New Billtrust Cash Application 10.0 First to Offer 100% Electronic Remittance Capture
February 17 2022 - 8:00AM
Business Wire
Leveraging Business Payments Network (BPN)
Digital Lockbox Enables Digital Payments and Accelerates Cash
Flow
Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation
and integrated payments leader, announces the newest version of its
machine learning-driven Cash Application solution. With digital
payments, non-standard remittance information and the proliferation
of accounts payable (AP) portals challenging today’s accounts
receivable (AR) teams, Cash Application 10.0, leveraging
Billtrust’s Business Payments Network (BPN), helps suppliers
accelerate revenue recognition of digital payments with faster and
more accurate reconciliation of non-standard remittance
information.
Cash Application 10.0 offers a best-in-class integrated payments
solution with straight-through processing, leveraging BPN’s
proprietary digital lockbox to proactively retrieve and aggregate
all electronic payments while standardizing decoupled remittance
data from any source for 100% electronic remittance capture. The
solution is powered by an unparalleled, custom machine learning
model with confidence-based matching for higher levels of accuracy
than other solutions, as it learns from a supplier’s unique ERP
system, buyer invoice structure and user behavior. Proactively
modeling from remittances and data, trends are identified earlier
resulting in industry-leading match rates while allowing users to
get through their worklist faster with fewer exceptions, speeding
access to cash.
“After three years of continuous growth, Billtrust’s Cash
Application has helped us seamlessly and easily manage customer
payments with just a team of one,” said Randall Oden, Vice
President of Finance, Thompson Machinery.
Billtrust Cash Application 10.0 now enables accounts receivable
(AR) teams to:
● Automate remittance collection through BPN’s connectivity to
over 175 accounts payable (AP) portals, reducing manual cash
application processing.
● Deliver 100% electronic remittance extraction no matter how
the payment is received – ACH, credit card or wire transfer – for
faster and simpler cash application through the proprietary BPN
digital lockbox.
● Maximize straight-through processing with unparalleled machine
learning models that automatically improve over time, eliminating
the need for custom programming.
● Recommend best possible matches with an intuitive user
interface, enabling teams to process exceptions at twice the rate
of other solutions.
● Onboard quickly with an intuitive user interface allowing for
one-day training time.
“Suppliers are often anxious about opening themselves up to
electronic payments because a ‘digital payment’ to a buyer can be
entirely manual for their AR team,” said Flint Lane, Billtrust
Founder and CEO. “Cash Application 10.0 reduces the need for
unnecessary manual processes and allows suppliers to go all in on
automation and digitization without compromising productivity. Our
solution is the only tool on the market to simplify complex
customer payments by taking remittance data from disparate sources,
across check, ACH, wire and credit cards, while standardizing it
for easy and automated cash application. Billtrust Cash Application
10.0 uniquely accelerates digital payments by connecting with
buyers where they do business.”
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220217005123/en/
Investor Contact John T. Williams IR@billtrust.com
Media Contact Paul Accardo PR@billtrust.com
BTRS (NASDAQ:BTRS)
Historical Stock Chart
From Jun 2024 to Jul 2024
BTRS (NASDAQ:BTRS)
Historical Stock Chart
From Jul 2023 to Jul 2024