Billtrust, a B2B accounts receivable automation and integrated payments company, says it delivered over $1 billion worth of supplier invoices to accounts payable portals in 2021.
The Lawrenceville, NJ company announced the milestone in a news release Thursday (Jan. 20), saying it was Billtrust’s largest single annual total and a 58% increase over 2020.
“The dramatic increase can be attributed to increased adoption of Billtrust’s Business Payments Network (BPN), which began to enable invoice presentation on accounts payable (AP) portals in addition to its existing payment and remittance acceptance capabilities,” the company said. “In total, Billtrust delivered around 400,000 invoices to over 175 different AP portals in 2021.”
The company notes that increasing demand from buyers to deliver invoices through their AP portals had created difficulties for accounts receivable (AR) teams and a dramatic increase in manual workloads.
Read more: Billtrust reports a 45% increase in processed transactions as customers increasingly adopt digital AR solutions
Billtrust cites a study commissioned last year that found that 38% of respondents cited “dealing with an increasing number of customer portals” as a top concern. A majority of respondents indicated that their teams interact with 11 to 20 AP portals on average.
“The proliferation of AP portals has increased demand for BPN’s bi-directional capabilities,” said Steve Pinado, President of Billtrust. “We are proud to have reached this important milestone in invoice delivery for our customers and look forward to further accelerating this activity across the B2B landscape. BPN continues to be a key driver in maximizing cash flow while digitally transforming B2B payment acceptance and reconciliation.”
In November, Billtrust reported that it processed $21 billion in customer payment transactions in the third quarter of 2021, up 41% from $14.9 billion a year earlier.
“As the world continues to shift toward e-invoicing and payments, suppliers and buyers need help with that transition,” company founder and CEO Flint Lane said on a conference call at the time. “Companies see an opportunity to achieve significant cost savings and improve collections by digitizing accounts receivable workflows.”