to bring firms together. The electronic payment methods can be provided to those connected companies via Finexio.
And in June, Billtrust extended its technology to bolster email billing, speed up cash flow and grow digital payments. The firm’s new offerings will assist telecommuting workers amid COVID-19, per news at the time.