Billtrust’s Invoice Central Adds Advanced Dimension With “Pay Anyone”
Users can extend their network by adding vendors, making payments on the fly
HAMILTON, NJ – (December 11, 2014) – Billtrust, the leader in the Billing and Payment market, today announced its “Pay Anyone” capability for Invoice Central, the leading bill and payment consolidation site for Small and Medium Businesses (SMBs). Invoice Central allows SMBs to review and pay invoices from over 100 different vendors through one consolidated web site. Now, with the addition of Pay Anyone, SMBs lives will be even easier, as they can pay all of their vendors via Invoice Central, regardless of whether the vendor is already an active Billtrust customer.
Invoice Central is a one-stop, SaaS-based approach to electronic billing and payment for SMBs that simplifies invoice management by replacing multiple forms of bill delivery (e.g., paper, email, and online). It helps users avoid late fees, maximize early-pay discounts, and boost workflow efficiency. For vendors, Invoice Central delivers a fully electronic billing and payment solution that allows them to automate the billing, payment, posting, and reconciliation process.
Billtrust CEO and Founder Flint Lane describes Pay Anyone as an example of the B2B world learning from the successes of B2C. “This solution is a business-oriented analogue to the centralized bill payment services offered by banks to consumers,” said Lane. “Many small business operators already have adopted electronic payments and consolidator sites as primary payment vehicles in their personal lives. Invoice Central enables them to enjoy the same ’one-stop’ payment benefits for their business.”
Consolidated billing sites have long been an accepted concept by consumers. Today 75% of consumer payments are made electronically, many via these “one stop” sites. Until Invoice Central, however, small businesses had no such single-site to pay business invoices from multiple vendors. Both small businesses and their vendors had to rely on processing paper checks for payments.
“Everyone would like to make their payments processes a bit more efficient, but smaller businesses have traditionally been underserved in the market,” said Scott Pezza, Principal Analyst with Blue Hill Research. “By addressing all suppliers, and not just those currently on the Billtrust network, I think the new Pay Anyone feature is a smart way to help SMBs centralize and simplify payables.”
Pay Anyone is completely free for SMB payers, a further differentiation between Invoice Central and other fee-based payment options. It is free to users because it is funded by vendors who benefit from the efficiency of electronic payments which include getting paid faster and improved cash application.
Karen Swaim, co-owner of Smoky Mountain Coach Works, is typical of small business executives that rely on Invoice Central for managing and paying vendor invoices. “I love the new Pay Anyone option because we deal with multiple vendors and Invoice Central allows me to keep them paid on time without having to write checks to put into snail mail. We pride ourselves on our good credit. However, with my very busy schedule, I have found myself almost missing a payment here and there. Since Invoice Central notifies me by email when my initial vendor’s bill is rendered, it reminds me to look at the ones I pay with Pay Anyone… No more missed payments!”
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. For more information, visit Billtrust at billtemp.wpengine.com.