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Solution Guide

Solution Guide

A digital lockbox for all of your electronic payments

Putting touchless payments in reach for your organization

Customer payments are complicated

$25T flows between businesses every year, which is two times more payments than consumers spend.

42% of B2B payments are sent via USPS each year.

55% of ACH payments are received without remittance detail each year.

The 2020 slowdowns in USPS service have proven that relying on paper checks sent through the mail makes relying on a lockbox to collect your cash a risky move. But the inconsistency of remittance data with ACH payments has left many businesses without a reliable, low cost alternative. 

Inconsistent customer payment methods are hurting your business

Your buyers often default to check because the only data they need to send them is your address. But processing paper checks is slower and more costly for businesses than most forms of digital payment. 

More advanced buyers turn to accounts payable (AP) portals and other bank providers to automate their payment process, but the benefits of AP automation do not usually extend to suppliers. Buyers using AP portals require you to log in to access and extract remittance information which you then have to manually key into your system of record. Similarly, email payments may also require your team to manually key credit card and remittance information. 

Digital payments are on the rise

Although check payments are still the predominant method of B2B payments, the business transformations caused by the COVID-19 pandemic have further highlighted the need to adopt efficient digital payment processes. Suppliers are also more open to accepting digital payments in the current environment as a means to increase cash flow and decrease DSO. 

A different way to think about B2B payments

In order to solve for the complexities of the B2B payments ecosystem, Billtrust has developed a unique perspective. We recognize payments made by your customers shouldn’t be looked at as just paper or electronic — the level of manual intervention required, such as clicks, keying and research — all factor into how efficient or inefficient a particular form of payment may be to accept. When your buyers decide how to pay you, they are considering what is most efficient for them, which leads to your community of buyers all paying in diverse ways.

We look at these different buyer payment behaviors as direct or indirect interactions and transactions with your business: 

Direct payment

A buyer goes to your website, calls you or visits a branch location to make a payment.

Indirect payment

A buyer issues a payment instruction and associated remittance through their own ERP, bank, AP solution or other intermediary which requires you to open an email, process a file or visit a portal to capture payment details. 

Most of the acceptance and reconciliation headaches that suppliers encounter are due to indirect payments. In the current B2B environment, indirect payments contribute to additional manual work from your team, slow down cash flow and cause misapplied payments, negatively impacting your customer experience. 

Billtrust’s Business Payments Network is the solution to your indirect payment problems.

A digital lockbox for your B2B payments

Billtrust’s Business Payments Network (BPN) is designed to help businesses not only grow their digital payments acceptance, but also handle payments coming through both direct and indirect channels. Our proprietary, supplier-driven B2B payments network provides a first-of-its-kind digital lockbox that automates capturing and processing remittance data from emails, phone, AP portals and self serve portals. 

Billtrust uses wide-ranging automation capabilities, including robotic process automation (RPA) and direct integration with buyer systems, to automate the capture of remittance data from emails, websites and portals and drive touchless card, ACH and wire payments. 

With BPN, your payment preferences are honored and no process or system changes are required on your end.

BPN + Cash Application = true straight-through processing

Unapplied payments are a real problem. Until you can correlate the funds in your bank account with the remittance data you’ve received, your customers will feel the squeeze on their credit line.

BPN works alongside Billtrust Cash Application to resolve this problem by ensuring that every dollar in your bank account is matched with your remittance. The end result is a clean remittance file that is fully reconciled to your payments and ready to ingest into your system of record or ERP. Our proprietary solutions work together to ensure that your organization and by extension, your customers, benefit from truly touchless payments.

  • Capture remittance from disparate sources (email, web portals, etc.)
  • Consolidate remittance into a single view
  • Correlate remittance with funds to ensure customer payments are in the bank
  • Cleanse remittance and match against open invoices in an ERP

Want to get started? Your Billtrust team is standing by to help guide you through the best tools and practices for your payments. Just reach out to [email protected].

Let’s Connect

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