PepsiCo Taps Billtrust's Automated Credit Application Solution in Launching the Distribution of Hard Mountain Dew
Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, announced today that PepsiCo has successfully deployed its automated Credit Application solution to support the distribution of HARD MTN DEW, a new Mountain Dew-branded alcoholic beverage. For the distribution, Blue Cloud Distribution, Inc. (BCD), a wholly owned subsidiary of PepsiCo, needed to quickly configure a credit solution, where legal, to onboard hundreds of new distributor partners and meet the increased credit demand while complying with varying state requirements.
By implementing Billtrust's Credit Application solution, BCD is now maximizing customer satisfaction, eliminating paper use and achieving 99% of credit application approvals within a day of submission. BCD uses Billtrust's Credit Application to support other business units.
"We already process between seven and ten thousand new customers each year with Billtrust Credit Application, but entering a new business offered our team a new set of challenges," said Mike Bevilacqua, Senior Director, Credit & Collections, PepsiCo. "We worked hand-in-hand with the Billtrust team to address the complexities of multiple state requirements, each with different terms, and were able to quickly stand up a whole new division within a short timeline."
Previous to implementing Billtrust Credit Application, BCD's pain points included a lack of communication between their sales and accounts receivable teams regarding credit application status, as well as the expense of using at least 40,000 sheets of paper per year. With Billtrust, BCD is able to utilize a dashboard for complete credit application status visibility, can automatically gather bank references and bureau data to decrease the time between customer application and credit approval and make an environmental impact with a paperless process.
"We are pleased to help the Blue Cloud Distribution team navigate through a challenging initiative and help them deliver world-class results," said Steve Pinado, Billtrust President. "With the tools to predict both customers' short-term payment behavior and long-term business viability, BCD credit managers have the ability to quickly and accurately make credit decisions that will help their business thrive."
Bevilacqua expects that Billtrust will continue to help BCD drive measurable results with customer onboarding. "The great thing about Billtrust is their honesty - they do what they say they are going to do, while listening and working with you," said Bevilacqua. "To me those are the things that are intrinsic to a long-term relationship."
Billtrust is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the benefits and synergies that may be realized by Billtrust ("the Company") and BCD as a result of the partnership. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including Billtrust's and BCD's ability to realize the anticipated benefits and synergies of the partnership. There may be additional risks the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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