Billtrust’s Business Payments Network (BPN) Continues to Strengthen with Partnerships and Strong Adoption
BPN Closing in on One Million Transactions as it Reaches One-Year Launch Anniversary
LAWRENCEVILLE, NJ – November 5, 2019 – One year ago, Billtrust redefined B2B payments by launching Billtrust’s Business Payments Network (BPN), the first platform to streamline electronic B2B payments between accounts payables (A/P) providers and suppliers. Because of an ever-growing roster of network partners, as well as strong supplier adoption, Billtrust forecasts that, by year-end, nearly one million transactions will have flowed through the network, while invoices available to pay will total over $275 billion.
Over the last 12 months, participating A/P providers have dramatically increased their electronic spend with access to BPN’s supplier directory while also regaining volume lost to paper checks among suppliers that have since been added to the network.
Among this year’s most rewarding successes, according to Billtrust CEO Flint Lane, have been working with suppliers to reinvent how their accounts receivable processes work in conjunction with how their buyers adopt accounts payable automation. “We set out to build a new network which ensures suppliers can keep pace with the innovation taking place in A/P,” said Lane. “It’s supremely rewarding to witness suppliers receive payments faster from third parties and eliminate inefficiencies, all without asking their buyers to change their payment methods. When we’ve done that, we’ve truly achieved our mission of making life easier for A/R professionals.”
“The supplier experience is of tremendous importance to AvidXchange,” said Mike Praeger, CEO of AvidXchange. “BPN has aided in our efforts to grow the value of electronic payments routed via the AvidPay Network by offering some of our largest suppliers a truly automated reconciliation experience.”
As for what’s next, Lane remarked, “Look for us to continue to add partners to expand BPN’s reach and scope, especially as it relates to forms of payment that help us to deliver digital experiences to suppliers beyond traditional card and ACH.”
About Billtrust’s Business Payments Network (BPN) Billtrust’s Business Payments Network (BPN) is a first-to-market, supplier-driven platform which streamlines electronic payment delivery and enables financial institutions and corporate buyers to directly deliver digital payments to suppliers’ acceptance platforms. BPN allows complex financial and payment data to seamlessly come together at scale while providing reconciliation to suppliers and buyers. Participating buyers and financial institutions can also facilitate payment automation with access to BPN’s supplier directory, a transparent listing of supplier payment preferences.
Billtrust accelerates cash flow by automating credit decisioning and monitoring, invoice delivery, payment capture, cash application, and collections. Billtrust customers improve operational efficiency across the credit-to-cash spectrum via a flexible and integrated cloud-based solution set. Finance executives and A/R specialists love and recommend Billtrust for the remarkable cost savings, ease-of-use, process efficiency, and improved customer satisfaction rates. For more information, visit Billtrust.com.