Mayer Electric Supply Speeds Up Payment and Increases Cash Flow With Invoice Central Invoice-to-Cash Solution
Hamilton, NJ – (April 12, 2016) – Invoice Central, Billtrust’s B2B invoicing and payments network, has been chosen by Mayer Electric Supply, one of the nation’s largest and most rapidly expanding distributors of electrical supplies, as their Payment Cycle Management solution. Invoice Central helped Mayer Electric automate and accelerate their receivables, resulting in faster payments, quicker cash application, and increased cash flow.
“Mayer Electric’s challenges are typical of rapidly expanding companies. Manually printing and emailing invoices to customers can be a burden on accounts receivables departments,” explained Flint Lane, CEO of Billtrust. “As their businesses expand, companies realize they need to implement an automated and scalable invoice-to-cash solution that reduces manual labor and frees up valuable resources. Invoice Central addresses the array of needs of each company and the customers they serve to accelerate the invoice-to-cash process.”
“Our DSO is down thanks to Invoice Central,” stated Mark Horn, Corporate Credit Manager at Mayer Electric. “Customers are getting their invoices faster and we’re getting paid more quickly. With Invoice Central customers get invoices quickly and they can pay online in a secure environment.”
Mayer Electric Supply chose to work with Billtrust’s Invoice Central to improve their invoicing and offer customers electronic invoice delivery and payment options. Mayer went live with Billtrust in less than 60 days and quickly began leveraging Billtrust’s open invoicing and payment network, giving them the ability to deliver invoices to their customers quicker, track every invoice, and easily accept electronic payments.
As a direct result of implementing Billtrust solutions, 70% of the Mayer customer base is now paying invoices within payment terms. Accelerated invoice presentment has provided significant benefits for both Mayer and their customers. Mayer can present invoices faster, accept electronic payments, receive payments sooner, and the process of applying those payments has been simplified. As Invoice Central is seamlessly integrated with Mayer’s Oracle ERP system, daily payment files are automatically sent to their ERP for instant and automated reconciliation.
Invoice Central increased Mayer’s AR efficiency, while simultaneously increasing customer satisfaction. An easy-to-use, 24/7 self-service portal resonated well with Mayer’s customers, evidenced by a 73% increase in Invoice Central enrollments in 2016 alone.
“We’re able to offer a service to our customers – they’re not just buying from Mayer, but from other supply houses as well. They’re able to pay all of their vendors through Invoice Central for free. That’s a tremendous feature,” commented Mark Horn, noting the added value Invoice Central brings to customers. “What impresses me the most about Billtrust is their customer service! They work hard to solve whatever problem we or our customers are having, and that means the world to us.”
Read the full case study with Mayer Electric Supply here.
About Mayer Electric: Ranked among the nation’s largest and most rapidly expanding distributors of electrical supplies, Mayer reaches its markets currently through locations in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Texas, Tennessee, Virginia, Louisiana, and Pennsylvania and continues to explore expansion opportunities throughout the United States. Founded in 1930 and headquartered in Birmingham, Alabama, Mayer employs over 1,100 people and has annual sales of over $741 million.
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 including Kraft Foods, Under Armour, Estes Express and CDW.