“Our chief aim is to deliver efficient, reliable IP management solutions through our accessible software. By integrating Billtrader into our system, subscribers can manage intellectual property processes from one location to offer an unparalleled overview from start to finish, maximizing efficiency and simplifying user interaction with the system. “We are constantly looking for new ways to enhance our subscribers’ experience. After receiving feedback from clients wanting to better integrate our service with other complimentary IP management services, we saw a great opportunity to further streamline processes for clients by incorporating Billtrader into the system.” Justin Gallagher, Founder and Executive Chairman of Equinox
How does the integration work?
The Billtrader/Equinox IPMS integration enables our mutual clients to automate their foreign agent accounts payable processes.
Step 1: Foreign bills are uploaded to Billtrader, and the relevant invoice and reference data is captured and pushed into Equinox IPMS, thus removing the need for manual data entry.
Step 2: When foreign bills are due for settlement a single local currency payment is made into a local Billtrader bank account. Billtrader then distributes the funds to the foreign agents and sends them a remittance advice.
Step 3: The foreign bills are marked as paid in Equinox IPMS, matching important reference data including matter numbers, to streamline reconciliation.
“We are delighted to be launching this integration with Equinox IPMS. Our invoice capture and automated payment tools are designed specifically for IP firms looking for seamless integration into their accounting and IP management systems.
“Equinox IPMS is at the leading edge of online IP management systems. We are delighted to be collaborating with the professional team at Equinox to deliver these efficiencies and cost savings to their subscribers.”
Justin Simpson, CEO and Founder of Billtrader
Maximising IP firm operational efficiency
The cost and complexity related to managing payments and being paid by foreign agents has long been a challenge for IP firms. It is clear there are aspects of an IP firm’s accounts payable or accounts receivable process that could be more efficient and there is a significant potential cost savings opportunity.
At Billtrader we’re on a mission to maximise the operational efficiency of global IP firms. We do this across five pillars of operational efficiency.
Cost efficiency – We have bank accounts around the world, so payments are made from a local Billtrader account thereby avoiding international wire transfer fees.
Operational efficiency – Our data capture and automation tools are designed specifically for IP firms eliminating the need for manual data entry, saving time and staff costs to pay, receive, process, and reconcile payments.
Cashflow efficiency – Instead of waiting for months to be paid by your overseas agents, Billtrader gives you instant credit for your unpaid bills, cutting payment times down to one week.
Currency risk – We use FinTech to generate forward currency rates, which allows us to give an IP firm the guaranteed local currency price it needs to pay multiple foreign bills, removing the risk of currency variations.
System integration – Our Billtrader Connect API enables IP firms to automate how you get foreign agent bills into their accounting and IP management systems, to reduce data entry staff costs and errors.
For more information and to arrange a demo of the Equinox IPMS and Billtrader integration please contact [email protected].
Get in touch to schedule an obligation-free Operational Efficiency Assessment and platform demo
To learn more about how Billtrader can help you transform your foreign agent payments and receivables contact our global sales team.