Versapay Named Among Fastest Growing Companies in North America and Canada on Deloitte’s 2020 Technology Fast 500 and Fast 50

Toronto, ON—November 24, 2020—Versapay Corporation, the leader in Customer-Centric Order-to-Cash solutions, has been named to both Deloitte’s 2020 Technology Fast 500 and 2020 Technology Fast 50 lists, honoring the fastest growing and most innovative technology, media, telecommunications, life sciences and energy tech companies in North America and Canada respectively.

Both rankings are determined based on revenue-growth percentage over a three-year period. This year, Versapay enters both lists for the first time, ranking 233rd on the Fast 500 list and 37th on the Fast 50 list.

Versapay is positioned for continued growth as it continues to strengthen its AR Automation and Integrated Payments offerings for mid-to-enterprise class businesses. Earlier this year, Versapay announced its acquisition by Great Hill Partners and merger with Solupay, a leading US-based payment solutions provider.

“We’re helping organizations navigate the transition to digital payments brought on by growing customer demand and an increasingly remote workplace,” says CEO of Versapay Craig O’Neill. “Our focus is making billing, payment, and online conversation easy for buyers and sellers.”

“We’re pleased to be named among such an impressive cohort of companies and owe this recognition from Deloitte to our amazing partners, customers, and team.”

About the Deloitte 2020 Technology Fast 500 and 2020 Technology Fast 50

Now in its 26th year, Deloitte’s Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2016 to 2019.

The Technology Fast 50™ ranking recognizes the 50 fastest growing Canadian technology companies with the highest percentage revenue growth from 2016 to 2019. Qualifying companies must have headquarters in Canada, have been in business for at least four years, have revenues of at least $5 million, own proprietary technology, and conduct research and development activities in Canada.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $US50,000, and current-year operating revenues of at least $US5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Versapay

Versapay is focused on changing the way companies do business together by offering Customer-Centric Order-to-Cash solutions for mid-market and enterprise businesses. We help our clients offer a superior customer experience, enabling CFOs to accelerate cash conversion, reduce costs, and eliminate paper, checks and manual business processes. Based in Toronto with offices in Atlanta, Cleveland, Baltimore, LA, and Las Vegas, Versapay is owned by Great Hill Partners, a Boston-based technology investment firm.

Should You Use Electronic Invoices? Everything You Need to Know About EIPP

For some people, it’s hard to imagine anyone using paper checks as their main payment method or stuffing envelopes and mailing out invoices to customers. For others, it’s still standard practice. 

With alternatives available today that encourage faster and more efficient invoicing experiences, many businesses still rely on dated processes for their accounts receivable (AR). Why? 

In this blog, we’ll outline Electronic Invoice Presentment and Payment (EIPP) and discuss whether it’s the answer to upgrading your manual invoice-to-cash process. We’ll delve into what EIPP is, help you understand why businesses use it, and ultimately, help you decide if implementing this kind of solution is right for your business.

What is EIPP? 

Put simply, EIPP enables suppliers to give customers an improved payment experience by providing a simple, automated, and secure alternative to the traditional paper-based invoicing process

From beginning to end, EIPP software automates and streamlines business transactions, and allows for the electronic sending of invoices to clients via e-mail or self-service customer portals, enabling your customers to pay you as soon as they receive an invoice. 

EIPP enhances the AR process by offering invoices in multiple formats according to their needs and preferences. These could be via electronic data interchange (EDI), commerce extensible markup language (CXML), PDF, and email. Plus, EIPP integrates with existing web-portals, accounting systems, and cloud software so you can better optimize your invoicing process. 

Why Do Businesses Need EIPP? 

If you’re reading this thinking “Well this all sounds great, but why do I need EIPP? My business’ invoicing process works well enough,” allow me to elaborate. 

Paper-based invoicing—with its postage, envelopes, paper, and printing—is incredibly costly to businesses’ bottom line. The margin for human error in manual invoicing is quite high, with each error from paper invoicing potentially costing over $50 to rectify. In our current climate of economic uncertainty, where maintaining cash flow is critical, you don’t want to be paying these kinds of avoidable costs. 

Paper-based invoicing and the disjointed accounting systems that accompany it make billing and payment incredibly complex and only lead to headaches for finance teams. 

But perhaps most importantly, paper-based invoicing doesn’t fit with the experience customers have come to expect from their suppliers. Expectations from the B2C world have migrated to the B2B world and customers today demand an online, self-service, and electronic payment experience which resembles their experiences as consumers.

