Electronic Adoption: Motivating your buyers to digitize has become essential
Adopting digitization allows the nation’s businesses to invoice their B2B customers and receive payments without manual processing, which is still prevalent because of a continued reliance on paper checks. And now, in times of greater reliance on remote employees, digitization’s importance goes beyond avoiding significant postage costs by offering electronic bills and accepting electronic payments.
Billtrust can help
The percentage of customers that accept electronic invoices is also referred to as our eAdoption percentage. We support suppliers to customize and execute branded eAdoption email campaigns targeted at their buyers that encourage and promote electronic invoice delivery in lieu of paper.
We make the process to digitize simple by providing a customizable registration link that can be completed in a few seconds, often delivering an almost immediate savings to our clients.
eAdoption communications also encourage electronic payments in addition to electronic bills. By opting for this service, Billtrust customers can recognize dramatically decreased postage costs and a reduced Days Sales Outstanding (DSO) while at the same time improving customer satisfaction.
In addition, our supplier directory details the companies that accept electronic payments so you can pay them directly, without needing to reach out individually to collect payment preferences.
On average, customers receive electronic invoices 3-5 days faster than printed invoices. As a result, payments can be received more quickly as well.
How much will my company save?
Historically Billtrust’s eAdoption experts have averaged a 68% success rate in getting our customers’ customers to sign up for electronic invoice delivery. That means if a company is sending 10,000 paper invoices per month, at 68% success invoicing costs could decrease by as much as $40,000 per year. That’s not counting the additional savings that could be recognized from reduced overhead related to managing 68% fewer paper invoices. In addition, eAdoption customers often get paid faster, particularly with the acceptance of electronic payments, which can result in a reduced DSO and increased working capital.
Think of eAdoption this way: your company will be doing their part to “save the planet” by reducing the dependency on paper for invoice delivery. According to the Environmental Paper Network, those same 10,000 paper invoices would cost 1.2 trees, waste 1,070 gallons of water, produce 58.9 pounds of solid waste and use the same amount of energy it takes to run 1.5 refrigerators for a year.