Billtrust Upgrades Advanced Machine Learning in Cash Application Software

Press Release | November 18, 2020

More Touchless Processing with High Match Rates Means Less Manual Labor for Remote Accounts Receivable Teams.

LAWRENCEVILLE, NJ – November 18, 2020 – With many accounts receivable teams working remotely because of the pandemic, reducing manual processing while quickly applying cash with standardized remittance has become even more essential. Billtrust, the B2B accounts receivable automation and integrated payments leader, has recently upgraded its Cash Application software’s advanced machine learning capability, significantly improving match rates and reducing manual processing while converting payments to cash as fast as possible.

Billtrust’s Cash Application quickly adapts to a supplier’s ERP system without being explicitly programmed, delivering a tailored experience based on how accounts receivable teams work with their systems and data. Modeling from remittances and data, match rates improve over time as the model learns usage while adapting to any invoice structure changes. Higher match rates allow users to get through their worklist efficiently with fewer exceptions meaning faster access to cash.

“Business continuity involves future proofing operations and becoming more efficient,” said Steve Pinado, Billtrust President. “With the pandemic, however, the future is now, and forward-thinking finance organizations are adapting with automation. It’s urgent to be able to apply cash quickly, and our model is unique in that it not only matches but also extracts data, resulting in dramatic match rate increases. That’s important, not only to the accounts receivable team, but to any CFO or CEO needing to maximize cash flow and increase growth capacity.”

Since the July 2020 upgrade, Billtrust customers have seen a 12.4% increase in overall match rates and an 18% increase for electronic payments. One Billtrust customer, heavy equipment dealer Gregory Poole Equipment Company, transitioned to upgraded machine learning in July 2020 and has reported strong match rate increases and an increase in auto-matched envelopes. “We’re a complex organization, so improving our match rates was a challenge,” said Mary Stumpf, Accounts Receivable Supervisor. “Billtrust more than met the challenge, and the transition to a new machine learning-powered platform was seamless. We continue to see excellent results with strong match rate performance, which is more important than ever with a remote workforce. It’s really incredible how machine learning actually adapts to our systems for continuous improvement.” 

What is Billtrust Cash Application?

Billtrust Cash Application’s predictive, automated matching engine delivers market-leading match rates at the envelope and item level from multiple sources — with nearly 100% accuracy. With quick and accurate payments application freeing up cash flow, reducing overhead and increasing growth capacity,  customer credit is replenished as the sales cycle accelerates. With a machine learning-enabled, exception-handling interface, users get smart suggestions and can resolve exceptions in just a few clicks.

What is Billtrust?

Billtrust is the leader in the digital transformation of order-to-cash and the future of B2B payments. As the premier B2B accounts receivable automation software provider for many of the world’s leading brands, we make everything about payments easier including e-commerce, credit decisioning, invoicing, payments, cash application and collections, as well as streamlined electronic payment delivery through our innovative Business Payments Network (BPN). With a focus on improving DSO and making it simple for companies to get paid quickly, our integrated, cloud-based accounts receivable platform accelerates cash flow, reduces manual labor, grows revenue and increases profitability. We help thousands of customers representing more than $1 trillion in annual payment volume achieve greater efficiency.

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