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Solution Guide

Solution guide

Control your Cash Flow

Getting cash in the door and applying it to open balances is mission critical. Fast cash application gives your business the cash it needs — and frees up customer credit.

Top 3 cash flow challenges

The rise of AP portal usage

More of your buyers are adopting accounts payable (AP) platforms that require you to log into online portals to retrieve remittance data (the average AR team is interacting with 11–20 AP portal logins). It’s manual work that slows down cash application — straining your team and your cash flow.

Remittances don’t arrive with payments

ACH payments and remittance advice do not arrive together. For example, payments could arrive from ACH email, virtual credit card, or paper check. The payment hits your bank, while the remit is emailed or must be retrieved from a portal. This is more manual work!

Manual cash application

AR teams are manually keying remittance data into their ERPs by hand — adding hours or even days to cash application. As an AR department scales operations, manual processes become unscalable.

Billtrust rebuilds processes with automation

Billtrust’s Cash Application empowers customers to process and apply any payment regardless of how it is sent, whether by ACH, check, wire, card or AP portal.

Our 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.

Key Billtrust Cash Application features

  • Digital lockbox: a single inbox for electronic payments
  • 100% remit extraction: ACH emails, Web Portals, Bank AP systems
  • Emailed virtual credit card processing
  • Standardization of electronic remits
  • Automatically correlate digital payments to remittances
  • Paper check lockbox integration
  • Confidence-based matching engine
  • Automated deductions
  • ERP integration

Connect with your buyers where they do business

Billtrust Cash Application features integrations with 175+ AP portals. Our connections ensure that you can automate the retrieval of remittance information without needing to log in manually. The remits are automatically gathered and then matched to payments by our software.

The Digital Lockbox

Billtrust offers a first in cash application: the Digital Lockbox. It’s a single destination for all of your digital payments. The Digital Lockbox is an email address where your buyers can send (or where you can redirect) their automated clearing house (ACH) remittance advice and virtual card payments. Billtrust Cash Application automatically processes and applies virtual card payments and retrieves ACH remit info and matches that data to payments hitting your bank.

Make digital payments easier for cash application

Billtrust has developed an expertise in running email and phone campaigns on behalf of our buyers to convert their customers to paying digitally. We create custom email templates and phone scripts and leverage proprietary data to run effective campaigns. This makes cash application easier because we reduce manual work and lockbox fees for processing paper checks. Learn more about how we can help you meet your electronic payments goals and improve your cash application process.

Achieve industry-leading straight-through processing with machine learning

Billtrust Cash Application utilizes a dedicated machine learning model. The solution focuses on:

  • How your team uses your ERP
  • Your buyers’ payment patterns
  • Your customers’ invoices and remit data

With a smarter solution, higher levels of automation and greater accuracy become available to your team.

Faster, happier cash application teams

Exceptional exceptions processing

Process exceptions twice as fast as other solutions (average of 40 exceptions per hour).

Friendly interface

User-friendly UI allows for complete training in a single day – accelerating onboarding.

U.S.-based support

Local, U.S.-based customer support teams ensure same-day issue resolution in most cases.

Fewer errors

Automation reduces errors that slow down work and require backtracking.

Mobile Deposit Capture puts fields workers into the cash application workflow

Mobile Deposit for Cash Application enables your on-the-road employees to quickly and easily collect check payments during delivery using an iOS or Android device.

Fast matches, exception handling and workflows

The Billtrust Cash Application automated solution offers the highest match rates in the industry. Funds and remittance data from disparate customer channels are automatically matched and applied at the invoice line item level within your ERP, even if remittance information is missing or incomplete. Intelligent exception handling provides smart suggestions that bring resolutions in a few clicks.

Work smart from anywhere

Our Cash Application platform can work on any device and is browser-based, which means your team can efficiently work their queue from their homes without further stressing scarce IT resources. Managers have a centralized view across their team and can dynamically reprioritize workflows based on business needs and productivity. Crucially, the tool allows managers to remotely monitor productivity across their team and get ahead of any trends that may slow cash application. For cash application departments that are struggling with uneven staffing and system access, Cash Application can help you stay on top of your workflow and reduce manual data entry.

Let’s Connect

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