Billtrust’s Grammy Mix Tape: The A/R Remixes
The A/R Remixes
In case you missed last night’s Grammy Awards, Bruno Mars had a clean sweep in all six categories, and the Recording Academy showed its loyalty to Kendrick Lamar. Jay-Z might have been shut out, but he was honored with the Industry Icons Award. Elton John teamed up with Miley Cyrus for a reboot of some of his classics, starting his farewell tour, and U2 rocked the stage in front of the Statue of Liberty.
It was a night of collaboration, so Billtrust decided to release our own compilation; after all, we are known for producing rockstars! Check out our version of the mix tape: the A/R Remixes. We missed the cutoff for this year’s awards, but we’re hoping to be included in the 2019 nominees. For now, check out the hottest tracks and albums in A/R:
- 24K Magic – Bruno Mars
It was Bruno’s night to shine last night and he showed some major finesse with Cardi B. We like to think Bruno was paying homage to 24/7/365, so our remix is about giving your customers access to more secure, always-on, self-service payment options in the cloud — the finesse your business needs to stand out from competitors.
- Million Reasons – Lady Gaga
Gaga’s performance gave us chills, too. We’re hoping she appears with Justin Timberlake on Sunday, though that might be wishful thinking. So, what does her song have to do with A/R? It’s simple: Don’t give your customers a million reasons to walk away from you. Give them the flexibility and the options to pay how they want to. They only need one reason to stay, and make that be for a standout customer experience.
- Loyalty – Kendrick Lamar Ft. Rihanna
Loyalty, loyalty, loyalty. Invoicing and payment is one of the most frequent touchpoints for your customers, so are they satisfied with their experience? It’s not just about having more positive interactions with your customers. It’s about having less interactions related to your A/R process with them. Keep them coming back to you for more business, not about those invoicing and payment problems because of manual errors.
- Issues – Julia Michaels
Hey, we all have issues we’re trying to solve for – whether it’s scalability and making sure we’re able to accommodate growth, or risk and compliance, ensuring customer data is not vulnerable to security breaches. Technology won’t solve all your issues, and your team might even be leery of it because they’re afraid it will replace their jobs. No need to think about automation as yet another issue; it won’t replace your team, rather assist them in reducing intensive manual tasks so they can focus on more value-add work (so they can become the rockstars you know they are).
- Despacito – Luis Fonsi and Daddy Yankee Featuring Justin Bieber
Where was Justin Bieber last night? We were all waiting for him to surprise the crowd and jump on stage during Luis Fonsi and Daddy Yankee’s performance. We’ll have to settle for watching the video on YouTube again – along with 3 billion other fans. But while Luis and Daddy Yankee are slowing things down (the translation of Despacito is “slowly,”) A/R is trying to catch up to A/P. A/P systems are driving new payment behaviors and creating a host of new A/R challenges. Automating and accelerating how you deliver invoices, receive payments and apply cash will create more transparency around your cash flow and help you maximize the value of your customer base. So, A/R automation is all about helping you pick up speed, “pasito a pasito” (step by step).
- Run – Foo Fighters
We can’t forget the rock category, including the Foo Fighters, which makes us nostalgic for the 90’s grunge movement. In today’s A/R landscape, your customers might not be ready to run. We like to think of A/R as a crawl, walk, run evolution. In a perfect world, your business would send 100% of invoices electronically and receive 100% of your payments electronically, making cash application simple. But, paper checks still account for more than 50% of all B2B payments, and many businesses still prefer to receive paper invoices. So, no need to run at electronic adoption… move your customers through each step of the invoice-to-cash process at their own pace, saving you money and making cash application easier every time a customer gets one step closer to full electronic presentment and payment.
- Hardwired – Metallica
Let’s stay with rock, but shift slightly to metal. And what’s more synonymous with metal than Metallica? Is your A/R team hardwired to the status quo? Sometimes we’re stuck in a rut because tried-and-true processes using spreadsheets have been sufficient, and if we stop to think about changing from our hardwired processes, we may slow down and lose productivity. But change is all about your customers and meeting their needs, while also helping you optimize your process management. Leverage your current resources and, to some extent, your existing processes, but automate those manual processes so you can get paid faster. Speed is the new efficiency. Your customers want early-payment discounts and the ability to pay by credit card. Make sure your organization is not too hardwired — that it has the tools and data to adapt to your customers’ needs.
- PRBLMS — 6LACK
Did you know 6LACK got his start battle-rapping in Atlanta? He was just a teenager when he signed with a major record label, but had a lot of mentors growing up. Whether it’s one problem, multiple PRBLMS or 99 Problems, invoicing and payments should never be one of them. When you’re choosing a vendor to help you with your invoice-to-cash process, you want one that puts you and the needs of your customers first. Look for a trusted advisor that understands your company’s and your industry’s pain points with the retention rates and referenceable customers to prove it.
- What About Us – Pink
Pink would agree that focusing on your customers’ needs will automatically help you raise that NPS score. Are your customers getting harassed by your collections department even when they might have a valid reason for short paying? What about those emailed, virtual credit cards; are you able to accept them and process them efficiently and in a secure environment? These are things can affect customer relationships and satisfaction. Smooth invoicing and payment processes offer flexibility and transparency, easily integrate with critical systems, such as ERPs and A/P networks — and help you avoid that dreaded “what about us?” question.
- Culture – Migos
Migos are all about culture. At Billtrust, we embrace a customer-first mentality — that’s our culture, and means that we care about our customers’ teams and their cultures.When your team feels like rockstars, they will be more efficient, open to new ideas, and able to contribute more strategically to help meet the company’s business objectives. We like to think we help you create an environment in which your people can thrive and where they can see how impactful they are to the health of the business by keeping customers top of mind and getting your cash back into the business.
Want to be a Billtrust Rockstar? We recognize Billtrust customers who transform the invoice-to-cash process within their organizations and are the source of best practices around EIPP, cash application and electronic adoption. Learn more about our program here.