LAWRENCEVILLE, NJ – January 20, 2022 – Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, surpassed $1 billion in supplier invoices delivered to accounts payable (AP) portals in 2021, its largest single-year total and a 58% increase over 2020. The dramatic rise can be attributed to increased adoption of Billtrust’s Business Payments Network (BPN), which began enabling invoice presentment to accounts payable (AP) portals in addition to its existing payment and remittance acceptance capabilities. In all, Billtrust delivered approximately 400,000 invoices to over 175 different AP portals in 2021.
Increasing buyer demand to deliver invoices through their AP portals has caused difficulty for accounts receivable (AR) teams and increased manual work dramatically. According to a 2021 study commissioned by Billtrust, over 350 accounting/finance senior leaders reported, “dealing with increasing numbers of customer portals” (38%) as a top concern while the majority of respondents stated that their teams interact with an average of 11-20 AP portals.
“Last year, Billtrust’s BPN delivered more than 10,000 GlobalTranz invoices to AP portals used by our biggest clients,” said Emily Stratton, Director of Vendor Payables at GlobalTranz, a $1.8 billion transportation and logistics company. “By streamlining this process with Billtrust, our AR team was able to focus on resolving disputed invoices quickly, speeding up payments and reducing our DSO.”
“The proliferation of AP portals has increased demand for BPN’s bi-directional capabilities,” said Steve Pinado, Billtrust President. “We are proud to have achieved this important milestone in invoice delivery for our customers and anticipate further acceleration of this activity across the B2B landscape. BPN continues to be a critical driver in maximizing cash flow while digitally transforming B2B payment acceptance and reconciliation.”
Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. There may be additional risks that the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
John T. Williams