Billtrust, a payment company, has launched a business-to-business collections product and in a separate transaction, has acquired Second Phase, a software company in Boulder, Colorado.
The new collections program allows users to automate contact management and prioritize accounts strategically.
Billtrust cited statistics saying that 90 percent of American B2B companies reporting late payments by their customers.
“Billtrust Collections not only simplifies the collections process and furthers Billtrust’s mission to streamline the entire order-to-cash lifecycle, but it also elevates the role of the collections professional,” said Derek Bluestone, executive vice president of product at Billtrust. “While the main goal of collections is to ensure the business gets paid, by equipping their analysts with Billtrust Collections, organizations can empower them to not only contribute to the financial health of the company, but to its overall customer experience as well.”
The software allows users to track customers’ historical behavior in order to choose the right approach for collections, among other features.
In a prepared statement, Billtrust executives said the company acquired Second Phase, a software company, for its business to business eCommerce for wholesale distribution companies. “This acquisition allows Billtrust to help further streamline and digitize the order-to-cash experience,” a press release said.
“We are very pleased to welcome the Second Phase team to Billtrust. By adding adjacent functionality, this acquisition enhances our capabilities in the order-to-cash cycle and delivers valuable business outcomes to our important wholesale distributor customer segment,” said Steve Pinado, president at Billtrust.
Billtrust, 1009 Lenox Drive, Lawrenceville 08648. 609-235-1010. Flint Lane, founder and CEO. www.billtrust.com.