Payment Methods

Billtrust Reports $30B In Processed ACH, Card Payments In 2019

Chicago

Accounts receivable automation firm Billtrust announced that it is expanding its presence in Chicago as it experiences rapid growth, including more than $30 billion in ACH and card payments processed so far this year.

In addition, the company boasted more than 30 million references shared on peer-to-peer credit community, more than 40 verticals served with in-depth expertise and 565 employees in 22 states.

Due to its continued growth, the firm is moving its office to the 28th floor of 125 South Wacker Drive. The new space will hold employees in marketing, sales, and business development, including planned new hires.

“Chicago has been an incredible host to Billtrust, and we are thrilled to be growing our team there,” Billtrust CEO Flint Lane said in the announcement. “We’ve been experiencing significant growth as a company due in large part to the incredible team we have around us. It’s extremely important to us that our employees work in environments which enable them to thrive.”

The company also launched its Business Payments Network (BPN) platform last year in partnership with Visa in an effort to close the gap that exists between buyers and suppliers when it comes to payments. In August,  JPMorgan announced it will use the service to streamline the delivery of electronic B2B payments for its commercial card clients.

The BPN is an open buyer/supplier payments platform created, according to Billtrust CEO Lane, as a “better highway to drive their payments on.” Since its launch, almost two billion dollars in virtual card payments for suppliers have been automated.

“BPN’s offering is a great fit for JPMorgan’s commercial card clients and their suppliers,” John Skinner, head of commercial cards at JPMorgan, said at the time. “As we continue to invest in our Single-Use Accounts solution and partner with innovative, industry-leading providers such as Visa and Billtrust, joining the network was a natural step in our road map.”

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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