The Corken Steel Products Company streamlines invoice-to-cash process
Billtrust Quantum solution helps increase electronic invoicing presentment to 89%
HAMILTON, NJ.—July 19, 2017—Billtrust, the leader inpayment cycle management solutions, announces an electronic adoption (eAdoption) rate of 89% among customers for The Corken Steel Products Company. This growth in eAdoption effectively speeds up overall response time to billing errors and increases overall customer satisfaction.
Based in Florence, Kentucky, Corken Steel has distributed heating, air conditioning, refrigeration and roofing products since 1955. The company has experienced sustained growth over the years due to their business philosophy, which is to provide customers with a consistently high level of service each time, every time.
“Before we signed with Billtrust, we were literally printing out, stuffing envelopes and driving our invoices to the post office,” said Rob Richardson, Credit Manager at Corken Steel. “Our company is growing and that manual effort not only slowed down our invoice-to-cash process, but we were not able to track any of those invoices. Our philosophy is to provide our customers with a consistently high level of service, and this process left us lacking in that goal in many ways.”
Corken Steel understood their accounts receivable (AR) process needed some changes. Their current system did not allow for any other kind of processing other than regular postal mail. Once they implemented Quantum, they were able to provide customers with the flexibility of electronic options for payment and presentment, saving the company approximately $35,000 annually.
“Corken Steel repeatedly helps their customers understand the flexibility and value associated with electronic invoice presentment and payment, including their customers’ ability to invoice and get paid faster,” said Colleen Ciak, Director of eAdoption at Billtrust. “They leveraged our best practices and now enjoy a top tier eAdoption rate. They are also utilizing the Billtrust Business Directory so that they can easily reach their goal of 95% eAdoption rate in the next year and drive more electronic payment adoption.”
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 Billtrust payment cycle management solutions for the remarkable cost savings, ease-of-use, and improved customer satisfaction rates.