If a customer doesn’t pay their bill on time, what happens next? The most efficient electronic invoice solution will automate collecting past due payments on your time schedule.
The BillTrust and CenPOS EBPP blog series highlights product differences to help business to business companies select the best e-invoicing solution. Each company serves the electronic bill payment and presentment marketplace, but how they accomplish the goal is very different. Each article will address one specific item of interest.
For the example merchant* using BillTrust, what happens if the previously sent invoice is not paid? Statements are sent on the first of the month. An invoice issued July 27, 2012 will generate a statement on August 1 if still unpaid, and then again on September 1.
With CenPOS, the merchant decides how many days after the invoice is delivered that a reminder be sent. If the merchant wants reminders sent in 10 days, then the July 27 invoice would get a reminder in 10 days if unpaid.
Thinking of the common “30 day terms” customer, comparing a monthly reminder cycle, the BillTrust customer in the example gets a statement reminder 3 days, 33 days, 63 days or other variables. The CenPOS customer on a 30 day reminder cycle receives an invoice reminder 30 days, 60 days, 90 days etc.
As per the last article, the Billtrust customer must login to pay the invoice, while the CenPOS customer also receives a pre-filled payment object which clicks to a custom secure page for invoice payment. The CenPOS customer may optionally login to their portal to view and pay multiple invoices.
BILLTRUST EMAIL BODY EXCERPT- STATEMENT REMINDER:
CENPOS EMAIL BODY EXCERPT- INVOICE REMINDER:
*I do not have first hand knowledge of all the possible custom integrations for BillTrust and all articles reference a specific merchant/customer experience in addition to published information. Contact BillTrust directly for their most current capabilities.
CenPOS is a fast growing payment processing platform that works with your existing payment processors. Because CenPOS EBPP is continually evolving to further enhance customer and merchant experiences, contact us for the latest information for your specific needs.