LAWRENCEVILLE, N.J.--(BUSINESS WIRE)--Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, surpassed $1 billion in supplier invoices delivered to accounts payable (AP) portals in 2021, its largest single-year total and a 58% increase over 2020. The dramatic rise can be attributed to increased adoption of Billtrust’s Business Payments Network (BPN), which began enabling invoice presentment to accounts payable (AP) portals in addition to its existing payment and remittance acceptance capabilities. In all, Billtrust delivered approximately 400,000 invoices to over 175 different AP portals in 2021.
Increasing buyer demand to deliver invoices through their AP portals has caused difficulty for accounts receivable (AR) teams and increased manual work dramatically. According to a 2021 study commissioned by Billtrust, over 350 accounting/finance senior leaders reported, “dealing with increasing numbers of customer portals” (38%) as a top concern while the majority of respondents stated that their teams interact with an average of 11-20 AP portals.
"Last year, Billtrust's BPN delivered more than 10,000 GlobalTranz invoices to AP portals used by our biggest clients," said Emily Stratton, Director of Vendor Payables at GlobalTranz, a $1.8 billion transportation and logistics company. "By streamlining this process with Billtrust, our AR team was able to focus on resolving disputed invoices quickly, speeding up payments and reducing our DSO."
“The proliferation of AP portals has increased demand for BPN’s bi-directional capabilities,” said Steve Pinado, Billtrust President. “We are proud to have achieved this important milestone in invoice delivery for our customers and anticipate further acceleration of this activity across the B2B landscape. BPN continues to be a critical driver in maximizing cash flow while digitally transforming B2B payment acceptance and reconciliation.”
Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.
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