Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments provider, recently announced that PepsiCo has now deployed its automated Credit Application solution “to support the distribution of HARD MTN DEW, a new Mountain Dew-branded alcoholic beverage.”
For the distribution, Blue Cloud Distribution, Inc. (BCD), a wholly owned subsidiary of PepsiCo, needed “to quickly configure a credit solution, where legal, to onboard hundreds of new distributor partners and meet the increased credit demand while complying with varying state requirements.”
By implementing Billtrust’s Credit Application solution, BCD is now focused on “maximizing customer satisfaction, eliminating paper use and achieving 99% of credit application approvals within a day of submission.”
BCD uses Billtrust’s Credit Application “to support other business units.”
Mike Bevilacqua, Senior Director, Credit & Collections, PepsiCo, stated:
“We already process between seven and ten thousand new customers each year with Billtrust Credit Application, but entering a new business offered our team a new set of challenges. We worked hand-in-hand with the Billtrust team to address the complexities of multiple state requirements, each with different terms, and were able to quickly stand up a whole new division within a short timeline.”
Previous to implementing Billtrust Credit Application, BCD’s pain points “included a lack of communication between their sales and accounts receivable teams regarding credit application status, as well as the expense of using at least 40,000 sheets of paper per year.”
With Billtrust, BCD is able “to utilize a dashboard for complete credit application status visibility, can automatically gather bank references and bureau data to decrease the time between customer application and credit approval and make an environmental impact with a paperless process.”
Steve Pinado, Billtrust President, remarked:
“We are pleased to help the Blue Cloud Distribution team navigate through a challenging initiative and help them deliver world-class results, With the tools to predict both customers’ short-term payment behavior and long-term business viability, BCD credit managers have the ability to quickly and accurately make credit decisions that will help their business thrive.”
Bevilacqua expects that Billtrust will continue “to help BCD drive measurable results with customer onboarding.”
Bevilacqua noted:
“The great thing about Billtrust is their honesty – they do what they say they are going to do, while listening and working with you. To me, those are the things that are intrinsic to a long-term relationship.”
As covered, Billtrust claims to be “a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce.”
Accounts receivable “is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based.”
Billtrust claims that 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.”
