By automating 98% of payment processing and centralizing collector workflows, McPherson Oil reduced overdue invoices by an average of 3 days and accelerated cash flow by $2 million. With intuitive tools, top-tier training, and a single source of truth, Billtrust empowered the team to shift operations from reactive to proactive, eliminating inefficiencies and sticky notes alike. Hear from Christian Collins, the Commercial Credit Manager at McPherson Oil, as she explains the full story.
“The main problem in my department was that collectors were spending the majority of their time running aging reports and keeping lists to constantly remind themselves of what needed to be done and how to follow up. They spent a lot of their time in the top 25 customers of their portfolio. We were aware that there was some neglect in the mid-range and lower portion of our receivables — people with a lower dollar invoice amount, who simply needed an invoice copy for example. We knew that our existing system wasn’t an efficient way for our collectors to manage their day-to-day work.”
Christian Collins, Commercial Credit Manager, McPherson Oil
That’s when Billtrust was brought in to implement its collections automation software.
“My team picked up on Billtrust so quickly. The education classes prior to implementation were great. When it went live, it didn’t feel like we were just dumped off at the pool. My team has really enjoyed it. They’ve enjoyed the automation, the notes and the way that they automatically save, the automated emails, and all of the tracking capability has also been amazing for them. They don’t need to depend on a plethora of sticky notes to deal with all the follow-up reminders.”
Having all invoicing, payments, and collections data in a single system keeps everything in one place. Today, the collections team has a focus when they come to work. They know what needs to be done today, and they know who they need to call first, second, and third.
Another item that collectors spent a lot of time doing was processing payments for customers. But with Billtrust that has changed.
“In the beginning our portal payment processing was around 75% touchless and it’s grown up to 98% touchless now. So, it’s been an amazing efficiency gain to get our collectors back on track. Now they’re making their calls and not just processing payments for the majority of their day.”
With these digital transformations, McPherson Oil is seeing a difference in their cash availability and improvements in key performance metrics like Days Sales Outstanding (DSO).
“Our accelerated cash flow was about $2 million. Once we implemented the dashboard, we were able to lower our total receivables and decrease our DSO as well. When we started our DSO was 19 days and after it had come down to 14. So, on average, our DSO has decreased by about three days. We know that this decrease in our DSO and the increase in our cash flow — they’re 100% because of the Billtrust implementation.”
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