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Solution Guide

Solution guide

Unleash the potential of faster payments for your equipment business

How you can accelerate payments at scale

A rising challenge among equipment companies like yours is the need to process billing, payments, and cash application across multiple accounts. Growth is good for business – but accounts receivable processes need to scale, too.  That way, your AR team can improve cash projections, optimize cash on hand, and free up working capital for new investments, expansion, hires, or acquisitions.

Your customers need solutions that make it easier for them to do business with you by offering an online portal to access invoices and make payments – on their schedule, 24/7. A completely positive payment experience will also allow your customers to schedule payments, view payment history, modify or dispute a charge, and export these files for their own use.

Billtrust recognizes that you need AR automation solutions as reliable as you are. Our job is to make it easier to deliver your invoices and payments – with automated and accurate invoicing-to-cash application solutions.

Billtrust works with 100+ equipment companies

  • 100+ equipment dealers across North America
  • Over 40 of the top material handling companies
  • 80% of CAT dealers

Flexible online invoicing

Billtrust Invoicing ingests data from multiple ERPs to present invoices across multiple channels based on customer preferences. Our integrated solution is designed for A/R managers facing invoice challenges. Digitization of business practices and use of self-service portals present a win-win scenario for companies looking to reduce their carbon footprint while realizing financial benefits. You’ll reduce paper and emissions associated with printing and transporting.  Consider this: 29 gm of CO2 are released per envelope for the creation and delivery of an invoice or check via USPS.

U.S. businesses spend much as 3% of their revenue on printing, filing and maintaining paper instruments every year – with the average office worker using 10,000 sheets of paper per year.

Automate the payment choices your buyers demand

Billtrust Payments sits at the Intersection of Software and Payments Technology. We operate the premiere holistic, end-to-end payments engine, supporting all payment channels with the technology to programmatically enforce your AR policy across all user experiences.

Billtrust enables accounts receivable teams to automate all primary payment methods in B2B commerce, including digital channels such as ACH and credit card.  That streamlines payments. giving you fast access to cash. A flexible and integrated payment solution is critical to your business — especially when it gives your customers multiple payment options while giving you greater automation, transparency and control over your receivables.

$1.579 B in payments through Billtrust invoicing & payments solution in 2021.

Go paperless and get paid faster

Cash flow is complicated, but there’s a simple way to speed it up: By moving customers onto electronic billing and payment. It’s basic: Paper is slow, while electronic is faster and better.

Changing buyer behavior takes dedicated resources, time and work. It might seem challenging to find the time to reach out to your customers with the encouragement and instruction to sign up for online portals. But Billtrust is dedicated to helping you convert your customers’ invoices and payments to digital channels.

Leverage our long experience in helping companies like yours help convert their customers to e-billing and payment.  Our digital adoption experts will work on your behalf to drive the switch to digital, applying a robust set of best practices that’s repeatedly accelerated our customers’ success.

In 2021 alone, customers that worked with our team succeeded in:

  • Replacing 301 million paper invoices and 22 million paper checks through digitization.
  • Increasing e-invoicing rates by 97%.
  • Improving e-payment rates by 37%.

Standardize remittances for easy cash application

Remittances and payments don’t arrive at the same time. The payment hits your bank while the remit is emailed or must be retrieved from a portal. This creates manual work…often, a lot of it. 

The problem gets compounded when accepting payment from large aggregators like Cass, Syncada or Trax. One payment could be paying multiple invoices from multiple customers. 

Billtrust’s solution is the only cash application tool on the market that simplifies your most complex customer payments by taking large, complex remittance data from disparate sources and standardizing it for easy and automated cash application.

In 2021, Billtrust automatically matched over 11 million payments worth $20 billion in applied cash for Equipment Companies.

Sample Equipment match rates:
94.76%
91.43%
91.09%
90.76%
90.01%

Billtrust Invoicing and Payment benefits

Get paid faster via simplified, secure electronic invoice presentment: 

  • We intake your data and we present your documents (Invoices, dunning letters, statements, etc.) in customizable formats.
  • Our PCI-compliant system securely stores confidential customer data.
  • Multichannel support via email, fax, print, electronic presentment or AP delivery.
  • Our online billing portal, eInvoice Connect, also supports international customers in multiple languages in UK English, Spanish, French, German, and Italian.
  • Pay-on email capability where customers can pay bills via a secure link in an email without needing to create an account.

