Billtrust, a corporation that is publicly listed on the NASDAQ stock exchange under the ticker symbol BTRS, specializes in offering automated solutions for the order-to-cash process. Furthermore, this company provides a range of services, including cash application solutions, e-commerce solutions, invoicing services, payment processing, and other related offerings. Also, the organization provides services to several industries, including transportation, machinery, distribution, manufacturing, medical equipment, technology, legal, and staffing. The establishment of the corporation took place in 2001, with its headquarters situated in Lawrenceville, New Jersey. In this article, we will discuss Billtrust’s competitors, features, and reviews.
What Is Billtrust?
Billtrust is a prominent provider of cloud-based software and integrated payment processing solutions, that serve to streamline and mechanize business-to-business (B2B) transactions. The current state of accounts receivable is characterized by an inefficient structure that is dependent on traditional methods that are obsolete, ineffective, labor-intensive, and predominantly reliant on physical documentation.
Furthermore, Billtrust is a leading company that is actively involved in the digital revolution of accounts receivable (AR). They offer essential solutions that encompass various aspects such as credit decision-making and monitoring, online buying, invoice distribution, payment processing and remittance capture, invoicing, cash application, and collections.
Features of Billtrust
Here are some of the features of Billtrust:
#1. Credits
Allow your credit team to soar with cutting-edge AR technologies and put an end to the burden of sluggish credit validations. Improve the efficiency and openness of credit decision-making by centralizing sensitive data and collecting it in a secure location.
However, by automating your credit solution functions, the Billtrust Credit Application makes it easy to cut down on expenses, simplify processes, and save time, all while laying the groundwork for a solid credit rating. Having all of your data, documents, and industry resources in one place will help you make better decisions more quickly.
Online credit applications can be tailored to your specific needs, and essential fields can be configured to ensure that you only receive fully completed applications, speeding up the credit solution process. As a result, you’ll always be working with the most recent information possible while deciding what steps to take.
#2. eCommerce
One of the primary responsibilities entails the retention of clients and the augmentation of revenue. Billtrust eCommerce assists in effectively managing the numerous obstacles encountered in contemporary B2B and B2C environments, enabling businesses to differentiate themselves from competitors, even when faced with resource constraints.
eCommerce refers to a comprehensive online sales solution that encompasses many features such as product information, customer-specific pricing, availability status, and ordering capabilities. It aims to deliver an amazing online experience to users through the use of automated processes. One notable advantage of webstores is their ability to enhance sales and seamlessly expand in line with business growth.
#3. Invoicing
What’s better, paper or a web portal? What’s better, email or fax? Each client has unique preferences when it comes to receiving invoices. It doesn’t matter which method of invoicing your clients prefer; all of them require a substantial investment of time and energy on your part.
Not the best use of scarce resources like human effort and money.
By using Billtrust, you can save money, keep expenses under control, and reallocate employees to more important tasks without sacrificing the ease with which invoices are presented to clients.
#4. Payments
Traditional payment processes have bottlenecks that are causing cash flow issues. Paper checks, credit card emails, portals, and third-party e-payable providers may all be viable options, but customers are driving your workflow with what works best for them.
However, that leaves you with the burden of managing various channels, which increases both costs and DSO (days sales outstanding).
Billtrust Payments upends the conventional accounts receivable/payable hierarchy. By automating payments through whichever channel your clients prefer, you can deliver excellent service and receive payment more quickly.
#5. Cash Application
Your company can’t survive without a steady inflow of cash. And a high proportion of paid invoices is dependent on timely payments. Unfortunately, manual methods that are inefficient can make cash applications more difficult than they need to be.
Billtrust’s Cash Application Solution automates the process, making it more manageable and putting you in charge of your business. And your money coming in.
#6. Collections
Accounts receivable (AR) process optimization allows you to tackle collectors’ difficulties and effectively prioritize your teams’ time. Simple activities can be automated with the Billtrust Collections solution, and collectors can choose which accounts to focus on daily based on which customers require high-touch outreach.
Strong client relationships, more payments, and reduced days sales outstanding (DSO) can all be achieved through the automation of manual procedures.
What Is Billtrust Used For?
Company success depends on good relationships with clients. Businesses provide services, and customers make purchases. However, unhappy customers brought on by inconvenient payment methods eventually led to the demise of the firms that offered them. Billtrust is the fastest-growing provider of payment solutions, and their innovative payment processing systems have revolutionized business-to-business (B2B) payments and the order-to-cash cycle.
Fraudulent transactions, insufficiently secure servers, difficult integration, different payment currencies, and omnichannel payments are just a few of the issues plaguing the present payment gateway landscape. Billtrust is a cloud-based AR platform that uses cutting-edge technology to streamline the payment process for businesses by increasing revenue and profitability while enhancing the customer service they provide.
