Like many forward-looking tech companies founded in the early 2000s, Billtrust established itself by developing secure, remote, cloud-based, software-as-a-service (SaaS) applications for accounting departments.
A game-changer for Billtrust was recognizing early on that cloud-based software was the future of fintech because it reduced costs while improving accounts receivable task efficiency, with minimal disruption during implementation.
Billtrust Vice President of Product Kiele Lowe says, “We’re always talking about what we can do to leverage technology to create a more efficient process for our customers.”
The Great Recession brought a further proliferation of cloud-based offerings and apps to offset the cost of people, resources, and companies. But the elimination of tedious, manual keying and remittance-matching in the accounts receivable back office shouldn’t mean eliminating the human element. Especially during economic uncertainty. Freeing your staff from manual work enables them to focus on assisting customers who need more support during challenging times.
Every economist will tell you customer service is essential during a downturn. It’s always cheaper to keep customers than to engage and convert new leads. So, it only makes sense to give your existing customers more attention. Especially, when it comes to how your invoices are created and managed.
“Modern invoicing is really about efficiency. It’s about moving away from paper invoices — and moving towards electronic invoicing — while allowing companies to streamline the way their invoices are created, and how they are managed,” Lowe comments.
During the 2020 Pandemic Recession, for instance, Billtrust offered extensive training to help customers get the most out of their order-to-cash solutions as quickly as possible and provided a dedicated support team to answer questions before, during, and after every implementation.
Lowe says, “We’re all focused on making sure that we decrease friction, and allow our customers to make payments as quickly as possible so that they can keep their cash flowing.”
By investing in and developing SaaS technology from the very beginning, and remaining focused on the human aspects of technology, Billtrust has helped companies worldwide stay productive and more efficient, no matter the economic climate. “The key,” says Lowe, “is trust between us and the customer. And constant communication.”