Billing Outsourcing Trend Takes Hold as New Post-recession Recovery Strategy
Smart Companies Find New Sources of Value in Outsourcing Billing Services
HAMILTON, NJ – (February 3, 2011) – Billtrust, the leading provider of outsourced billing services in North America, today announced that it posted nearly 50 percent revenue growth in 2010, capping an impressive 5-year run where the firm’s revenue grew by an average of 50 percent year over year. The firm’s ongoing growth, as well as the increasing size and profiles of its clients, point to a growing billing outsourcing trend and Billtrust’s leadership position in the space.
More than 500 companies are now using Billtrust’s services for the processing, delivery and payment of their bills. The firm’s high profile client roster includes Kraft Foods, CDW LLC, New Balance Athletic Shoes, Toshiba America Information Systems, MediaNews Group among others. The volume of bills the firm processes has grown exponentially as well, as Billtrust is now processing approximately 100 million bills annually.
“Billing outsourcing has gained widespread traction as a driver of efficiency and cost-saving and we’ve gained a reputation as the leading provider in the field,” said Billtrust CEO Flint Lane. “In a struggling economy or any economy for that matter, if you can deliver tangible value to clients you’re going to grow. Billtrust has been able to do that consistently and that’s why we’ve achieved record growth when many companies are trying hard just to stay afloat. We will continue to do whatever it takes to drive client value, from pushing for constant product innovation, to expanding our sales team, to providing the best support and customer service.”
Electronic billing is one of the key areas where Billtrust has demonstrated strong industry leadership while driving significant customer value. The firm’s e-Adoption program, which helps its customers apply best practices to drive usage of electronic billing, has gained strong traction recently. This past year alone, the percent of bills Billtrust sent through electronic channels grew by 64 percent. Further, the number of online payments Billtrust processed on behalf of its customers grew by 66 percent in 2010.
Billtrust’s CompleteBilling service includes everything from the design of the bill, delivery to the end user, to the ability to receive payments online. As part of its services, bills are delivered to the recipients via multiple paper and electronic channels including US Mail, Email, Fax, and Online. “The most important recognition we receive is from our customers who continually rank the value and quality of our services extremely high,” said Mitch Rose, Billtrust VP of Marketing. “It is also very rewarding for our company to be recognized by prestigious groups such as New Jersey Technology Council (NJTC), who named us growth company of the year in 2010.” Along with the recognition by NJTC, other awards received by Billtrust this past year include:
For the fourth consecutive year, Billtrust was placed on the Inc 500/5000 list as one of the fastest growing private companies in America
Billtrust was recognized as a Deloitte Technology Fast 500 company
Billtrust was named to the 2010 Red Herring 100 North America
Headquartered in Hamilton New Jersey, Billtrust is the premier provider of automated invoice-to-cash solutions. Billtrust integrates three key areas of the invoice-to-cash process: presentment, payment, and cash application, helping its clients connect with their customers and cash while strengthening their revenue and cash flow. Working with more than 1,200 North American businesses across B2B and B2C markets, Billtrust’s comprehensive offerings help its clients solidify customer relationships, increase productivity, improve cash flow, and seamlessly migrate to electronic channels.