Billtrust’s innovative order-to-cash solutions meet the needs of various buyers and accelerate cash applications with features like personalized invoicing, safe multi-channel payment processing, smart matching, and payment posting. By automating supplier-driven payment networks and invoice delivery into AP portals, the company’s AR expertise continuously introduces new products and enhances current ones.
What Are the Pros of Using Billtrust?
This service provider has been around for close to two decades, giving them a wealth of experience in their area. Here are some of the top advantages of using Billtrust:
#1. Adaptive Mobile Environment
In 2011, Billtrust introduced a mobile edition of its Order-to-Cash Business Process (OBP) platform. The utilization of this software facilitated the execution of online billing and payment processes through mobile devices.
The provision of mobile-friendly software has enhanced the business value for clients by enabling faster billing and payment processes.
#2. Innovative Methods for SMEs
Billtrust provides a range of solutions tailored to meet the needs of small and medium-sized enterprises. The platform facilitates the connection between customers and suppliers.
Additionally, it facilitates electronic transactions that eliminate the need for manual handling.
#3. Auto-invoicing and Regular Payments Save Time and Are Convenient
Automated invoicing with Billtrust saves time and eliminates errors caused by keying in the same information repeatedly.
To achieve this, it connects the automation platforms with the AP portals. Electronic monetary transactions reduce the potential for fraud and speed up settlement times.
#4. Simplicity
By switching to electronic payments, you can save time and effort by manually entering data from paper to digital formats.
When making an electronic payment, no personal information needs to be entered.
#5. Excellent Coverage
Billtrust employs a group of risk managers who provide support in facilitating the expansion of the firm. This service expedites trade reports by leveraging their credit software and employing AI-based solutions.
#6. Logging Time
When using this service, the time it takes to get paid for an order is cut significantly. Invoice and account administration are both made easier by this program.
Billtrust Competitors
You should look at Billtrust, but don’t stop there; there may be more suitable alternatives and competitors out there. When looking for a replacement for Billtrust, customer service, and documentation are other crucial elements to think about. Here are some other Billtrust alternatives and top competitors you can consider:
#1. Accounts Receivable Automation
For me, having access to an AR automation tool was a game-changer. Incredibly, it has made the AR process as a whole much more streamlined and effective. Using this app, we can easily create invoices and reconcile payments, doing away with time-consuming manual processes in the process. My business’s cash flow has greatly improved because of automated payment reminders and individualized client communication tools. It was simple to integrate with preexisting financial management software, allowing for constant, accurate updates and data sharing. Easy navigation and well-thought-out processes have prevented many hours of wasted effort. Using this technology, we have increased the effectiveness and efficiency of our financial management to new heights.
#2. Highradius
Next-generation finance platform Highradius Autonomous Finance learns from your dynamic financial and accounting data in real-time. Achieving a better working capital impact, a more satisfying customer experience, and more precise cash forecasting are just some of the predicted business outcomes that may be achieved by proactive decision-making. Out-of-the-box Artificial Intelligence, Machine Learning, Robotic Process Automation, and Natural Language Processing capabilities are just some of the ways in which the Autonomous Finance platform facilitates digital transformation in the CFO’s office.
#3. Invoiced
Invoiced is one of Billtrust’s top competitors. It is an online invoicing service designed to streamline the AR processes of small and medium-sized enterprises. The solution can be modified in any way that best serves the needs of the finance and accounting departments. Billing, collections, payment acceptance, cash application, and other A/R-related tasks can all be automated using Invoiced. In addition, the software works well on its own or can be combined with other business management tools.
#4. Tesorio
Tesorio is changing the game for Accounts Receivable management by providing cutting-edge Cash Flow Performance Solutions to organizations. Cutting-edge AI and ML technology back its powerful A/R automation features like intelligent workflow, payment prediction, collections forecasting, customer self-service payments, invoice matching, and more. Maximizing cash flow performance, streamlining credit and collections procedures, and improving customer experiences are all areas in which Tesorio has assisted businesses all over the world, earning the trust of companies like Slack, Bank of America, Box, Veeva Systems, Twilio, Domo, and others.
#5. YayPay
YayPay is an online AR automation solution that uses data and automated payment communications to speed up the payment and collection process. The Accounts Receivable (AR) module of YayPay’s Customer Relationship Management (CRM) platform optimizes AR processes, including cash collection, dispute resolution, and cross-team communication. In order to assist businesses in improving their cash flow forecasting and revenue growth, YayPay is compatible with a wide variety of accounting, billing, and customer relationship management software. YayPay tends to be one of the best competitors to Billtrust because of its compatibility.
