The Challenge
This IT distributor is a leading technology solutions provider who supports a wide number of industries in the United States, the United Kingdom and Canada. They are a Fortune 500 company with multinational capabilities, they employ over 10,000 people and support a diverse customer base of over a quarter million organizations.
As the company continued to steadily grow, it became clear that they needed a solution to meet the different billing preferences of their customers. Their AR team was mailing millions of paper invoices each year (over 300,000 a month) with only 3% delivered electronically. They knew that if they were going to continue to scale, they needed to offer diverse options for invoicing as well as streamline internal process efficiencies.
The Solution
In 2010, the IT distributor implemented Billtrust Invoicing, which provides digital invoicing options for customers while handling the inefficient process of physically mailing invoices. Billtrust also offered the services of their eSolutions Team to help transition customers over to electronic invoice delivery. Following the success of Billtrust Invoicing, they implemented Billtrust Cash Application to improve the accuracy of processing electronic payments with its machine learning technology. In 2020, they once again partnered with Billtrust to automate their virtual card capture processes through the Billtrust Digital Lockbox, which will save them even more time with processing payments.
“It’s been amazing to see how much we’ve grown together and continue to find new avenues for efficiency. Between our savings on postage and increasing our straight-through processing rate by 20% – Billtrust truly helps us do more with less.”
Director of Credit
The Results
For a decade now, this organization and Billtrust have worked together to tackle their payments complexities and automate their order-to-cash process. In the beginning, they were only sending 3% of their invoices electronically – now that number is 80% and continues to grow. In that time, they have saved more than $2 million in postage as more of their customers transition to electronic invoicing. When it comes to applying the cash from electronic payments, Billtrust Cash Application 10.0 brought their straight-through processing rate up from 58% to 79%, matching an additional 12,000 in payments each month. Since customers are receiving invoices sooner and they have higher accuracy with cash application, they’re getting paid faster, even as they scale.
