Billtrust Summit Recap Series | Part 1
Two Important Steps Towards Streamlining the Entire Order-to-Cash Lifecycle
During Billtrust Summit 2019, we made two significant announcements — the launch of Billtrust Collections and the acquisition of Second Phase. Both of these announcements signal important steps in the evolution of our business and mission to streamline the entire order-to-cash lifecycle. Let’s take a look at why we’re so excited about them and how they fit into our product themes of Elevate, Efficiency, and Customer Experience.
As PYMNTS.com mentioned in their coverage of our new Billtrust Collections product, “Collections will never be the most beloved part of a business’ payment lifecycle.” That’s an understatement, to say the least. Historically, collections have been an inefficient, time-consuming and friction-filled process that causes many pain points on both sides of the equation.
With 90% of American B2B companies reporting late payments by their customers, and an increase in days sales outstanding (DSO) amongst the top 1,000 U.S. companies, the collections process has become more crucial than ever to the overall financial health of their companies. Yet, despite the similarities that collections professionals share with other critical roles such as sales, they have lacked the tools needed to strategically execute their workflows.
We designed Billtrust Collections to address this problem by providing a scalable, and adaptable platform that gives analysts a simplified, but more powerful way to drive revenue assurance while strengthening customer relationships in the process.
Now organizations can elevate their analysts and empower them to not only contribute to the financial health of the company in a more efficient way, but also to the company’s overall customer experience.
Click here to learn more about Billtrust Collections.
While Billtrust Collections solves challenges that arise toward the end of the order-to-cash lifecycle, our recent acquisition of Boulder, Colorado based Second Phase, addresses the other end of things.
Second Phase builds and provides customized e-commerce sites for wholesale distributors and manufacturers that cater to today’s B2B buyers while increasing the opportunity for organizations to optimize their businesses online.
With companies like Amazon shifting expectations for how we make purchases and conduct business online, it’s critical that the B2B e-commerce experience follows suit. By enabling distributors and manufacturers to personalize their content, provide purchase recommendations, optimize their inventory and customize their customer support, Second Phase gives Billtrust customers the tools to deliver exceptional customer experiences and maximize revenue potential.
As consumers continue to alter their expectations of what their interactions with companies should look and feel like, the need for the B2B space to keep pace will only increase. After all, consumers don’t forget who they are just because they go to work. Even with increased automated processes and technology, when one business decides to buy something from another business, they are still buying from a person — actually 6.8 people, on average. These decision makers and purchasers are just as conditioned as everyone else from their experiences with customer-centric brands like Amazon. In fact, 65% of business buyers say they would switch brands if a company didn’t provide an intuitive customer experience.
We believe Second Phase gives us a tremendous opportunity to get the customer experience right from the very beginning.
Both of these announcements further our goals to elevate the role of the A/R professional, provide efficient ways for our customers to scale and optimize their businesses, and design products centered around creating excellent customer experiences. We knew there was no better opportunity to share these developments – and pave the way for the year ahead – than with our customers in person at Summit 2019!