An authorized Caterpillar® (CAT) heavy equipment and engine dealer based in Texas, this organization sells, services and rents CAT equipment, engines, generators and trucks for construction, mining, industrial, petroleum and agricultural applications. Additionally, they sell CAT-used equipment worldwide.
Before working with Billtrust, they were relying on a local bank to provide their lockbox services for cash application. As they continued to grow in recent years, the bank was unable to provide the same level of service to accommodate the growing influx of payments. Their accounts receivable (AR) team was then struggling with this process and more associates were needed to help match remittance data.
They originally worked with C-Tabs to apply the cash from their customer payments, but after C-Tabs was acquired by Billtrust, they discovered even more potential value. They particularly liked Billtrust Cash Application’s Optical Character Recognition (OCR) technology. With this feature, the solution was able to scan and capture accurate remittance data right in the lockbox and remove all of the heavy lifting and manual labor of matching disparate remittance data from incoming invoices.
Working with Billtrust proved to be impactful right away. They’ve seen significant cost savings and within the first few years, they even experienced a total return on investment. Billtrust Cash Application also helped them achieve a successful match rate of over 71% – and it’s still improving. Finally, they were able to reallocate much of their AR team to focus on other, more strategic initiatives, while now only needing one full- time employee to focus on cash application.
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