An EIPP workflow eliminates the drawbacks of manual invoicing, simplifies the payment process, and improves customer, supplier, and partner relationships as a result. Businesses also see metrics in their aging reports improve after implementing an EIPP solution.

Reducing overhead costs, eliminating potential for human error, speeding up cashflow, and giving customers the experience they demand are all benefits of EIPP, and may give your business a competitive advantage.

Is EIPP Right For Your Business? 

If you’re looking for a way to get your customers paying you faster, EIPP may be a good fit for your business. By delivering a more convenient and personalized invoice presentment and payment method to your customers, you’ll most likely see an improvement in their payment behavior. Your customers will love being able to instantly view and pay invoices in the ways that work for them. 

That’s all well and good for your customers who were going to pay you anyway, but what about the customers who can’t or won’t pay? That’s where EIPP leaves much to be desired

Those customers who are “payment averse” need continuous reminders and follow ups, which is impossible to manage at scale without the right platform in place.

If your collections efforts are a significant pain source for your finance team, it may be worth considering a solution that can provide collaboration and deeper automation features than a basic EIPP solution can offer.

EIPP vs. AR Automation 

An EIPP solution can’t fully solve the challenges faced by a modern AR team. 

Rather, for an EIPP workflow to be best utilized, it should be paired with an AR automation solution that manages collections and payments, allows for real-time collaboration between suppliers and customers, and can intelligently apply cash so your money ends up in the right place every time. Bonus points if a solution can offer these back-office automation features in addition to multi-channel invoice presentment and online payments.

However you choose to invoice customers, implementing an electronic method will be leaps and bounds ahead of manual and paper-based invoicing. And as the world moves further and further towards a remote working environment and we digitize our finance processes, the better positioned we are to ride out uncertainties.

New Findings from IOFM: Why Your Customers’ Billing and Payment Experience Matters for Cashflow

Even in the best of circumstances, managing collections can be a strain for accounts receivable professionals. Throw a global pandemic in the mix, and this process becomes exceptionally difficult as customers are more inclined to hold on to their cash. 

Many businesses looking to ride out this period of economic uncertainty by optimizing cashflow are now turning their attentions to their accounts receivable processes.  

Businesses that rely on manual AR processes often have 30 percent longer average DSO compared to businesses with medium or high levels of automated AR processes, according to PYMNTS’ recent B2B Payments Innovation Readiness Report.  

But, improving cashflow and reducing costs associated with collecting payment goes beyond simply automating back-office AR processes, a new report from the Institute of Finance & Management finds. Rethinking the experience you create for customers throughout the entire order-to-cash lifecycle should be a central concern when looking for ways to improve cashflow. 

What Makes for a Great Billing and Payment Experience? 

The customer experience doesn’t stop once a deal is closed. It’s important to remember that the way you invoice your customers and collect payment matters just as much as the experience you provide pre-purchase. 

Conditioned by the level of personalization and convenience they experience when making consumer purchases, buyers—coming from businesses of all sizes—expect you to provide the following: 

  • An online experience, not one that relies on paper-based processes 
  • Invoices that arrive in the format they choose and are easy to understand 
  • A seamless payment experience that lets them pay via their method of choice 
  • Convenient options set up for making recurring payments, short payments, and paying multiple invoices 
  • The ability to access all their account information and find answers to their questions or concerns—anytime they need it 

This is where you have an opportunity to differentiate your business against competitors, because unfortunately (or fortunately for you) 45% of suppliers are falling short of customer expectations according to a report from Salesforce.  

Taking the steps to improve your customers’ experience couldn’t come at a more critical time—pressures from the economic impact of the pandemic are keeping customer retention top of mind for most businesses. Making it easy for customers to do business with you—at all stages of the order-to-cash cycle—is one great way to keep them happy when it most counts.

IOFM’s new report outlines six ways you can transform your accounts receivable to deliver on customers’ expectations and drive cash conversion. 

The Business Impact of Customer Experience 

Making your customers’ experience across the order-to-cash lifecycle a priority doesn’t just help with maintaining positive customer sentiment—it has significant implications for improving cashflow.  

Removing friction from the billing and payment experience with digital invoicing and payment options and on-demand help for inquiries ultimately gets customers paying you faster. 

Establishing these kinds of digital workflows also goes hand in hand with automating key AR back-office functions like collections and cash application, meaning that you unlock funds that would otherwise be trapped in manual processes. 

