News Feed Item

Billtrust launches Virtual Card Capture for effortless, automated virtual credit card acceptance

New solution dramatically improves efficiency and automates the cash application process for emailed credit card payments

HAMILTON, N.J., Feb. 16, 2017 /PRNewswire/ -- Billtrust, the leader in payment cycle management, announced today the release of Virtual Card Capture.  This powerful new solution addresses a growing problem for accounts receivable departments. Increasingly, buyers are sending payments via email with one-time use credit cards, often called virtual cards. These are expensive to manage and create a huge burden for resource strapped organizations.

Medela, a market-leading medical supply company, partnered with Billtrust to automate 100% of the virtual card payments being sent to them by over a dozen banks and accounts payable providers using Virtual Card Capture.

"We saw the number of emailed virtual card payments increasing year over year; it wasn't something that was going away, and the volume was becoming difficult to handle," said Tina Schneider, Manager of Credit & Accounts Receivable at Medela. "Prior to implementing Billtrust's Virtual Card Capture solution, we keyed thousands of emailed virtual card numbers into our ERP manually. Each email was unique in where and how pertinent information was placed, making the process that much more time-consuming. Now that the process is automated, we have been able to reallocate resources to better support the business."

Until now, the process for accepting virtual cards was a highly manual process. Upon receiving a virtual card payment, suppliers like Medela retrieved payment instructions from a third-party portal, manually keyed a card number into a terminal and then applied the remittance details into their ERP. While traditional straight-through-processing, or "STP," offerings automate the delivery of funds to a supplier's bank, none currently address the need to seamlessly match payments to open invoices in an ERP without requiring manual effort.

With Virtual Card Capture, payment instructions sent by banks and accounts payable platforms are re-routed to Billtrust for processing. Funds are deposited into a supplier's bank on the next business day and the remittance is consolidated across all payment sources and matched to open invoices in any ERP.

According to James Clark, a senior analyst at Aite Group: "Efficiently processing virtual card payments from multiple trading partners is a true pain point, one that has caused some companies to reassess their willingness to even accept payments via card. By automating the process of receiving and processing these payments, Billtrust is taking a significant step in broadening electronic payment adoption."

In addition to offering the Virtual Card Capture solution directly to suppliers, Billtrust has begun working with issuers, banks, and accounts payable platforms to extend the capabilities within their own supplier networks.

"We're focused on making Virtual Card Capture a tool for the entire industry," stated Rory Byrne, Executive Vice President of Business Development at Billtrust. "Solutions like this enable issuers to balance the needs of suppliers with their own, while ultimately providing a win for their mutual customer - the payer."

For more information on Virtual Card Capture, visit www.billtrust.com/virtual-card. You can also join our Twitterview event on Thursday, February 23 at 2pm EST. Follow the hashtag #VirtualCard.

About Billtrust: Billtrust accelerates cash flow by automating invoice delivery, invoice payment, and cash application. Companies can improve operational efficiency throughout the invoice-to-cash process with electronic invoicing and payments in a flexible, cloud-based solution. Finance executives and AR specialists love and recommend Quantum, Billtrust's payment cycle management solution, for the remarkable cost savings, ease-of-use, and improved customer satisfaction rates.

Want to know what Billtrust can do for you? See how these clients achieved stellar results: http://www.billtrust.com/clients/testimonials/.


To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/billtrust-launches-virtual-card-capture-for-effortless-automated-virtual-credit-card-acceptance-300408695.html

SOURCE Billtrust

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
"Storage is growing. All of IDC's estimates say that unstructured data is now 80% of the world's data. We provide storage systems that can actually deal with that scale of data - software-defined storage systems," stated Paul Turner, Chief Product and Marketing Officer at Cloudian, in this SYS-CON.tv interview at 17th Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...