American Express Company (NYSE: AXP) has announced a collaboration with Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments firm, in order to “enable suppliers to streamline acceptance of American Express virtual cards.”
With this integration, suppliers will have the ability “to automate and accelerate virtual card payments from customers while receiving a real-time view of their outstanding invoices and current cash flow.”
Colleen Taylor, President, Global Merchant Services – U.S. at American Express, stated:
“In this current environment of increased demand for goods and services and an accelerated need for efficient payment processes, businesses are moving away from paper-based payments to electronic payments for the greater visibility and speed they provide. While this trend is helping to benefit business buyers and suppliers with faster payments and greater cash flow, it has left some suppliers in need of an automated accounts receivable solution that can keep up.”
As noted in the update, Billtrust’s order-to-cash platform provides suppliers “a complete solution for every accounts receivable (AR) process including credit decisioning, ordering, invoicing, payments, cash application and collections.”
It also includes access “to Billtrust’s Business Payments Network (BPN), which connects suppliers to hundreds of buyer portals and the buyers they represent, allowing unprecedented levels of invoicing and digital payment acceptance efficiency.”
By simplifying and automating B2B commerce, Billtrust “helps companies transition from expensive paper invoicing and check acceptance to efficient electronic billing and payments.”
Flint Lane, CEO, Billtrust, renarked:
“We are proud to partner with American Express to continue to grow supplier card acceptance and improve the digital payments experience. Both Billtrust and American Express recognize the need to support merchants and suppliers in responding to buyer demands for digital payment options. This collaboration brings automation to American Express merchants and suppliers, helping create better outcomes and increased customer satisfaction.”
As covered, American Express is “a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.”
As reported, Billtrust claims to be “a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce.”
According to the firm, accounts receivable “is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based.”
Billtrust further claims that it is “at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections.”
