Onesource Water realizes strong returns after implementing Billtrust’s Payment Cycle Management solution
Successful implementation of Payment Cycle Management solution results in lower DSO and higher electronic invoicing and payment adoption.
HAMILTON, NJ. – (March 21, 2016) – Billtrust, the leader in Payment Cycle Management, announced a successful implementation of its solution with Onesource Water (OSW). Billtrust’s strong performance of its Payment Cycle Management solution points to the strategic need for automation in the invoice-to-cash process with a sustainable ROI.
Onesource Water, based in Farmington, CT, is an industry leader in the bottle-less water market, serving over 24,000 customers with 47,000 bottle-less water coolers across the country. OSW provides an alternative to traditional five gallon jug by purifying tap water through a five step filter process. Their alternative eco-friendly water solution helps companies provide great tasting water, reduce cost and help the environment.
OSW began searching for a billing and cash application solution to improve their invoice-to-cash processes so they could free up cash that was getting trapped in accounts receivable. The great majority of OSW customers were still receiving mailed invoices and sending check payments back through the mail. This use of US mail created a significant delay in the company receiving their cash and was a significant contributor to their high days sales outstanding (DSO) that stood at 73 days. The company was growing rapidly both organically and through acquisitions, and wanted a provider who would help improve customer service and decrease the amount of inbound customer service calls regarding invoices.
Since the implementation of Billtrust’s Payment Cycle Management solution and with the support of Billtrust’s eAdoption team, Onesource Water has shifted their customer base from paper to electronic invoicing and payments. OSW has seen electronic invoicing grow from 27% to 42% of customers in under 12 months, and the number of customers paying their invoices electronically increased by 85%. These results have drastically improved the overall invoice-to-cash process, raising customer satisfaction and bringing days sales outstanding (DSO) down to 36 days from 73 days.
“Billtrust has the technology to enable invoice-to-cash best practices and the devotion to the implementation to get it operational in a short timeframe,” said David Putt, Onesource Water’s Chief Financial Officer (CFO). “I highly recommend Billtrust for companies with high volumes of billing and cash application transactions.”
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.
Onesource Water offers a cost-effective, environmentally friendly alternativehttps://www.billtrust.com/resources/blog/to traditional bottled water and uses the most advanced water purification technology available. Founded in 2005, Onesource Water is now the third largest bottleless water cooler service provider in the nation. Visit www.onesourcewater.net for more information.