The Challenge
With more than a century in business, this wholesale distributor of building products is one of America’s largest suppliers of specialty building products and millwork for light commercial, residential construction and remodeling. With a vast selection of some of the industry’s top building products and millwork, they provide dealers with top-of-the-line products from the best supplier brands in the country and the services needed to make their businesses successful.
This organization was facing the challenges that came along with a growing customer base and ever-changing industry, however. With delays in approving customer credit applications, getting customers to pay in a timely manner, and highly manual collections and customer dispute processes, they knew they needed to be more efficient.
The Solution
When the company’s new corporate credit manager joined, she immediately recognized an opportunity to tackle the issues that affected their aging buckets and DSO. In a previous role, she had partnered with Billtrust and turned back to them for online credit applications and collections solutions which could streamline internal processes, such as the credit approval timeline and drive down customer payment aging. Billtrust Collections and its disputes functionality would also allow the team to easily track and report on disputed invoices, allowing them to be smarter with their customer outreach and ultimately work to decrease aging.
“With Billtrust Collections, we’re now seeing accounts that we never contacted before proactively contacting us, and making payments sooner. As a result, the number of past-due accounts is decreasing.”
Corporate Credit Manager
The Results
The company’s team immediately saw results. Billtrust Credit’s online application allowed them to make a policy change, driving down the two-week approval timeline to under a day. Billtrust Collections automated email functionality and created a daily plan for contacting delinquent customers. In six months, they saw a 31% decrease in overall delinquency, a $1 million decrease in their 61+-day aging bucket, a 134% increase in daily outbound calls and a 39% increase in the average daily contacts. These results occurred while the company saw a 56% revenue increase. Lastly, because of the disputes tool, their total disputed items list is down 50%. They continue to look for new efficiencies, recently deploying Billtrust Cash Application.
