Toyota Material Handling (TMH) has teamed with Billtrust to provide 230 dealers with access to the latter firm’s invoicing, collections, payments and cash application software in addition to the Business Payments Network, according to a Tuesday (Dec. 8) announcement.
TMH Director of Dealer Development Anne Ewing said in the announcement that it is pivotal for the company’s dealers to harness the present day’s virtual and automated payment offerings.
“This partnership provides them with world-class accounts receivable and B2B payments capabilities, enabling them to expand their businesses by maximizing efficiencies, improving cash flow and getting paid faster,” Ewing said.
Toyota Material Handling provides a complete collection of material handling items that are put together in the United States such as reach trucks, forklifts, pallet jacks, order pickers, automated guided vehicles, container handlers and tow tractors.
It also provides fleet management offerings and aerial work platforms in addition to “advanced automation engineering and design,” according to the announcement.
Billtrust offers cloud-based software and integrated payment processing offerings that digitize and streamline business-to-business (B2B) trade. The company provides offerings that encompass credit decisioning and monitoring to invoicing and collections, among other areas.
A perfect shift of market migrations catalyzed by the coronavirus has reshaped the B2B payments landscape for good.
Billtrust CEO and Founder Flint Lane showcased three shifts that are spurring significant change in the industry, including the accelerated digitization of accounts payable (AP) and accounts receivable (AR).
Those in the AR field who are telecommuting could no longer run credit cards from their desks or retrieve paper checks in the mail, while a further deceleration of the postal system brought on even more friction to the paper check and brought about longer days sales outstanding (DSO).
Organizations at a wider level started to fully comprehend the largest challenges of their B2B payments workflows — and today, as Lane recently told PYMNTS, they are also starting to understand how to solve them.