While finance professionals seem to be collectively recognizing the value of AR transformation—with 70% of businesses stating they have plans to automate their AR processes according to PYMNTS—IOFM notes it’s important to recognize that not all approaches to AR automation are equal. 

Many businesses focus solely on automating back-office processes without enhancing customer-facing processes—where self-service tools can alleviate support efforts in the first place.  

For businesses to recover from the economic fallout of COVID-19, improving cashflow will be critical. Delivering a digital billing and payment experience to customers is one tool for unlocking cash that you can’t afford to overlook. 

For more insights, you can download IOFM’s report “How Delivering a Better Receivables Experience Can Improve a Supplier’s Cashflow” for free here.

How to Prepare Your Accounts Receivable for the Death of the Check

With our experiences as consumers steadily influencing our expectations as B2B buyers, it’s no surprise that businesses are moving away from checks in favor of digital payments. Can you even remember the last time you wrote a personal check?

According to the Association for Financial Professionals, 36% of all B2B payments received by businesses in 2019 were made via check. This is down more than half from the 75% reported in 2004. 71% of major suppliers also reported that they would look to convert most of their B2B payments from checks to electronic payments within three years.

COVID-19 has been the final nail in the coffin for checks, with paper processes ill-suited for remote working and cash flow now an even more critical priority for businesses. According to a recent report by PYMNTS.com, 83% of businesses were found to have changed their AR processes since the pandemic began, with 83.1% of tech savvy firms receiving more electronic payments than they did before COVID-19.

The declining use of checks has been a trend since long before anyone heard the terms “new normal” or “social distancing” though. In this blog, we’ll examine why that is, and what eliminating checks means for your accounts receivable processes.

What’s Wrong With Checks? 

Where do we start? Checks aren’t the most cost-effective method of collecting payment. Processing a single check can cost businesses between $4–20 on average, according to Bank of America. When you consider the bank fees associated with processing checks, this number gets even higher.

Reducing costs is one of the top drivers motivating businesses to move away from checks, in addition to: 

  • Reducing errors 
  • Reducing fraud 
  • Reducing employee resources and time 
  • Improving cash management  
  • Making AP and AR functions more efficient 

One of the greatest drawbacks to checks—especially in our current economic climate—is how they impede cash flow. Checks can take days to arrive and leave finance teams uncertain as to when payments will be settled. Some of your customers may actually use this flaw to delay payment as long as possible.

Predictability is an important element of cash management now more than ever, so it’s in your best interest to get your customers paying digitally.

The Alternatives Replacing Checks

Checks have all but evaporated from consumer payments, with debit and credit cards taking their place. 

The more traditional electronic payment methods like ACH are used most frequently by businesses—with businesses reporting that ACH credits make up 37% of their overall payments—although these come with their own set of challenges. 

Here’s a brief overview of the alternatives to checks within B2B payments: 

1. ACH 

The pros—ACH payments are more secure than checks, less manual to process, and enable faster settlement times, with most settling within 24 to 48 hours. Many banks have even begun to offer same-day settlements for ACH. 

The cons—The biggest drawback to ACH is the headache these kinds of payments create for cash application, given that remittance information is not captured with its corresponding payment. 

2. Payment Cards 

The pros—With credit and debit, payments get processed instantly, which helps with DSO reduction. Card payments are the most secure form of payment and their instantaneous processing also eliminates any chance of non-sufficient funds on payees’ end. Card payments also bypass the need for manual cash application, given that remittance data always travels with its appropriate payment.

The cons—The downside to card payments is that suppliers must weigh the tradeoff between faster cash and higher costs, due to processing and interchange fees. Processing these payments also requires that businesses invest in the right tech to facilitate and account for them.

3. Payment Networks  

Payment networks are an emerging form of digital payments that connect businesses—through partnering with banks or in some cases bypassing banks in favor of peer-to-peer connectivity—in order to streamline payments. 

The pros—Because payment networks facilitate payments in real-time, you don’t have to worry about reconciling payments with remittance information because these are recorded together automatically.

The cons—Although innovative, the technology behind payer networks is still evolving. The relative newness of these networks also means their application may be limited in some cases to domestic payments only. The ability to process payments in real-time also means incurring higher costs than some other options.  

Why Some Businesses Still Use Checks 

With so many alternatives available, it’s a wonder why any business continues to accept checks.

