"We are excited to be the first in the accounts receivable (AR) industry to offer a combination of robotics process automation and supervised machine-learning to help drive the cash application process," said Nicole Dwyer, Senior Vice President of Product Strategy at Billtrust. "With this sophisticated solution, AR teams spend less and less time on repetitive tasks and are able to focus on projects that really drive value for the business and increase the speed of cash flow back into your business."
"Billtrust has accelerated our invoice-to-cash cycle," said Tim Drake, Vice President Credit and Collections at ThyssenKrupp. Their technology has improved our ability to secure customer payments faster, increasing our cash flow each month, and reducing our DSO."
The new Smart Capture feature scans remittances for data which can be used to match it to a payment. It creates a "confidence score" (up to 100%) that indicates the match between the payment and remit. The user defines the confidence threshold, and Smart Capture automatically processes payments which fall within the threshold. If a payment match falls below the threshold, it is sent to the Match Review process, where a member of the AR team will manually review and apply the payment in seconds. The ability to establish a threshold allows the user to automate a significant portion of the payments that cross his or her desk. For those payments in Match Review, the process is a learning one: Smart Capture tracks the decisions made in Match Review so that future remittances and payments can be matched automatically. This reduces the number of transactions that end up in the Match Review process over time.
Deduction Mapping alleviates a common headache for AR professionals. Today, companies receive deduction and charge back codes from their customers that may not match the codes in their ERP. This results in AR teams manually researching and applying these large payments. Quantum Cash Application's new Deduction Mapping feature links short pays and deduction codes sent by customers to the appropriate deduction codes in the client's ERP. Deduction mapping is an automated process which eliminates the need for manual intervention.
For more information about Quantum Cash Application, and Billtrust's Quantum Payment Cycle ManagementTM solution, visit www.billtrust.com.
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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