Billtrust, Jamesburg, N.J., the provider of outsourced billing services, announced a new release of its EIPP (electronic invoice presentment and payment) product, Invoice Gateway. The new release features an improved user interface and more flexible payment options for both the biller and the bill recipient.
Online bill presentment and payment has undergone significant growth in recent years. In 2001, there were 60 million bills paid electronically. In 2008, the number has grown to 5 billion according to The Tower Group. The new release of Invoice Gateway will help business-to-business companies capitalize on and accelerate this trend.
Invoice Gateway allows bill recipients to visit an online site, which contains the branding of the biller, where they can view, research, print, download, and pay their bills. The benefit to the biller includes reduced bill delivery costs, improved days sales outstanding, reduced costs to process payments, and increased customer satisfaction, Billtrust says.
The changes to Invoice Gateway were driven by research Billtrust conducted among its customer base along with input from its Customer Advisory Council. Says council member Jeff Corrick, vice president of Stoneway Electric Supply, Tacoma, Wash., “I give Billtrust high marks for listening to its customers. These changes demonstrate their deep knowledge of the unique challenges we face in the distribution market.”
“Our goal with this release is to focus on areas that would drive increased usage of Invoice Gateway and further accelerate the growth we have seen in online payment,” says Mitch Rose, vice president of marketing at Billtrust. “The changes make it easier than ever for our customers' customer to manage their billing documents and pay online.”
Billtrust distributes billing documents via a variety of channels, including U.S. mail, e-mail, fax and web. They have helped their customers increase electronic billing and have many customers who are now distributing over 60 percent of their bills electronically. Billtrust was recently recognized by Plant-a-Tree USA with the Great Green Business award for its ability in helping companies go paperless.
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