In many cases customers are interested in paying electronically, but simply haven’t been given the option to easily make payments online. 

The greatest apprehension businesses tend to have towards getting away from checks is dealing with the back-office headaches of matching ACH payments with remittance information and/or the presumed high cost of accepting credit cards. There are easy ways to mitigate both of those challenges: use automation to resolve cash application issues and start to use credit card acceptance as a strategic weapon.

Solving the Back-End Challenges of Receiving Electronic Payments 

There are tools that can manage the re-association of electronic payments with remittance information automatically, even syncing directly with your ERP. Of course, this still requires putting forward some time and investment into making this a straight-through process.

To bypass the problem of matching payment with remittance data completely, have your customers pay you via an online portal. With payments made through a self-serve portal, remittance data is captured at the time of payment and never loses that association.

The Customer-Centric Approach to AR 

When it comes to automating accounts receivable, many businesses take a supplier-centric approach in which they focus solely on their own back-office processes. The issue with this approach is that the workload itself doesn’t shrink—teams simply become more efficient at managing it.

Adopting a customer-centric approach to AR means minimizing the workload where it arises in the first place—customer support, requests and queries. Putting customers in the driver’s seat of their account via a self-service portal minimizes the amount of support required from you, meaning your team is freed up to tackle high-value activities.

Your customers want to pay you the way they pay everything else these days—online. Moving away from checks and giving customers flexible and convenient methods to pay means you get paid faster—which helps improve DSO and accelerate cash conversion as a result. 

Accelerating the Next Generation of Digital Payments: Why We’ve Merged With Solupay

It’s been an exciting few months here at Versapay. Since our acquisition by Great Hill Partners early this year we’ve been working on a number of both big and small company developments, one of which we announced last week. We merged with Solupay, a leading US-based payment solutions provider, and its affiliated companies ChargeLogic and 2CP.  

As a combined company, we can now: 

  • Help every single buyer and supplier get online to simplify doing business together – no matter the size of their business, complexity of their processes, or share of tasks currently performed manually 
  • Digitize AR processes to deliver a better customer experience and improve working capital for any sized organization 
  • Transform offline payments into ‘smart’ transactions that support automation 
  • Simplify acceptance of payments, optimizing cost and settlement times 

So why the new focus on payments? Well, it’s not new.  

Those that have been following the Versapay journey know that we’ve had a hand in payments for a long time. Versapay was founded in 2006 as an electronic payments company before launching our AR Automation and Customer Centric AR software solutions, so enhancing our integrated payments capabilities is a full-circle moment for us. 

Our Mission

We have our sights set on transforming the way companies do business together by making billing and payment easy for buyers and sellers. 

Our merger with Solupay has propelled us to become a payment facilitator. As a Payfac, we can process significant payment volumes at scale, reducing costs and slashing onboarding times for our clients. This also allows us to offer quicker and easier underwriting and better connectivity to payment processors, banks, and AP systems.  

What this means for you is that we can speed up settlement times and optimize costs incurred when accepting payments, including interchange and merchant fees. 

But perhaps the best part is that we can make these payments ‘smart’, meaning we can couple dollars with data to support automation and back office processing.  

“We want to simplify the entire lifecycle of a payment – how it’s invoiced, processed, and accounted for. Too often these workflows are time-consuming and not at all focused on the customer. Eliminating friction between buyer and supplier means your customers will pay you faster—and it’ll cost you less to process that payment,”  

– Bob Stark, Chief Marketing Officer at Versapay

Another pivotal aspect to how we make billing and payment easy for buyers and sellers is by providing a portal that customers will actually want to use. Most AR software focuses on automating manual processes but stops short of helping businesses deliver an excellent customer experience and becoming truly customer-centric. 

We know that providing a great customer experience throughout the order-to-cash cycle is the key to long-term success. We see it firsthand every day. Over 80% of our clients’ customers are actively using our platform, an adoption rate that’s virtually unheard of with other AR solutions. 

“Simplifying invoice presentment and reducing the cost of accepting digital payments are the building blocks for a customer-centric order-to-cash process,” 

– Craig O’Neill, CEO of Versapay

Growing Our Team 

Following the merger, Versapay has grown from a team of 80 to almost 200 employees—and we’re just getting started. To support our product and Go-To-Market goals, we’ll be bringing on a lot of new talent.  

