New solution utilizes robotic process automation to allow A/R departments to streamline invoice delivery across more than 100 AP platforms
HAMILTON, NJ — October 3, 2017 — Billtrust, the leader in payment cycle management, announces the launch of its new solution, Customer Portal Automation, as part of its Quantum Invoicing suite. A first in the AR industry, Customer Portal Automation streamlines invoice delivery into any AP system that a buyer uses, improving operational efficiency and accelerating payments for suppliers.
Increasingly, AP departments are utilizing third-party platforms to manage the intake of invoices. This often leaves suppliers’ accounts receivable (AR) departments with complex challenges to solve in an already disparate invoice-to-cash process. With more than 100 accounts payable (AP) platforms in the U.S. alone, suppliers are challenged to integrate each individual platform that buyers are using into their process. This can delay payments due to complex, manual processes, and can ultimately lead to dissatisfied customers.
According to Linda Coven a senior analyst at Aite Group, “As the networks for procure-to-pay expand and more buyers join, the suppliers servicing these buyers are being asked to present their invoices and collect their payments from multiple portals, in multiple formats. Billtrust has recognized this pain point and tackled it to create an elegant, integrated receivables solution.”
One of the challenges that suppliers often face is the lack of IT resources to build custom integrations. With an increasing number of AP platforms available, AR staff will often resort to logging into individual customer AP portals to manually key in data, in turn slowing cash flow. To remedy this, AR departments look for automated solutions that will enable them to post invoices to AP platforms. With the use of robotic process automation, or RPA technology, Billtrust Customer Portal Automation has the ability to deliver invoices in to almost any AP network, enabling a seamless integration.
“In the invoice-to-cash process, we often talk about the struggle between AR and AP,” said Rory Byrne, EVP, Business Development at Billtrust. “Oftentimes, systems are not immediately compatible and suppliers are left with highly manual options that decrease productivity and efficiency. With Billtrust Customer Portal Automation, our clients can leverage an automated solution that increases success rates, is easy to integrate with existing systems, and leads to a faster cash flow.”
Billtrust accelerates cash flow by automating invoice delivery, invoice payment, and cash application. Companies can improve operational efficiency throughout the invoice-to-cash process with electronic invoicing and payments in a flexible, cloud-based solution. Finance executives and AR specialists love and recommend Billtrust payment cycle management solutions for the remarkable cost savings, ease-of-use, and improved customer satisfaction rates.