The B2B Accounts Receivable Automation and Integrated Payments Company billtrust says it exceeded $1 billion in supplier invoices sent to Accounts Payable (AP) portals in 2021.
The Lawrenceville, New Jersey company announced the milestone in a Press release Thursday (January 20), saying it was Billtrust’s largest annual total and a 58% increase from 2020.
“The dramatic increase can be attributed to the increased adoption of Billtrust’s Commercial Payments Network (BPN), which has begun to enable invoice submission on Accounts Payable (AP) portals in addition to its existing acceptance of payments and remittances,” the company said. “In total, Billtrust delivered approximately 400,000 invoices to over 175 different AP portals in 2021.”
The company notes that increasing buyer demand for invoice delivery through their AP portals has created challenges for Accounts Receivable (AR) teams and led to a dramatic increase in manual workloads.
Read more: Billtrust reports 45% increase in transactions processed as customers increasingly adopt digital augmented reality solutions
Billtrust cites a study it commissioned last year that found that 38% of respondents cited “managing an increasing number of customer portals” as a top concern. A majority of respondents said their teams interact with between 11 and 20 AP portals on average.
“The proliferation of AP portals has increased demand for BPN’s two-way capabilities,” said Steve Pinado, chairman of Billtrust. “We are proud to have reached this important milestone in the delivery of invoices for our customers and anticipate a further acceleration of this activity in the B2B landscape. BPN continues to be a key driver for maximizing cash flow while digitally transforming B2B payment acceptance and reconciliation. »
In November, Billtrust reported processing $21 billion in customer payment transactions in the third quarter of 2021, a 41% increase from $14.9 billion a year earlier.
“The world is increasingly shifting to electronic invoicing and payments, and suppliers and buyers need help with this transition,” said the company’s founder and CEO. way of flint said in an earnings call at the time. “Companies see an opportunity to generate significant cost savings and improve collections by digitizing accounts receivable workflows.”