What do social media and accounts receivables have in common? Up until now, you’d be right in thinking the answer was ‘not a whole lot’. Which was a problem. The principles of social media – the real-time creating and sharing of information and online collaboration – is exactly what modern AR departments need to succeed.
“By and large, the AR process is very inwardly focused, which sounds kind of strange because it’s about collecting money from customers,” our CEO, Craig O’Neill, explains in the recently released Accounts Receivable Automation Report from PYMNTS.com and American Express. “It really doesn’t do a good job of communicating with, collaborating with and solving problems for customers.”
In the report’s feature story, Craig explains how VersaPay’s AR platform, ARC®, uses a social media framework to increase transparency and foster greater collaboration between buyers and sellers. Imagine a world where your interaction with customers no longer requires you to monitor email messages, add notes in a collections database and tracking customer profiles in your ERP.
The report also details the News and Trends in AR Automation as well as takes a deep dive into accounts receivable frictions and how technologies like AI can automate and accelerate processes.
Click here to read the report.