Outsourced billing services provider Billtrust made a huge move today in the B2B world that will significantly help businesses in the billing and payment areas. Billtrust announced that it acquired cash application software development company Open Scan Technologies, Inc.
While the two firms were already linked – they announced an alliance last year – this partnership represents the first end-to-end Invoice-to-cash infrastructure for B2B billers.
Billtrust founder and CEO Flint Lane explained in a company press release that from the beginning, Billtrust has “led the development of solutions that reduce the cost and complexity of presenting and paying bills electronically.” Additionally, Lane said that his organization is always looking for the latest technologies to improve the invoice-to-cash process.
“Cash application is a major challenge for most businesses, and it’s getting more complex with the continued growth in new forms of payment,” Lane said. “Our acquisition of Open Scan, provider of the industry’s leading remittance processing platform, will help our clients complete the Invoice-to-Cash ‘round trip’ that culminates with the accurate, speedy application of cash.”
Currently, Billtrust offers bill presentment and payment products and services that span online, email, mobile, IVR, bank and paper. By combining those areas with solutions from Open Scan, the two firms hope to improve customer satisfaction, reduce cost, and increase cash flow.
B2B company executives are already praising the partnership.
According to Henry Ijams, managing director at PayStream Advisors, a payment industry research and consulting firm, said that most businesses struggle with the ‘naked payments’ issue, which is when electronic payments are decoupled from postable remittance details. This happens even with the latest billing and payment advances, Ijams said in the release.
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