Independent Research Firm Finds 390% ROI with Billtrust B2B Accounts Receivable Automation and Integrated Payments
January 27 2021 - 8:00AM
Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and
integrated payments leader, has released a new commissioned Total
Economic Impact™ (TEI) study conducted by Forrester Consulting on
behalf of Billtrust, quantifying the benefits of Billtrust’s
accounts receivable (AR) automation with integrated B2B payments.
The Forrester study found that the studied organization realized an
ROI of 390% over three years and over $1.1 million in cost savings
resulting in a payback period of less than six months. In addition,
other significant benefits were realized such as improved customer
experience and employee morale, a reduction in write-downs and
increased digitization and disaster readiness. The study is
available for download here.
“Our solutions are mission critical and provide quantifiable
value for companies to accelerate cash flow, improve customer
experience and enable business continuity and scale efficiency,”
said Steve Pinado, Billtrust President. “We are pleased that
Forrester, using their TEI methodology, confirmed, in our opinion,
how our AR automation and integrated payments solutions can create
such powerful results for organizations."
Forrester found that the studied organization experienced the
following risk-adjusted present value (PV) quantified benefits over
three years:
- Projected $422,000 savings with Billtrust
Payments. The organization deploys Billtrust Payments,
enabling them to accept their customers’ preferred payment types
such as ACH, credit card and wires. Transitioning customers from
check to ACH drastically reduces the average cost of collections,
and by collecting and reporting robust data to credit card
processors, the organization recognized significant interchange
optimization discounts.
- Saved $359,000 with Billtrust Cash
Application. The organization drastically reduced the time
and effort required to match payments with remittance information,
applying the various types of incoming payments to the correct
underlying purchase activity and customer. With Billtrust, the
organization achieved 80% straight through processing of cash
application activities, allowing the firm to reduce required
headcount for the operation by 50%.
- Saved $322,000 with Billtrust Invoicing.
Billtrust enabled the organization to transition invoices from
print to digital thereby eliminating printing, labor and postage
costs, an e-invoice costs 88% less to send, on average.
- Projected $46,000 savings in days sales outstanding
(DSO) and bad debt. Having an electronic and efficiently
managed payment collections process enabled the organization to
reduce the average DSO of receivables, freeing up capital that can
be allocated to other business functions. Additionally, by lowering
the average amount of open receivables, the organization reduces
the overall amount of bad debt.
The interviewed organization also reported the following
benefits:
- Improved customer experience and satisfaction.
The organization improved customer satisfaction by offering the
payment types they preferred. By digitizing and automating AR
processes with Billtrust, the organization also improved the speed
and accuracy of invoicing.
- Improved employee morale. While some employees
were made redundant, the remaining employees were able to move from
repetitive tasks to more business-critical work.
- Reduction in write-downs. With Billtrust, the
organization has better documentation and visibility into
outstanding payments. The ability to quickly send electronic
invoices reduces the likelihood of lost or forgotten bills, which
could lead to collection issues and write-downs.
- Increased digitalization. Continuing
digitalization with Billtrust enables the organization to enjoy
additional future savings by reducing spend on physical invoices
and streamlining processes.
- Increased disaster readiness. Billtrust’s
automated AR reduced dependency on in-house mailing and printing,
and alternate payment channels can provide new cash flow and
stability during crises.
According to the organization’s vice president of finance, “The
decision to go with Billtrust was a simple way to enhance our
productivity and streamline the posting of payments. We have
recently expanded our commitment to our customers allowing them to
pay online and enhancing, once again, our ability to post payments
and reconcile accounts faster.”
The Total Economic Impact™ (TEI) is a methodology developed by
Forrester Research that enhances a company’s technology
decision-making processes and assists vendors in communicating the
value proposition of their products and services to clients. The
TEI methodology helps companies demonstrate, justify and realize
the tangible value of IT initiatives to both senior management and
other key business stakeholders.
About Billtrust 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.
Forward-Looking StatementsThis press release
includes certain statements that are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are
difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of the Company. These forward looking statements are
subject to a number of risks and uncertainties, including those
factors discussed in the Company’s filings with the SEC, including
those under the header “Risk Factors” in the Registration Statement
on Form S-4 filed with the SEC by South Mountain Merger Corp. on
October 26, 2020, as amended. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that the Company presently does not know or
that they currently believe are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect the Company’s expectations, plans or forecasts of future
events and views as of the date of this press release. The Company
anticipates that subsequent events and developments will cause its
assessments to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, the Company specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
Paul Accardo
Senior Marketing Communications Manager
paccardo@billtrust.com
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