"We saw the number of emailed virtual card payments increasing year over year; it wasn't something that was going away, and the volume was becoming difficult to handle," said Tina Schneider, Manager of Credit & Accounts Receivable at Medela. "Prior to implementing Billtrust's Virtual Card Capture solution, we keyed thousands of emailed virtual card numbers into our ERP manually. Each email was unique in where and how pertinent information was placed, making the process that much more time-consuming. Now that the process is automated, we have been able to reallocate resources to better support the business."
Until now, the process for accepting virtual cards was a highly manual process. Upon receiving a virtual card payment, suppliers like Medela retrieved payment instructions from a third-party portal, manually keyed a card number into a terminal and then applied the remittance details into their ERP. While traditional straight-through-processing, or "STP," offerings automate the delivery of funds to a supplier's bank, none currently address the need to seamlessly match payments to open invoices in an ERP without requiring manual effort.
With Virtual Card Capture, payment instructions sent by banks and accounts payable platforms are re-routed to Billtrust for processing. Funds are deposited into a supplier's bank on the next business day and the remittance is consolidated across all payment sources and matched to open invoices in any ERP.
According to James Clark, a senior analyst at Aite Group: "Efficiently processing virtual card payments from multiple trading partners is a true pain point, one that has caused some companies to reassess their willingness to even accept payments via card. By automating the process of receiving and processing these payments, Billtrust is taking a significant step in broadening electronic payment adoption."
In addition to offering the Virtual Card Capture solution directly to suppliers, Billtrust has begun working with issuers, banks, and accounts payable platforms to extend the capabilities within their own supplier networks.
"We're focused on making Virtual Card Capture a tool for the entire industry," stated Rory Byrne, Executive Vice President of Business Development at Billtrust. "Solutions like this enable issuers to balance the needs of suppliers with their own, while ultimately providing a win for their mutual customer - the payer."
For more information on Virtual Card Capture, visit www.billtrust.com/virtual-card. You can also join our Twitterview event on Thursday, February 23 at 2pm EST. Follow the hashtag #VirtualCard.
About Billtrust: Billtrust accelerates cash flow by automating invoice delivery, invoice payment, and cash application. Companies can improve operational efficiency throughout the invoice-to-cash process with electronic invoicing and payments in a flexible, cloud-based solution. Finance executives and AR specialists love and recommend Quantum, Billtrust's payment cycle management solution, for the remarkable cost savings, ease-of-use, and improved customer satisfaction rates.
Want to know what Billtrust can do for you? See how these clients achieved stellar results: http://www.billtrust.com/clients/testimonials/.
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