“We’re taking the business to new levels,” says Michelle Riddell, who is our Human Resources Manager based out of the US and has spent 16 years with 2CP and Solupay. “We’ve often talked about how it would be great to grow in this or that area, and to see us being able to go into different markets and have opportunities within our jobs and in the industry to do bigger and better things has been really exciting.” 

If you’re interested in taking on a new challenge and making your mark in the rapidly growing world of FinTech, you can view our open roles here

Next Steps 

This merger is one of many steps we’re taking to help tackle the challenges preventing B2B companies from delivering exceptional customer experiences, while decreasing costs and driving growth. 

Now more than ever, in the age of remote working and social distancing, business buyers want to interact and pay digitally. Businesses are taking note of this shift in buyer behavior, with 70% of firms planning to digitize their AR processes within the next 3 years. 

With the addition of Solupay, ChargeLogic, and 2CP’s people, processes, and platforms, we can help organizations navigate the transition to digital payments successfully—from start to finish. 

Gemaire Distributors

Gemaire implemented Versapay ARC®, a cloud-based solution that automates the entire invoice-to-cash process. With ARC, Gemaire streamlined its AR process, improved communication with its customers, enabled online payment acceptance in the form of ACH, debit and credit card and gained visibility and control over its receivables.

“The Versapay team is a great team that will work with you to the nth degree to ensure your success. And that was what we needed. We needed a partner, and we got that in Versapay.”

John Rebescher, Director of Credit

By utilizing ARC’s single-sign-on (SSO) functionality, customers can seamlessly move between the Gemaire ecommerce and payments platforms. Onboarding new customers is now easy and convenient, enabling Gemaire to deliver an exceptional customer experience from the first interaction.

“Since implementing Versapay, we can see our collections effort get better and better each month. It’s now become a one stop shop for our customers and as a result, we are realizing better cash flow from it.”

John Rebescher, Director of Credit

Communicating to Gemaires’ 8,000+ customers is a breeze using ARC’s notification and messaging center. When the COVID-19 pandemic struck and left many businesses working away from their offices, Gemaire was able to send out messages to all customers, reaching them wherever they were working.

With Versapay ARC, Gemaire is creating a one stop shop for its customers that is not only improving the experience for its customers but improving collections efforts, sales, and cashflow.

Versapay and Solupay Merge to Create Enterprise B2B Payments Leader

Strengthens AR Automation and Integrated Payments for Mid-to-Enterprise Class Businesses

Toronto, ON — October 20, 2020 — Versapay Corporation, the leader in Customer-Centric Order-to-Cash solutions, today announced that it has completed a merger with leading payment services provider Solupay, which will further strengthen its AR automation and integrated B2B payments offerings. The combined company will operate under the Versapay name and under the leadership of Craig O’Neill, current CEO of Versapay. Financial terms of the private transaction were not disclosed.

Solupay enables suppliers and merchants to simplify payment acceptance, deliver click-to-pay invoices and automate receivables processes within modern cloud-based ERPs including NetSuite, Microsoft Dynamics Business Central, and Sage Intacct. With the addition of Solupay, Versapay expands its capabilities to provide best-in-class order-to-cash solutions that drive integrated payments, AR automation, and customer-centric AR for mid-market and enterprise organizations. Since Versapay’s inception in 2006, the Company has grown into a global network of 8,000 clients and 500,000 users driving $10 billion in payment volume annually.

“Simplifying invoice presentment and reducing the cost of accepting digital payments are the building blocks for a customer-centric order-to-cash process. We’re excited to welcome the complimentary capabilities of the Solupay team and its innovative integrated payments and AR automation technology as we seek to better serve businesses through their digital payments transformation,” stated Craig O’Neill, CEO of Versapay.

The union of Versapay with Solupay, which includes Solupay’s subsidiaries ChargeLogic and 2CP, follows the February 2020 acquisition of Versapay by Great Hill Partners, a leading growth oriented private equity firm.

“This merger accelerates the growth of the Versapay network, further empowering mid-market organizations to digitally transform payables and receivables functions. We look forward to continuing our support for Craig and the combined company as they relentlessly execute on their category-defining vision,” stated Matt Vettel, Managing Partner, Great Hill Partners.

“Versapay’s invoicing and payments solutions are a breath of fresh air. Our customers appreciate the self-service features, enabling them to manage their payables and back-office processes effectively,” stated Ashok Vantipalli, CIO of TireHub. “With the announcement of this merger, it is exciting to see Versapay further innovate and expand its footprint in B2B payment processing.” 

