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IDEXX Laboratories

Medical equipment manufacturer drives digital payment adoption

Outcomes

70 HOURS SAVED PER MONTH
Through BPN and BPN Invoicing

86% ELECTRONIC INVOICE PRESENTMENT
Achieved

41% INCREASE IN INVOICES PAID THROUGH BILLTRUST
Achieved in one year

$21,000 SAVINGS IN POSTAGE
Projected for 2021

The Challenge

IDEXX Laboratories, Inc. is a multinational corporation which manufactures and distributes products and services for the companion animal veterinary, livestock and poultry, water testing and dairy markets. They employ more than 9,000 people and serve customers in 175 countries. 

A long-time customer, IDEXX originally partnered with Billtrust to optimize their in-house billing processes, but as the years passed, they found that their customers’ digital adoption was slow. Furthermore, as the world of accounts payable (AP) evolved, their accounts receivable (AR) team would need to be more accommodating when it came to receiving customer payments through new means like virtual credit cards. Because of all of this, IDEXX needed to further streamline their internal processes and solutions. 

The Solution

IDEXX first implemented Billtrust Invoicing for its digital and paper billing delivery capabilities. To further improve the customer experience and mitigate costs, they joined Billtrust’s Business Payments Network (BPN) for its virtual card capture technology. To promote the digital adoption of invoicing and payments, they worked with the Billtrust eSolutions team to run five targeted email campaigns from 2019-2020. They also utilized the Billtrust Business Directory (BBD), a closed ecosystem listing millions of businesses and their payments preferences, to target customer adoption campaigns. They also implemented the Account Summary Screen, allowing customers to pay multiple invoices coupled together by aging buckets, and BPN Invoicing, which connects to 100+ AP buyer portals and streamlines invoice posting to third-party portals.      

“Through partnering with Billtrust and adopting their automated solutions, we’ve been able to successfully maintain headcount while continually growing our business.”

Rick Holt
Senior Credit Manager, IDEXX

The Results

With the help of Billtrust eSolutions and the email campaigns, 86% of IDEXX’s customers now receive electronic invoicing, and 25% pay those invoices digitally, both figures well above their industry’s average. For 2021, IDEXX is expecting to save $21K in postage by adopting digital invoicing. Their DSO for electronic payments is now 18.7 days. Through BPN and the help of Billtrust eSolutions, they experienced a 29% YOY increase in the dollar amount of digital invoices paid and a 41% increase in the number of invoices paid. Finally, through BPN, BPN Invoicing and the subsequent elimination of the manual keying of invoicing and payments, they are saving 70 hours a month.

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