PREIT implemented Versapay ARC®, a cloud-based solution that automates the entire invoice-to-cash process: presentment, collaboration, collections, payments and cash application. With the ARC platform, PREIT was able to replace its own payment system, improved tenant relations and ensure PCI compliance.
With ARC, tenants can pay rent, CAM, taxes, and other billings using their preferred method of payment. With 24/7/365 access, tenants are able to review billings and make payments at times that are convenient for them. Now, when issues arise, tenants can communicate with PREIT directly within the ARC platform. This online collaboration leads to issues being resolved faster and ensures there is an audit trail.
Because of the way in which ARC allows the tenant to add a payment method, the PREIT team are kept a safe distance from payment details which ensures compliance in all transactions. With ARC’s in-platform reporting and analytics, PREIT’s credit and collections team is able to figure out where collections issues might occur and proactively solve them.
ARC has made managing PREIT’s receivables more intuitive for both the PREIT team and their tenants. For PREIT, ARC is more than just an AR portal, it’s a tenant portal.