About Versapay

Versapay is focused on changing the way companies do business together by offering Customer-Centric Order-to-Cash solutions for mid-market and enterprise businesses. We help our clients offer a superior customer experience, enabling CFOs to accelerate cash conversion, reduce costs, and eliminate paper, checks and manual business processes. Based in Toronto with offices in Atlanta, Cleveland, Baltimore and Las Vegas, Versapay is owned by Great Hill Partners, a Boston-based technology investment firm.

How to Solve Common Cash Application Challenges with Automation

The constraints COVID-19 has created have accelerated an already trending movement away from checks for businesses. AFP’s 2020 Payments Survey found the percentage of B2B payments made by check was at 42% in 2019, nearly half of what it had been in 2004.

With increased digital transformation comes more opportunity for efficiency. But, for cash application, the emergence of electronic payments has actually made the process more difficult. With information coming from more channels (ACH and online, in addition to lockboxes), this means more work for your accounts receivable team.

We’ll break down three common cash application challenges AR teams face and how you can solve them with automation. 

  1. Working with Various File Types
    While many organizations look to lockbox services to increase efficiency by leaving the processing of checks with the bank, they can spend a fortune on key-in fees and other associated costs. The bank lockbox files themselves introduce an additional challenge as they can be formatted several ways. Some are image-based files while others are keyed data files.

    When electronic payments come in, they may or may not come with the remittance information you need. Supplementary files are often needed, which can come via a variety of formats and channels—everything from Excel and EDI files to images and web portals. Pulling out the necessary data from all these sources can be very time-consuming if you haven’t found a way to automate this process.

    A tool built to automatically extract and aggregate data from a wide array of remittance file types makes working with all these data sources much easier.
  1. Digitizing Remittance Information
    Once you have the remittance data, formatting issues like blurred images, multiple columns and pages, and missing characters present a challenge for cash application. When automating the process of matching remittance information with invoices, it’s important not to over-match and potentially make false matches.

    Accommodating for these issues goes beyond simple Optical Character Recognition (OCR). To best match the remittance data to invoices, you’ll need a tool that makes decisions based on logic informed by extensive knowledge of the field.
  1. Matching Payment Flexibility
    Customers don’t all pay in the same way. Some organizations have customers that might be paying on invoice, and some might pay on purchase order, sales order, or item. Short payments and deductions—and the rules accompanying them—also make for an added level of complexity in matching remittances to invoices.

    A cash application tool that provides flexibility around how customers pay you and considers the various rules around deductions your business needs is the best way to automate the matching process.

Is it Possible to Automate 100% of the Cash Application Process? 

Because payments made online (through a dedicated portal or payer networks—which are emerging increasingly) enable remittance information to be captured at the time of payment, it’s possible to automate 100% of the cash application process.

With around half of B2B payments still being made offline, there’s still the question of how to automate those traditional payments. You effectively solve this issue when you have a solution that can aggregate and auto-match the remittance data for checks, ACH, and lockboxes while also enabling more of your customers to pay you online.

To achieve complete cash application automation, you should maximize your acceptance of online payments, alongside automating your matching of traditional payments.

Unlocking Savings and Cash Flow 

Minimizing the tedium of cash application means freeing up your AR team to focus on other, more high-value activities like collections, contributing to DSO reduction as a result.

In giving your customers flexible payment options—by being equipped to easily handle cash application for all of their preferred payment methods—you make it easier for them to pay you which in turn motivates them to pay faster, accelerating cash conversion.

The disruption of manual and paper-based payment processes was well under way before COVID-19 happened and will definitely endure after. Making the shift towards online payments is not only great for future-proofing your business, but also for simplifying cash application.

To learn more about how you can simplify the cash application process for your AR team, watch our webinar “Solving the 3 Key Cash Application Problems” hosted with Cashbook, now available on demand.

The Better Way To Manage Sales Discounts With AR Automation

Offering your customers sales discounts on their purchase orders is a great way to incentivize early payments. But, managing and accounting for them can mean added work for your finance team. Although cash discounts are designed to be a win-win for you and your customers, they can actually be extremely costly when not managed effectively allowing customers to abuse payment terms and grace periods.

It’s clear that the way suppliers manage sales discounts needs to change. Suppliers want an easy-to-use solution that automatically applies discounts to customer orders and accounts for them during the order to cash process, all while making it easy for their customers to know exactly what they owe. This is made possible with intelligent collections capabilities.

