In the building supply industry, everything must happen fast, especially getting paid and managing accounts receivable (AR) processes.
Growth is good for your business, but your accounts receivable processes will need to scale too. With an increasing volume of payments arriving in various forms, unique problems emerge. Delayed payments, credit card fees, and outdated invoice and dispute management practices can become very costly and time consuming. On the job site and on your AR team, financial efficiency is important to growing your business, and you will need to find ways to optimize these processes to stay competitive in this industry.
Billtrust works with over 225 building supply companies supporting the unique industry needs, including:
- Building Materials
- Commercial & Residential
- Flooring & Tile
- Windows, Siding & Doors
What can you do to stay ahead?
The rise of AP portal adoption has also made getting paid more complicated for building supply companies. AR teams need to maintain login credentials to dozens of portals, follow complex invoicing rules for each customer, then return to those portals again and again to check on payment statuses and download remittances. This process is complicated, tedious, and adds unnecessary frustration to AR teams. Your customers need solutions that make it easier to do business with you by offering them an online portal to access invoices and make payments as they prefer (ACH or credit card) — with 24/7 convenience.
More and more buyers in the building supply industry have started using credit cards. This allows them to hold their money longer and receive the associated benefits. However, in order to accept credit card payments the seller must pay a 3% fee. And the more business a company does, the more these fees add up. By implementing surcharging, company’s can entirely offset these expenses.
Fix this today. Give them a straight-forward positive payment experience that empowers your customers to schedule payments easily, view payment history, modify or dispute a charge, and export these files for their own use. You will also enable your complex customers to receive invoices in their AP portal, without adding manual processes to your AR team. Meaning, you get paid faster.
Billtrust recognizes our building supply customers as the backbone of the modernizing industrial world. Our job is to make your AR processes easy and efficient — so you can get on with more important business.
Billtrust Credit Application allows you to create online, custom credit applications to safely store and centralize sensitive credit information, make faster and more efficient credit decisions, and keep relevant teams informed.
Billtrust Invoicing streamlines and automates multi-channel invoice delivery, locally and around the world. You can cut and control operating costs while simplifying invoice presentment and giving your customers the invoicing flexibility and efficiency they need.
Billtrust Payments allows suppliers to facilitate accelerated, predictable payments on their terms while offering flexibility to all customer segments. Your customers benefit from a convenient B2B payment experience on a fully-brandable portal, while giving you the ability to accept payments through your preferred channels.
Business Payments Network
Billtrust’s Business Payments Network (BPN) connects order-to-cash functionality with the rest of the B2B payments ecosystem. BPN allows you to optimize both sides of the transaction by delivering invoices to AP portals your customers use and automatically capturing and processing their payments.
Billtrust Cash Application handles payments swiftly by turning an unnecessarily complicated process into a manageable one through automation and machine learning. As a result, you benefit from a radical improvement in match rates across all payment channels, streamlined exception handling and achieve industry-leading straight-through processing.
Billtrust Collections optimizes collections processes by surfacing customers who need outreach most, automating repetitive tasks, providing AI predictive insights to forecast cash and optimize collections steps, and personalizing customer outreach to ensure a positive customer experience.
Professional & Customer Services
With the help of our experts you’ll accelerate time-to-value with a proven AR implementation program. Our professional services organization has identified the critical steps your business should take at each stage, from purchase to post-launch performance and beyond. Our proven blueprint sets you up for customer success and assists you in becoming an expert on your own.
Challenges we solve for building supply companies
- Reduce time and cost of invoice delivery, regardless of customer expectations and shifting timelines.
- Adapt to varying customer payment methods including virtual credit card payments.
- Make smart choices regarding surcharging to reduce the cost of customers making credit card payments.
- Increase accuracy and shorten time to apply cash resulting in reduced labor costs and reduced bank costs.
- Outdated, manual collections causes issues such as aging invoices, possible service interruptions, bad debt, and increased write-offs.
- Protect your company from future disputes by quickly resolving discrepancies that would lead to late payments
This solution guide is also available for download as a PDF.