Quicker collections implementations will enable accounts receivable teams to quickly take advantage of powerful tools to automate contact management, strategically prioritize accounts, and build stronger customer relationships.
FREMONT, CA: The simultaneous workplace displacement and economic disruption caused by the outbreak of the COVID-19 pandemic has brought significant challenges to collections teams. In response to this problem, leading B2B order to cash solutions provider, Billtrust has developed new and innovative ways to expedite its Collections software solution implementation, significantly reducing time-to-value to 20-25 business days versus 90. Quicker collections implementations will enable accounts receivable teams to quickly take advantage of powerful tools to automate contact management, strategically prioritize accounts, and build stronger customer relationships.
"Organizations have realized the need to do better with how they manage collections, both in the short-term and as a way to future-proof their businesses," said Steve Pinado, Billtrust President. "We've always been successful automating collections processes, but the urgency brought on by the pandemic inspired our teams to develop faster ways to implement and help customers get paid quickly. Our teams have worked diligently to make it make it easier for businesses to weather economic turbulence while enabling their employees to stay safe and work remotely."
A Leading point of use water purification and dispensing systems manufacturer and Billtrust customer, Waterlogic, needed to create a more stable and significant collections initiative due to the pandemic. Working together with Billtrust, they could go live with the Collections platform in less than thirty days while creating a consistent and effective contact management approach, eliminating their need to outsource collections overseas. From project initiation, system configuration, and consultation training to go-live ordinarily averages around 90 business days.
"During a very serious situation for us, Billtrust was there, working hand-in-hand to help us eliminate the need for outsourced collectors which presented PCI-compliance challenges and giving us a self-configurable solution that can grow and change as we do," said Waterlogic CEO Nate Hurst. After initial consultations, the Billtrust collections teams quickly reviewed current collections policies and KPIs, identified areas of improvement, and developed goals with key stakeholders. "Using automation and multi-touch campaigns, Billtrust has given us 100% account coverage and greater insight," said Hurst. "Overall, our awareness of open AR has been greatly enhanced, giving us a better, more strategic view of our accounts."