Transforming Sales Discount Management

Transforming how your finance team manages sales discounts starts with implementing a technology solution that eliminates the manual work required of your finance team. Enter accounts receivable (AR) automation! With the right AR automation platform—with intelligent collections capability—your finance team can more accurately apply sales discounts and build customer reports with reliable data.

Here are four ways intelligent collections software will enhance how your team manages sales discounts:

  1. Empower Your Team and Customers with an Online Portal
    With AR automation, both your finance team and your customers benefit from access to an online portal. For your finance team, this means they can better manage sales discounts and more confidently make decisions surrounding items like credit worthiness. For your customers, an online portal means increased visibility into payment deadlines and what discounts are available to them. This also eliminates instances of unearthed cash discounts for suppliers and prevents customers from saying “Oh, my check is in the mail!” when trying to abuse discount grace periods. Online portals remove the need for grace periods altogether, as discounts are instantaneous. 
  1. Help Suppliers Determine Eligible Discount Payment Methods
    Intelligent collections software allows your organization to be more flexible when accepting payment, allowing your finance team to optimize for their preferred – or their customers’ preferred – payment methods for discount eligibility. Your finance team will have the autonomy to choose the method that will lead to the fastest payment for your business and best experience for your customers.
  1. Reconcile Discounts Automatically 
    One of the biggest challenges of offering sales discounts occurs when reconciling and posting discounted transactions to the appropriate ledgers and accounts. Intelligent collections software, however, automatically reconciles all sales discounts accordingly. Your team will be more productive with their time as they’ll no longer be responsible for manually accounting for each customer discount.
  1. Communicate Discount Terms at Every Touchpoint
    AR automation software allows your finance team to deliver clear and powerful reminders at every customer touchpoint to compel your customers to pay you faster. Emails, notifications, reminders, on invoice messaging, and in portal pop-ups can be used to encourage your customers to take advantage of the discount incentives available to them and pay ahead of the agreed upon due date.

If you’re looking to improve the sales discount experience for your customers and finance team, an AR automation platform with intelligent collections software—such as Versapay ARC—will get you there. We designed ARC with your customers in mind and to make it easy for them to know exactly what they owe. Our intuitive approach to accounts receivable automation has empowered thousands of finance teams and their customers to transform their collections process and take back control of their time.

To learn more about Versapay, contact us today.

New Collections and Collaboration Tools Helps Versapay Drive Customer-Centricity in Accounts Receivable

Toronto, ON – September 9, 2020 – Versapay Corporation, the leader in Customer-Centric Order-to-Cash solutions, announced new features to support customers challenged by COVID and ongoing economic uncertainty.

Versapay’s Electronic Cash-on-Delivery (eCOD) presents customers an intuitive self-service payment portal to accept online payments, trigger order fulfillment, and enhance buyer-supplier communications. On-delivery collections have increased in popularity yet present many COVID-related challenges. By offering flexible payment methods, eCOD eliminates the exchange of cash and checks, reduces disputes, accelerates delivery, and automates cash application. 

Suppliers offering early payment discount programs to their customers will benefit from Versapay Incentives, featuring online calculation and presentment of payment incentives and straight-through reconciliation to the ERP. “Customer research uncovered how early payment discounts were often overlooked or improperly applied, creating additional friction between suppliers and buyers,” shared Bob Stark, Chief Marketing Officer at Versapay. “Our clients want to accelerate collections so removing barriers to process early payments is critical to drive working capital improvement.”

Versapay’s Document Manager allows suppliers to securely share documents, settle disputes, exchange messages and initiate mass communication with multiple customers or divisions. The online collaboration tool streamlines back-office operations, offering productivity enhancements over manual email processes.

“COVID-19 has presented numerous difficulties for CFOs and accounts receivable teams burdened by paper-based and manual processes. Versapay responded to our clients by introducing online capabilities to simplify collections, disputes, collaboration, and payment, offering suppliers multiple levers to free trapped cash within their receivables process,” commented Craig O’Neill, CEO of Versapay.

About Versapay Corporation

Versapay is focused on changing the way companies do business together by offering Customer-Centric AR Automation and Order-to-Cash solutions for mid-market and enterprise businesses. We help our clients to offer a superior customer experience, enabling CFOs to accelerate cash conversion, collaborate online, and eliminate paper, checks and manual business processes. Based in Toronto with five offices across the US, Versapay is owned by Great Hill Partners, a Boston-based technology investment firm.