Billtrust, a payment cycle management firm, has rolled out its latest offering known as Virtual Card Capture that improves efficiency and automates cash application process for emailed credit card payments.
The new solution is claimed to address a growing problem for accounts receivable departments who receive payments through email with virtual credit cards from buyers. These are not only costly to manage but also create a huge burden for resource strapped organisations.
Now payment instructions sent by banks and accounts payable platforms are re-routed to Billtrust for processing through Virtual Card Capture.
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.
The new solution has lessened the burden of acceptance of virtual credit cards which was earlier a highly manual process, according to the company.
Billtrust executive vice president of business development Rory Byrne said: “We're focused on making Virtual Card Capture a tool for the entire industry.
“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."
Besides providing the Virtual Card Capture solution directly to suppliers, Billtrust has started working with issuers, banks, and accounts payable platforms to extend the capabilities within their own supplier networks.