Ohio Transmission Corporation (OTC) is an industrial equipment distributor and service provider headquartered in Columbus, Ohio. In business since 1963, they have grown to be one of the largest industrial distributors in the United States with more than 900 associates in 33 locations.
Through multiple acquisitions, OTC has consistently grown. With the constant increase in their customer count, the number of invoices grew exponentially, adding considerable time-to-invoice delivery and resulting in slower payments. Additionally, the accounts receivable (AR) team was dealing with such a high number of payments that if they were managing one of their larger customers, it could take a full day to manually key in the data needed to process payments, adding further delays to their company cash flow.
OTC needed a solution that would not only help their AR team mitigate the growing influx of payments, but also deliver an efficient and simple solution so customers could pay invoices electronically. Prior to joining OTC, Director of Credit and Accounts Receivable Colleen Moran had worked at a company that used Billtrust for invoicing. She had such a positive experience that when she started at OTC and faced similar problems, she implemented their invoicing solution, then expanded to their cash application solution.
With Billtrust Cash App, OTC’s team could automate the cash application process to remove manual processes and further free up their cash flow. With Billtrust Invoicing, they’re saving money on printing and mailing costs, while also improving their invoice delivery time, resulting in faster payments. These solutions also allowed for OTC to save more than $31,000 a quarter on postage. Today, Ms. Moran’s team is running a highly efficient, automated AR process, allowing them to spend more time on strategic initiatives.
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