Billtrust Automates Credit Application For B2B Trade

Accounts receivable technology firm Billtrust is automating the credit application process for its users’ corporate customers, the company announced Tuesday (Nov. 12).

Dubbed Credit Application, the solution allows Billtrust’s B2B supplier customers to automate the credit application process and more quickly place orders with those vendors on credit.

Billtrust supports a branded credit application offering for its clients, allowing for custom terms and application workflows. The feature automates data collection from an applicant’s bank, tax documents and other sources of financial information, while also automatically approving or denying that applicant based on a vendor’s own parameters.

The solution also focuses on transparency, allowing credit and sales departments to obtain real-time visibility into the credit application and approval process, while also offering support for mobile access and eSign.

“Billtrust knows that every great business journey begins with customer on-boarding,” said Billtrust Executive Vice President of Product Strategy Derek Bluestone in a statement. “The new Billtrust Credit Application helps suppliers leave inflexible PDFs, unseen credit applications and slow validations behind to create a better customer experience and seamless integration with Billtrust’s complete order-to-cash solution.”

He added that the solution “brings together application responses, bank and trade information, company scores, credit reports and internal inputs to provide everything a supplier needs to make an accurate credit decision in one place, further enabling suppliers to reduce risk and positively impact top-line revenue.”

Earlier this month Billtrust announced that its B2B payments platform, Billtrust Payments Network, is approaching 1 million transactions a year after its launch. The solution aggregates vendors and their payment preferences, connecting those suppliers to their corporate customers and financial institutions to support seamless payments experiences for both vendors and suppliers.

In a recent report, “The Trade Credit Dilemma Report,” a collaboration with Fundbox, PYMNTS explored the conundrum of an estimated $3.1 trillion in B2B sales made on trade credit. While offering sales on credit can support expansion for B2B suppliers, the strategy can also expand the risk of late payments or non-payment.