The Challenge
This organization is a leading labor law firm with offices across the Continental U.S. They work with a wide variety of employers of all sizes and industries.
Before automating their payments processes, the law firm was handling about 200-300 virtual card payments a month. At the time, this was an entirely manual process that required data entry from emailed virtual credit card payments. Their bank conducted an audit and found their card policies to be unstable and unsafe. As a result, they were facing six-figure PCI compliance fines, and there was the added risk of losing customers due to their non-compliant process. They decided it was time to automate their payments.
The Solution
The firm partnered with Billtrust to streamline online payments by presenting invoices directly into AP portals. In addition, Billtrust’s Digital Lockbox automated their virtual credit card capture and processing for emailed credit card payments. This is not only PCI compliant but also helps user organizations save money by reducing interchange, leveraging Level 2 and 3 rates. This was a key move, as their volume has increased to 8,400+ customer virtual card payments annually and is expected to continue to build along with their savings.
“Billtrust has transformed our accounts receivable process, automating over $80 million in client virtual card payments. As a result, we have reallocated one full-time employee and saved more than $1 million by reducing our card interchange fees.”
Partner and Shareholder at Am Law 100 Firm
The Results
With Billtrust and the implementation of Billtrust Digital Lockbox, the law firm was able to avoid a six-figure fine for being out of PCI compliance and retain their customers by offering them a safe and secure process for them to pay. Since implementing, they have automated over $80 million in customer virtual card payments, and they were able to achieve more than $1 million in interchange savings. Because of automation, they were also able to reallocate one full-time employee to focus on other strategic initiatives within the business.
“Billtrust allows us to easily accept a wide variety of cards, giving our clients convenient online payment options and our team more time due to automatic processing. Plus, the Payments solution is compliant with PCI DSS, so the system is hands-off and secure. Today, we have faster digital payments and more collections efficiency.”
Partner and Shareholder at Am Law 100 Firm
