Billtrust Surpasses $100 Billion in Payments Volume in 2022 Amid Strong Growth

Rhea-AI Summary

Billtrust achieved a significant milestone, surpassing $100 billion in payments volume for 2022, reflecting a 35% year-over-year increase. The company’s client base grew to over 2,400 customers, demonstrating enhanced digital adoption amid economic challenges. Key developments included the acquisition of Order2Cash, collaborations with American Express (AXP), and recognition by G2 as a leader in accounts receivable automation software. CEO Sunil Rajasekar highlighted digital transformation's role in increasing cash flow and reducing reliance on traditional payment methods.

Positive

• Surpassed $100 billion in payments volume in 2022, up 35% YOY.
• Client base expanded to over 2,400 customers.
• Acquired Order2Cash, enhancing European presence.
• Collaboration with American Express to streamline virtual card acceptance.
• Recognized as a leader in accounts receivable automation by G2.

Negative

• None.

35% YOY Increase Reflects Increased Digital Adoption in an Economic Downturn

LAWRENCEVILLE, N.J., March 30, 2023 /PRNewswire/ -- Billtrust, a B2B accounts receivable (AR) automation and digital payments market leader, surpassed $100 billion in payments volume in 2022, a 35% year-over-year increase and a first for the company. In addition, with CFOs and finance leaders seeking to bolster their financial resilience amid an economic downturn, Billtrust's client base grew to exceed 2,400 customers globally, as Billtrust enabled them to present over 423 million bills to 13 million buyers.

"More companies are turning to Billtrust to fortify their businesses through an AR digital transformation."

"More companies are turning to Billtrust to fortify their businesses through an accounts receivable digital transformation," said Sunil Rajasekar, Billtrust CEO. "Not only does creating a new generation of B2B digital payers support CFOs and other financial professionals by allowing them to maximize and forecast cash flow, it reduces dependence on paper checks and the U.S. mail, helping to future-proof businesses as uncertain times continue."

Other 2022 highlights include:

• Billtrust acquired Netherlands-based Order2Cash, a leading B2B order-to-cash platform provider. The acquisition, completed in February 2022, followed the October 2021 purchase of iController and broadened the company's European footprint, global presence and ability to expand its innovative Business Payments Network (BPN).
• Coupa Software, a leader in business spend management, joined BPN as a provider. It also joined the Billtrust Partner Program where Coupa can refer businesses to Billtrust's complete order-to-cash solution.
• Billtrust expanded its BPN provider relationship with KeyBank to include B2B invoice delivery in addition to capturing payments and processing remittance data through its first-of-a-kind digital lockbox.
• American Express Company (NYSE: AXP) announced a collaboration with Billtrust to enable suppliers to streamline acceptance of American Express virtual cards.
• G2 named Billtrust as the overall Leader in the G2 Grid® Report for Accounts Receivable Automation Software for Winter 2022. Billtrust was also rated as G2's only Leader in the Best Accounts Receivable Automation Software for Enterprise Businesses category and the overall Leader in the Best Accounts Receivable Automation Software for Medium-Sized Businesses category.
• Billtrust achieved a number of key customer wins including PepsiCo successfully deploying its automated Credit Application solution to support the distribution of HARD MTN DEW, a new Mountain Dew-branded alcoholic beverage.
• Billtrust was acquired in mid-December 2022 by EQT, providing the company with resources and flexibility to build on its leadership position.

About Billtrust

Billtrust is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. The order-to-cash process is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of the order-to-cash process, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.

Media Contact
Paul Accardo
PR@billtrust.com

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SOURCE Billtrust

FAQ

What was Billtrust's payments volume in 2022?

Billtrust surpassed $100 billion in payments volume in 2022, marking a 35% year-over-year increase.

How many customers does Billtrust have?

Billtrust's client base has exceeded 2,400 customers globally.

What is the significance of the acquisition of Order2Cash by Billtrust?

The acquisition of Order2Cash enhances Billtrust's European presence and capabilities in the accounts receivable space.

What collaboration did Billtrust announce with American Express (AXP)?

Billtrust announced a collaboration with American Express to streamline the acceptance of American Express virtual cards for suppliers.

How was Billtrust recognized in 2022?

Billtrust was named a leader in the G2 Grid® Report for Accounts Receivable Automation Software for Winter 2022.