The Challenge
Medical equipment manufacturer Ambu, a leader in single-use endoscopy, was receiving over 80 virtual card and card-on-file processing requests per day. With only 1.5 fulltime equivalent employees managing a two-step process to run cards and post the cash, Ambu needed a way to manage continued growth without adding headcount. And while they were already achieving respectable Level 2/3 interchange discounts, the company knew there was additional savings by optimizing these payment requests.
The Solution
Ambu adopted Billtrust Digital Lockbox to automate the processing of virtual card payments. This scalable technology enabled Ambu to easily and seamlessly manage their current payment volume while positioning themselves for continued growth – all without additional headcount. With Billtrust Digital Lockbox, Ambu also enjoys additional Level 2/3 and large-ticket interchange discounts they were not achieving in the previous manual processing environment.
The Results
Through the first seven months of 2022, Ambu saved an estimated 865 hours of manual processing time, at an average time to process of ten minutes per virtual card payment, and achieved 96% Level 2/3 representing nearly $600,000 in savings. In addition, their automated match rates increased from 45% with a previous provider to over 90% with Billtrust.
“Processing credit card payments from our customers was taking up the majority of the day for a member of our AR team. We didn’t want to turn down our customers who wanted to pay via credit card, and we also wanted to ensure we were receiving the best rates. Billtrust was able to assist with giving that time back to our AR rep and also increase our Tier 2/3 customers to give us competitive rates.”
Christa McMurtrey
Manager, Accounts Receivable
Ambu
