Invoice Central, Billtrust’s B2B invoicing and payments network, has been chosen by Mayer Electric Supply, Birmingham, Ala., as their Payment Cycle Management solution. Invoice Central helped Mayer Electric automate and accelerate their receivables, resulting in faster payments, quicker cash application, and increased cash flow.
“Mayer Electric’s challenges are typical of rapidly expanding companies. Manually printing and emailing invoices to customers can be a burden on accounts receivables departments,” said Flint Lane, CEO of Billtrust in a press release. “As their businesses expand, companies realize they need to implement an automated and scalable invoice-to-cash solution that reduces manual labor and frees up valuable resources. Invoice Central addresses the array of needs of each company and the customers they serve to accelerate the invoice-to-cash process.”
“Our DSO is down thanks to Invoice Central,” said Mark Horn, corporate credit manager at Mayer Electric. “Customers are getting their invoices faster and we’re getting paid more quickly. With Invoice Central customers get invoices quickly and they can pay online in a secure environment.”
Mayer Electric Supply chose to work with Billtrust’s Invoice Central to improve their invoicing and offer customers electronic invoice delivery and payment options. Mayer went live with Billtrust in less than 60 days and quickly began leveraging Billtrust’s open invoicing and payment network, giving them the ability to deliver invoices to their customers quicker, track every invoice, and easily accept electronic payments.
As a direct result of implementing Billtrust solutions, 94% of the Mayer customer base is now paying invoices within payment terms. Accelerated invoice presentment has provided significant benefits for both Mayer and their customers. Mayer can present invoices faster, accept electronic payments, receive payments sooner, and the process of applying those payments has been simplified. As Invoice Central is seamlessly integrated with Mayer’s Oracle ERP system, daily payment files are automatically sent to their ERP for instant and automated reconciliation.
Invoice Central increased Mayer’s AR efficiency, while simultaneously increasing customer satisfaction. An easy-to-use, 24/7 self-service portal resonated well with Mayer’s customers, evidenced by a 73% increase in Invoice Central enrollments in 2016 alone.
“We’re able to offer a service to our customers – they’re not just buying from Mayer, but from other supply houses as well. They’re able to pay all of their vendors through Invoice Central for free. That’s a tremendous feature,” said Horn.