#6. Versapay
Versapay offers a software solution that streamlines common operations with a comprehensive range of more than 150 customizable notifications, enabling collectors to allocate their attention to customers who are unable or unwilling to fulfill their payment obligations. The system possesses the capability to access precise data, provide proactive reminders, and offer user-friendly online tools, hence eliminating obstacles in the accounts receivable (AR) process. Also, it facilitates customer collaboration and enables them to make payments at their convenience. By utilizing data extracted from the existing enterprise resource planning (ERP) and billing system, ARC facilitates a comprehensive and comprehensive perspective on the overall status of all outstanding amounts to be received.
#7. Synder
Synder facilitates the immediate capture of comprehensive transaction data from popular payment platforms such as Stripe, PayPal, and Square, and seamlessly integrates it into accounting software applications like QuickBooks and Xero. This includes a wide range of financial activities, such as spending, invoice payments, money transfers, refunds, and tax-related transactions. Users have the ability to efficiently classify their transactions, organize their financial records, and prepare them for the process of reconciliation and tax reporting with minimal manual intervention required.
#8. Accounting Seed
The Accounting Seed Financial Suite is a comprehensive accounting and enterprise resource planning (ERP) program that is entirely built on the force.com platform and seamlessly connected with Salesforce CRM.
Is Billtrust Public or Private?
Following the conclusion of the deal, the shares of Billtrust will cease trading on the NASDAQ, transforming Billtrust into a privately held entity.
Is Billtrust a Payment Processor?
Yes. Billtrust is available to meet your requirements for payment acceptance and processing. Their services aim to expedite the onboarding process and ensure the maintenance of PCI compliance and business continuity within a remote workforce.
Billtrust Pricing
Billtrust does not provide any specific price structures. The outcome is contingent upon various factors, including the quantity of bills dispatched and the number of payments executed. To acquire a comprehensive quotation, one may engage with the Billtrust sales department by means of electronic correspondence or by initiating a telephone conversation. A quotation will be provided according to your precise requirements.
Billtrust Reviews
Here are some Billtrust reviews from customers.
Billtrust Review Pros:
- Thanks to BillTrust, we have been able to quickly and easily send invoices for customer orders. The process of receiving money has also been substantially simplified.
- Our invoicing process is fast, reliable, and accurate for our clients. If an electronic or faxed delivery fails, we will be contacted immediately so that we can rapidly rectify the situation. It’s simple to resend an individual bill or a batch of bills. Invoice Gateway, Invoice Central, Ebills, email, and fax copies are just some of the choices available to our customers. We can choose the criterion to maximize savings for individuals who prefer paper invoices sent via USPS.
- The website they gave us has a lot of broken code that doesn’t just work.
- The quicker our clients receive their invoices, the sooner we get paid, and the happier our customers are. Our clients appreciate being able to access their accounts, retrieve copies of their invoices, and pay whenever it is most convenient for them.
- Super simple to operate. I have easy access to both the invoices and the payments made by our clients. It’s up there with the top programs available. My clients are quick to pick up on the payment method I offer. In their opinion, this is fantastic.
Billtrust Review Cons:
- Customer frustration rises when they are unable to use the product due to a forgotten password or login name. More focus on the problems of customers who can’t log in or who can’t remember their login information will likely improve the situation for those customers.
- Our encounters have been excellent overall. I would just add that it can be time-consuming to make changes or complete particular projects.
- The responsibilities can be subject to a fee of $165 per hour. The company does not double-check its submissions. It takes an eternity to finish a project. There has been a breakdown in communication. Customer service calls are rare.
- It would be convenient if, upon signup, new customers were automatically enrolled in a BillTrust account, as opposed to having to do so manually after their first order had been dispatched.
Bottom Line
As a result of consistently excellent service, Billtrust has developed a loyal customer base over many years. Certainly, using their products is a better company practice.
This provider has no clear pricing structure, which is a major downside.
To make sure that the combined costs of software and administration are within acceptable limits, firms should look into more transparent solutions before committing to any one program.
In addition, those on a tighter budget may want to look at Freshbooks or Quickbooks, both of which prominently display their pricing structures for potential customers.
Frequently Asked Questions
What kind of company is Billtrust?
Billtrust is a financial services provider. Credit, invoices, e-payments, cash applications, managed programs, and consulting are only some of the services provided by the company. In addition, users in the US are Billtrust’s primary focus.
What is Billtrust company revenue?
For the entire year of 2022, Billtrust is offering the following financial forecast: Expect between $195 and $207 million in total revenue, with an additional $30 million to $36 million from reimbursable costs.
How many employees does Billtrust have?
Billtrust has 687 employees.
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