Future-proof your business by driving digital invoicing and going paperless

  • 24/7 self-service billing portal for customers to pay you online.
  • Optimize invoice management with flexible payment options available to suit buyer preferences with a more holistic approach (i.e., paper or electronic billing)
  • Wide breadth of built-in solutions and functionality to support your digital journey.
  • Reduce your reliance on physical mail delivery and save thousands in postage fees by converting more of your customers to pay online. Our team of experts will design, target and complete campaigns to help persuade your customers to receive bills and pay through digital channels.
  • Our experts guide you through a digital transformation strategy based on best practices specific to your industry
  • Go green and support the environment with paperless processes.

Gain business insights and improve team efficiency with advanced visibility and reporting: 

  • Get tracking and invoice account management in one convenient location and through Client Connect invoice reports.
  • Take advantage of industry best practices in invoice management from our over 20 years of expertise. 
  • Faster automated invoicing with cost savings and fewer phone calls.
  • Easily handle disputes, overpayments and short payments, enabling customers to identify the reasons for disputed transactions within the system.
  • Enables your business to benefit from straight-through processing by automating Invoicing and payments, capturing the remittance when an invoice is paid.

Deliver an exceptional buyer experience:

  • Accept payment from your buyers in multiple digital channels via the payment method of their choice.
  • Avoid buyer abandonment: Our ease of use ensues maximum conversion rates.
  • Enable buyers to self-serve and automate payments, with their credentials securely saved across the Billtrust platform.
  • Embed the Billtrust Payments platform anywhere with our APIs.  The more channels you optimize, the more complete the data insights you get.

Access unparalleled insight into digital channel performance:  

  • Automatically capture remittance to drive straight-through-processing and easy reconciliation across channels.
  • Understand customer buying behaviors as never have before to make data-based decisions on your AR policies.
  • Standardized, intuitive payment management UI enables your team to:
    • View a unified transaction history across all payment channels
    • Access a secure, one-stop shop to handle exceptions and queries
    • Access quick and accurate standard reports and custom queries
  • User-friendly design allows one-day training time for new team members.
  • U.S.-based customer support offers a single point of contact for issue resolution.
  • Our single, secure platform ensures business continuity and reduces fraud risk.

Billtrust Cash App benefits:

  • Handle payments from large aggregators for multiple buyers, e.g. Ariba.
  • Simplify cash application roles by organizing work in one system (user interface) instead of having to work in an ERP, multiple systems and multiple inboxes.
  • Eliminate manual keying of remittances for electronic payments, eliminating bank keying costs.
  • Automate download of remittances from third-party portals or customers, e.g. Ariba, Coopa, Tauia, Amazon, and Tungsten.
  • Automate identification of standard short-paid fees, e.g. fuel surcharge, accessorials (liftgates, lumper charges).
  • Leverage a Machine Learning model trained in transportation and our customers’ data that allows more flexibility in matching logic.
  • Our dedicated team knows the intricate details of transportation AR, so they can update configurations and best practices to improve match rates.

Case Study: Blanchard Machinery

Blanchard Machinery has a long history of growth, superior service and customer loyalty, making it the trusted leader in South Carolina by consistently providing the highest quality products and exceptional expertise. 

But as Blanchard grew, they were struggling to track invoices sent to customers. The inability to access invoice status complicated the payments process and extended the amount of time to get paid. Additionally, when customers disputed an invoice, it was hard to track down that statement.

The solution

Blanchard Machinery was using C-TABS to assist with their cash application process before  that provider was acquired by Billtrust. Blanchard soon learned about Billtrust’s invoicing capabilities and how they could gain the ability to provide their customers with more efficient access to invoices.

“Billtrust is great for us because it has opened up a new avenue for customers to actually go out and retrieve their information without actually calling us.”

Arnetta Hingleton
Assistant Credit Manager, Blanchard Machinery

The results?

After implementing Billtrust Invoicing, Blanchard saw rapid ROI as they were now able to track the delivery of invoices and their customers were given 24/7 invoice access:

  • Blanchard is now enjoying a 62% electronic presentment of their invoices, lowing their days sales outstanding (DSO). 
  • They’ve also recently implemented Billtrust Cash Application and have seen a 79% match rate, helping them get paid faster than ever.

Contact us today

Speed up your invoicing and cash application: fill out the contact form and a Billtrust expert will be in contact with you soon!

Let’s Connect

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