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Solution Guide

Solution guide

Power your equipment business with faster payments

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The rise of AP portal adoption has made getting paid more complicated for equipment companies, including dealer groups, material handling or heavy equipment companies.

Major customers are asking you to feed invoices into their accounts payable (AP) portals. Ariba, Coupa, Taulia, Amazon and Tungsten are AP portals being adopted by your buyers.

Accounts Receivable teams need to maintain login credentials to dozens of portals, follow complex invoicing rules for each customer and then return to those portals again and again to check on statuses. Once payments are finally made the complications of cash application begin – and AR teams see even more frustration and repetitive work.

Billtrust recognizes that equipment companies need AR automation solutions that are as reliable as they 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 over 110 equipment companies

  • 47 of the top material handling companies
  • 110 equipment dealers across North America
  • 80% of CAT dealers

Billtrust navigates the AP portals for you

We can remove the manual keying work from AR teams and quickly get your invoices uploaded and ready for payment. Billtrust’s Business Payments Network (BPN) can connect with any accounts payable (AP) portal your buyers are using, in addition to the 175+ portals we already support today.

And our solution is bi-directional, so you can get statuses without having to log into the portal yourself. You upload your invoices and they are automatically formatted and sent to your customers portal. We check on the invoices in regular intervals and deliver their statuses to you. You’ll receive a daily report that you can import into your collections or ERP system on the progress of your invoices towards payment.

There is no easier way to get paid by customers using AP portals.

In 2021, Billtrust’s Business Payments Network invoice delivery uploaded over 126,000 invoices totaling more than $517M for our heavy equipment & machinery customers.

Make getting paid with virtual credit cards radically simpler

Automate the acceptance and processing of emailed credit card payments: Let BPN eliminate the burden of pulling customer payments out of Outlook or Gmail.

Provide your customers with self-service payment options to pay their way, and reduce your DSO. Provide your customers with a hosted payments page where they can enter their own card payments on a secure portal, and a secure virtual terminal for payments by phone.

Billtrust standarizes 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.

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

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.

Billtrust automatically matched over 11 million payments worth $20B in applied cash for equipment companies in 2021.

SAMPLE EQUIPMENT MATCH RATES: 94.76%, 91.43%, 91.09%, 90.76%, 90.01%

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, accounts payable portals, EDI and virtual card payments.

BPN can extract these remittances from over 175 distinct AP portals. Billtrust Cash Application automatically processes and applies virtual card payments and retrieves ACH remit info and matches that data to payments hitting your bank.

Mobile Deposit Capture puts field workers into the cash application workflow

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

How equipment companies are benefiting from Billtrust

REDUCTION IN TIME AND COST ASSOCIATED WITH DELIVERING INVOICES regardless of customer expectations: Mail, Email, EIPP and Third-Party Portal invoice delivery.

COLLECTIONS AUTOMATION AND DISPUTE WORKFLOW that enables downloading AP portal payment statuses from 3rd party portals and automated customer communications – which delivers 3x the account coverage with the same resources.

ENHANCED CUSTOMER EXPERIENCE with EIPP offering for small to mid-sized customers for self service invoice retrieval and payments resulting in DSO reduction and increase cash application accuracy.

INCREASED ACCURACY AND SHORTENED TIME TO APPLY CASH resulting in reduced labor costs, reduced bank costs and simplified cash application processes.

Billtrust Cash Application benefits for equipment companies:

  • Handle payments from large aggregators for multiple buyers, e.g. Ariba.
  • Simplify cash application roles by organizing work in one system (user interface) vs. having to work in an ERP, multiple transportation management systems, 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).
  • Benefit from a Machine Learning model trained in equipment and our customers’ data that allows more flexibility in matching logic.
  • Work with a dedicated team familiar with the intricate details of equipment AR to help update configurations and best practices to improve match rates.

Contact us today

Speed up your invoicing and cash application today. Just email [email protected] or fill out the contact form and a Billtrust expert will be in contact with you soon!

Let’s Connect

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