Adding payment channels & automation to increase cash flow
In times of reduced economic activity, cash flow is more important than ever to both suppliers and their customers. But new remote working practices can disrupt payment processes. According to an AvidXchange survey, only 37% of businesses reported that they have the right technology in place for their total workforce to work from home.¹
In that same AvidXchange survey, only 54% of businesses responded that they felt equipped to make all payments with the finance team working from home. And 12% said they wouldn’t be able to make any payments.
In times of reduced economic activity, honoring customer payment preferences can mean the difference between receiving on time payment and accounts going delinquent.
The smart strategy to increase cash flow is to open more payment channels.
Billtrust’s Business Payments Network (BPN) can help. BPN, the first supplier-driven payments network, empowers businesses to get paid, get remittance and get on with business.
BPN makes it easy to open new payment channels. In less than a week, your business could have ACH and credit card payments flowing directly into your ERP. With Billtrust and BPN, you can provide your customers with a mobile-ready UI that will make it easy for them to make electronic payments from home. And when you open the credit card channel to your customers you receive guaranteed funds while allowing them to “float” the payment for an additional 30 days.
If you’re concerned about the Cash Application challenges of opening more payment channels, Billtrust Cash Application has you covered. Accurately and automatically match invoices and payments from all channels (ACH, checks mailed to bank lockbox, emailed and phoned-in card payments) and aggregate and automate your third-party payments with rich remittance data. Billtrust’s solutions can make every step of payment acceptance easier and more valuable, including lowering the costs of accepting card payments by settling transactions with level 2 or 3 data.
Billtrust is offering an unprecedented suite of solutions that will aggregate and automate your payments across ALL channels and lower your costs of payment acceptance.
1. AvidXchange (2020). “Critical Gaps in Business Continuity Plans.”