Electronic Invoicing Trend Proves Payment Cycle Management is the Way to Grow
HAMILTON, NJ– April 25, 2016— Billtrust, the leader in Payment Cycle Management solutions, released key findings from a 2015 client survey conducted by Six 9’s Customer Research. Clients continue to show a strong desire to implement Payment Cycle Management best practices and grow electronic adoption to lower costs and enhance customer service.
“We’re thrilled to see the results confirm what we’ve always known – that eInvoicing and ePayment drive real savings to the bottom line while also strengthening customer relationships,” said Flint Lane, CEO of Billtrust.
CDW, a Billtrust client, chose to grow electronic adoption at the request of their customers and the needs of the company. “Billtrust’s consolidated approach to electronic billing and payments simplified our entire billing process. Since using Invoice Central, CDW has improved payment processing efficiencies while expediting the payment process for our customers,” said Cindy Buelow, Sr Manager AR & Credit Services, CDW.
The survey highlights two important trends. First, that managers, CFOs, and other executives understand how electronic invoicing and payment options will improve customer satisfaction rates, and second, that e-billing is a feature most companies cannot implement on their own. Billtrust is a leader in electronic invoicing and payment, and uses automation to save money and improve the relationship between clients and their customers through flexible Payment Cycle Management options.
“Consolidation, efficiency, accuracy; those were our key concerns. Billtrust helped PDI eliminate the manual process, save a tremendous amount of time, reduce costs and provide flexibility to meet the needs of our customers and satisfaction,” explained Megan Millard, Accounting Manager at Plumbing Distributors Inc.
Enhancing customer satisfaction is a significant advantage in electronic adoption. Over 87% of Billtrust clients identified billing as a key component to customer satisfaction and identified it as “extremely important” to their customer satisfaction strategy. On average, the Billtrust Buyer Adoption program increases usage of electronic delivery and payment by 70% through proven best practices and provides resources to support customer happiness throughout eAdoption.
Accelerating cash flow and realizing cost savings through automation is a key benefit in optimizing Payment Cycle Management processes. In this year’s survey, Billtrust clients identified cost savings as the leading factor in driving electronic invoicing and payment. “With Billtrust we are now able to get increased margins from every incremental dollar of revenue because our costs are decreasing as the company scales,” said David Putt, CFO of Onesource Water.
The electronic adoption trend in Payment Cycle Management is expected to continue. The trajectory in 2016 is anticipated to continue at a similar rate, with EIPP options leading the way to offer online flexibility for customers while improving the process for Accounts Receivable.
“We want to help our clients improve their invoice-to-cash process by increasing electronic adoption. Adapting to the digital age by expanding EIPP not only helps our clients reduce overall costs and time, but increases their customer satisfaction as well,” explained Lane. “As we go forward in 2016, the 2015 survey results will help evolve our best practices for Payment Cycle Management and improve the solution Billtrust provides.”
Learn more about Billtrust’s Payment Cycle Management solution and eAdoption services at billtemp.wpengine.com.
Billtrust is the premier provider of Payment Cycle Management solutions, helping businesses accelerate invoice-to-cash. By integrating the three key areas of the payment cycle: invoice presentment, invoice payment, and cash application, Billtrust is committed to delivering a flexible solution to improve buyer satisfaction and DSO. Billtrust’s invoice-to-cash solution processes over $250 billion in receivables for leading companies.