Billtrust Exceeds $1 Billion in Invoices Delivered to Accounts Payable Portals in 2021
January 20 2022 - 8:00AM
Business Wire
Business Payments Network’s (BPN)
Bi-directional Capabilities Fuel 58% YOY Growth, Reduce Manual
Processing for Accounts Receivable Teams
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.”
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outdated, inefficient, manual and largely paper based.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 Statements This 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
in the “Risk Factors'' and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of the
Company’s most recently filed periodic reports on Form 10-K and
Form 10-Q and subsequent filings. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. These
forward-looking statements are subject to a number of risks and
uncertainties. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220120005022/en/
Investors John T. Williams IR@billtrust.com
Media Paul Accardo PR@billtrust.com
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