Boston Properties implemented Versapay ARC®, a cloud-based solution that automates the entire invoice-to-cash process: presentment, collaboration, collections, payments and cash application. With ARC, Boston Properties has given its tenants the ability to self-serve. To be able to see their open balances at all times and make payments, eliminating much of the time and effort previously required by the accounts receivable clerks.
“Versapay’s technology improves our tenant experience and is a natural and logical next step.”
Jeff Phaneuf, VP Finance and Planning
With ARC, Boston Properties have been able to set up automatic reminders and alerts to notify tenants when payments are due or past due. This has meant less time chasing small dollars and more time spent on activities that can help Boston Properties grow and scale.
“Versapay has built a robust platform to support commercial real estate companies that will provide self-service and payment options along with a centralized interface for our internal teams.”
Jim Whalen, SVP and CIO/CTO
Payments made via the Versapay ARC platform are applied automatically, reducing the amount of unapplied cash needing to be dealt with manually. With all tenant conversations stored in one easy to access place, communication with tenants has improved and the amount of back and forth between tenants and the AR team has been reduced.
Boston Properties’ AR team now have the time to do the high-value jobs required for the company to succeed, transforming them from a reactive function to a proactive strategic driver.