LAWRENCEVILLE, N.J., Aug. 25, 2020 /PRNewswire/ -- The combination of workplace displacement and economic disruption brought on by the COVID-19 pandemic has brought major challenges to collections teams. Responding to a need to help strategically guide collectors' activities and keep remote teams on track, Billtrust, the leader in B2B order-to-cash solutions, developed innovative ways to expedite its Collections software solution implementation, significantly reducing time-to-value to 20-25 business days versus 90. Faster Collections implementations enable accounts receivable (AR) teams to quickly take advantage of powerful tools to automate contact management, strategically prioritize accounts and build stronger customer relationships.
"Organizations have realized the need to do better with how they manage collections, both in the short-term and as a way to future-proof their businesses," said Steve Pinado, Billtrust President. "We've always been successful automating collections processes, but the urgency brought on by the pandemic inspired our teams to develop faster ways to implement and help customers get paid quickly. Our teams have worked diligently to make it make it easier for businesses to weather economic turbulence while enabling their employees to stay safe and work remotely."
One Billtrust customer, Waterlogic, a leader in point-of-use water purification and dispensing systems, needed to create a more stable and effective collections initiative as a result of the pandemic. Working together with Billtrust, they were able to go live with the Collections platform in less than thirty days while creating a consistent and effective contact management approach, eliminating their need to outsource collections overseas. From project initiation, system configuration and consultation training to go-live ordinarily averages around 90 business days.
"During a very serious situation for us, Billtrust was there, working hand-in-hand to help us eliminate the need for outsourced collectors which presented PCI-compliance challenges and giving us a self-configurable solution that can grow and change as we do," said Waterlogic CEO Nate Hurst.
After an initial consultation, the Billtrust Collections team moved quickly to review current collections policies and KPIs, identify areas of improvement and develop goals with key stakeholders. "Using automation and multi-touch campaigns, Billtrust has given us 100% account coverage and greater insight," said Hurst. "Overall, our awareness of open AR has been greatly enhanced, giving us a better, more strategic view of our accounts."
What is Billtrust Collections?
Billtrust Collections software implements best-in-class policies to keep everyone on track with daily task lists while receiving a more consistent experience with managed contacts. Users can also leverage smart dispute handling, easily tracking invoice dispute details for quicker solves, pausing contacts during investigations and recording partial payments to keep cash flowing.
Billtrust accelerates cash flow by automating credit decisioning and monitoring, invoice delivery, payment capture, cash application, and collections. Billtrust customers improve operational efficiency across the order-to-cash spectrum via a flexible and integrated cloud-based solution set. Finance executives and accounts receivable specialists love and recommend Billtrust for the remarkable cost savings, ease-of-use, process efficiency, and improved customer satisfaction rates. For more information, visit Billtrust.com.