Building Materials Firm US LBM Enlists Billtrust for AR Automation
Aiming to standardize its automated accounts receivable (AR) capability, specialty building materials distributor US LBM has selected Billtrust as its enterprise-wide AR platform.
With Billtrust solutions, US LBM can now provide B2B buyers with more digital payment options at its 400 locations across the nation, according to a Wednesday (Oct. 12) press release.
“Many of our local divisions have already seen AR automation success with Billtrust, and expanding our collaboration supports our growth strategy while driving substantial operating efficiency and improved cash flow,” US LBM Executive Vice President and Chief Financial Officer Pat McGuiness said in the release. “Billtrust offers us an integrated solution which scales and standardizes our processes across the organization while supporting electronic invoicing and payments.”
Billtrust provides cloud-based software for B2B AR automation as well as integrated payment processing solutions. In this newly announced alliance, US LBM will deploy Billtrust’s credit, invoicing, payments and cash application products, according to the press release.
“We are proud and thankful for the trust and belief that US LBM has in Billtrust,” Billtrust President Steve Pinado said in the release. “This enterprise-wide collaboration will enable US LBM to centralize their digital transformation efforts and support strategic growth.”
PYMNTS research has found that automating routine AR processes can be a critical step in addressing the chores within the order-to-cash process.
See also: 72% of Firms Say AR Automation Reduced Operating Costs
For example, among firms that have deployed AR automation, 87% reported faster processing speeds, 79% said it improved AR teams’ efficiency, 75% said it resulted in a better customer experience and 72% said it reduced operating costs, according to the “Working Capital Playbook,” a PYMNTS and YayPay collaboration.
The news of US LBM’s adoption of Billtrust’s solutions comes about two weeks after the announcement that Billtrust has been sold to the investment organization EQT in an all-cash transaction that values Billtrust’s equity at approximately $1.7 billion.
Read more: B2B Payments Firm Billtrust Goes Private in $1.7B Deal
Billtrust founder and CEO Flint Lane said at the time: “We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position.”
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.