VMS portals have changed the game for staffing companies.
Originally designed to automate the governance of staffing suppliers, they have evolved into talent portals for managing a flexible workforce.
Staffing companies are experiencing increased pressure from customers to input invoices into VMS portals, with varying invoice format requirements. These challenges have resulted in difficulties in extracting and matching data, which in turn have caused a slow and manual cash application process with low match rates and a high frequency of errors.
Additionally, (virtual) credit card usage has become increasingly popular, and staffing companies must offer fast and flexible payment options to meet customer preferences. During times of reduced economic activity, meeting these preferences can determine whether payments are received on time or if accounts become delinquent.
For many staffing companies, another concern is the collection of debts while maintaining customer relationships, which requires significant time and effort to build. Therefore, the preservation of these relationships is a top priority.
To remain competitive, staffing companies must overcome these challenges by adapting to evolving customer demands.
Our role? Automate your AR process, eliminating these obstacles and accelerate your cash flow. Our solutions are designed to meet your full range of needs.
Billtrust Cash Application solves VMS challenges
Our machine learning models empower payroll professionals to automate cash application processes, increase straight-through processing and accelerate cash application exception handling. These models are tailored to your firm, your customer invoices and VMS invoices.
- Control your cash flow
Fast cash application gives your business the cash it needs — and frees up customer credit.
- Replace processes with automation
Our solution is the only cash application tool on the market that simplifies your most complex customer payments by standardizing complex remittance data from disparate sources.
- Happier cash application teams
Process exceptions twice as fast with fewer errors with our user-friendly UI that allows for complete training in a single day for accelerated onboarding.
- Fast matches and exception handling
Funds and remittance data from customer channels are automatically matched and applied at the invoice level within your system of record or ERP, even if information is incomplete.
Automate the payment choices your customers demand
During periods of economic uncertainty, meeting customer payment preferences can increase the likelihood of receiving payments on time and reduce the risk of delinquent accounts.
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 credit card payments flowing directly into your ERP. With Billtrust and BPN, you can open the credit card channel to your customers and receive guaranteed funds while allowing them to “float” the payment for an additional 30 days.
- Eliminate tedious keying into portals and allow AR teams to focus on exceptions
- Avoid long IT projects to integrate with customer systems and processes
- Touchless electronic payments processing with automatic remittance capture
- Reporting and exception management via an online portal and daily posting reports
- Adapt to varying customer payment methods including virtual credit card payments.
- Reduce the cost and complexity of customers making credit card payments
Reach more customers at the right time with less effort
The #1 challenge for collections professionals is the same for specialists across the order-to-cash journey: too many manual processes. Also, collections teams today are facing increasing pressure to forecast accurately and get paid quickly. As such, collectors’ actions must be prioritized and, at the same time, not adversely impact customer relationships.
With Billtrust Collections you can start uncomplicating the collections workflow and deploy a collections process that keeps everyone on track:
Create customized procedures to be used for customers at different stages in the collections process, automate repetitive tasks, and allow customers to pay directly from an email reminder.
- Rewrite the workday
Start each collector’s day with a prioritized worksheet that includes a list of actions tailored to their portfolio. We help collectors optimize their efforts by focusing them on the most pertinent tasks – and target the customers who need outreach most.
- Full visibility
Gain visibility into the team's activities with intuitive workflows, worksheets, dashboards and reports. Communications are centralized, with customer profiles that show full histories and planned actions, so managers and team members can see what’s happening at a glance.
- Stay ahead of potential cash flow issues
Billtrust Collections provides AI analysis features to help predict when payments will be made, along with tools to optimize procedure impact on payment probability.
- Ensure strong connections with your customers
Create personalized email outreach templates, ensure coordinated outreach for sensitive customers, and log and track disputes until they are resolved.
Download Solution Guide
Learn how to revolutionize cash application integration with VMS portals.