Billtrust’s new data mining service accelerates electronic invoicing and payments
The Billtrust Business Directory dramatically reduces DSO and increases cash flow for Billtrust clients
HAMILTON, NJ.—June 6, 2017—Billtrust, the leader in payment cycle management solutions, has released the Billtrust Business Directory, a one-of-a-kind service for clients. First shown in April at Billtrust’s annual CONNECT conference, the Directory provides data that accelerates electronic invoicing and payments by removing paper from back-end invoice processing, saving clients both time and money.
Billtrust’s eAdoption team works with clients daily to help them transition their customers from traditional paper invoicing and payments to faster, electronic channels. The Billtrust Business Directory is the latest tool to accelerate eAdoption rates. This unique directory allows clients to analyze a robust, private ecosystem of data identifying invoicing and payment habits of their customers, and develop customized programs to help those customers move to electronic invoicing and payments methods. By increasing eAdoption rates, clients are able to reduce operating expenses as well as days sales outstanding (DSO) with faster delivery and payment of invoices.
“We jumped at the chance to become a charter member of the Billtrust Business Directory,” said Robert Richardson, Credit Manager, Corken Steel Products Co. “We already have about an 89 percent eAdoption rate, but we have a goal to increase that number every year. As we were reviewing new ways to try and get that rate even higher, Billtrust suggested the Business Directory. With this data at our fingertips, our efforts are more focused and we are confident we can increase our number to 95 percent.”
“With this exciting new directory, we can provide continual insight into end-user behavior that leverages the power of our unique B2B community,” said Jim Eichman, Chief Data Officer, Billtrust. “The Billtrust Business Directory helps clients make smarter, data driven decisions with their eInvoicing and ePayments processes. We are now empowering our clients to harness that data in their current eAdoption efforts.”
By analyzing the behavior patterns of businesses in the database that are already inclined to receive and pay invoices electronically, the Billtrust eAdoption team helps clients better customize their marketing approach to dramatically grow their eInvoicing and ePayment rates. One early adopter, a national transportation company, implemented a seven day targeted calling campaign using data from the Billtrust Business Directory. The campaign yielded a conversion rate of 83 percent, an increase from 65 percent yielded by a similar campaign executed in 2016 without the data from the Directory.
About Billtrust: 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 Quantum, Billtrust’s payment cycle management solution, for the remarkable cost savings, ease-of-use, and improved customer satisfaction rates.