Bank fees to pay and receive overseas invoices and payments.
Most banks charge an average of US$20 to wire funds overseas and the receiving banks on average take out a further US$20.
Using the Billtrader Operational Efficiency calculator we estimate that the IP industry is paying over US$50m per year in bank fees that are avoidable.
Billtrader has bank accounts around the world. Invoices are paid and payments are made from a bank account in your country in your local currency avoiding international wire transfer fees.
Cashflow funding costs on extended debtor days.
It is very common for IP firms to wait three to six months to get paid by overseas agents with many firms regularly holding up to half of their annual revenue in unpaid bills.
This can create cashflow headaches and is not sustainable, especially for firms in countries that are net-receivers of work.
Instead of waiting for months to be paid by your overseas agents, Billtrader gives you instant credit for your unpaid bills cutting payment down to one week.
Staff costs to pay, receive, process, reconcile payments.
Another factor that eats into firm profits is the administrative burden of manually entering the volume of invoices from multiple countries and then making and reconciling the payments against each client account.
Billtrader eliminates the need for manual data entry, saving time and staff costs.
Our data capture and automation tools are designed specifically for IP firms to eliminate the process of managing and reconciling invoices to and from multiple countries.
Removing the risk of currency variations.
The IP industry exchanges billions of dollars in foreign currency every year very inefficiently, using outdated technology.
Billtrader uses FinTech to generate forward currency rates, which allows us to give an IP firm the guaranteed price it needs to pay in multiple currencies.
We take the guesswork out of the amount firms need to charge their local clients and protect them from coming up short.
Staff costs related to manual data entry into multiple systems.
The Billtrader platform has been designed for ease of use and flexibility to work as a stand-alone solution for immediate use with options for future integration creating a seamless and efficient process.
The Billtrader Connect API enables IP firms to automate how you get foreign agent bills into your accounting and IP management systems to reduce data entry staff costs and errors.
Billtrader integrates with a range of IP firm accounting and docketing systems at no cost.
To learn more about the benefits, services and pricing of Billtrader,
do not hesitate to contact us.
To learn more about how Billtrader can help you transform your foreign agent payments and receivables
contact our global sales team.
Why IP firms work with Billtrader?
In a nutshell, a feature is something that is part of your product or service, whereas a benefit is the positive effect it will have on your target customers. In other words, features are the facts and figures about your offer, while benefits talk about its impact on your prospects. In this section, tell your target audience what are the valuable advantages that you bring to the table and how they can make a difference to them.
How efficient is your foreign agent payments and receivables?
At Billtrader we’re on a mission to maximise the operational efficiency for global IP firms - we are offering a complimentary analysis of IP firm accounting practices.
Using our Operational Efficiency Calculator and publicly available data we are able to estimate potential cost and efficiency savings across our five pillars of operational efficiency.
A complimentary assessment is then conducted with the relevant data provided by your team and a detailed report is prepared and presented by the Billtrader team.
Why IP firms work with Billtrader?
Billtrader has bank accounts
around the world. Payments are made from a local bank account thereby avoiding international wire transfer fees, by removing
avoidable bank fees.
Reduction of debtor days down to one week
It is common for IP firms to wait
3-6 months to get paid by
overseas agents. Using best-of-breed supply chain finance
solutions Billtrader can cut that
time down to one week.
Billtrader’s data capture and automation tools are designed specifically for IP firms and eliminates the need for manual data entry, saving time and staff costs.