Speaker 1 (00:00): Life in accounts receivable is full of challenges. It's the day in, day out, manual, time-wasting tasks that frustrate our AR staff, as well as our customers. The ongoing payment reminders, requests for resending invoices, matching payments to invoices, plus the time to investigate, it's all the unnecessary back and forth, and ultimately the impact on customer satisfaction and day sales outstanding. We had to rethink our invoice to cash process, including AR. Speaker 1 (00:30): Versapay Arc is a cloud-based, AR automation platform that, well, helped us rethink, and fast-forward our invoice to cash cycle. It eliminated those tedious processes and low value tasks and eliminated a lot of our collections activities. It takes care of presenting invoices, tracking delivery, managing disputes, resolving questions, collections management, secure payment collection, matching, and finally posting of payments back to our ERP, automatically. We now have instant insight into aging invoices and real-time collaboration with individual customers and across teams. We've reduced costs and provided a better overall experience for our customers. Plus, we get paid faster. Speaker 1 (01:14): Versapay Arc was built to automate five key pillars in the invoice to cash cycle. First, is invoice presentment. All of our invoices are delivered via intelligent email, giving us delivery confirmation and insight, such as delivered, opened, and viewed. Our customers can access all invoices 24, seven through their own self-service portal. Versapay supports all delivery options, including paper, email, fax, online and EDI/ AP connections, so everyone is covered. With intelligent email reporting, we can finally see if our customers have received our invoices, who viewed them, and when. Speaker 1 (01:54): The next pillar is collaboration. Communication is often fragmented, back and forth, buried in an inbox, and eats up a lot of time. That's what contributes to all the delays. Versapay Arc puts it all in one place. So it's easy to get everyone up to speed. Collaboration with our customers and internal teams is now real-time. Follow-ups, alerts, activity tracking. It's all there. Our customers now enjoy self-service, access invoices, and any supplementary documents, such as bill of lading, proof of delivery, time sheets, contract, tear sheets. These represent supporting information some customers require in order to pay invoices. It's easy for them to communicate, comment, and ask questions. Disputes can be tracked, along with next steps. Speaker 1 (02:43): Next is payment. Versapay Arc provides our customer with a simple, safe, and secure platform to make payments in multiple payment methods and types. Auto payment is a breeze to set up, Versapay Arc manages credit card and bank account data securely. So we don't have to about PCI compliance. Cash application is a key pillar of the platform for our business. Versapay Arc takes the guesswork out of matching payments to invoices and eliminates costly lockbox and manual keystrokes out of cash application. So I eliminate errors and save time in the process. I can reconcile online payments automatically, including credit cards, ACH, and EFTs, as well as offline payments. I now deal with fewer payments with no remittance information and spend less time trying to figure out how to apply them. Thanks to Arc's automated cash application. Speaker 1 (03:36): Underlying all of this, is the final pillar of the platform and one of the most powerful. Insight into our accounts receivable, our CFO, controller, credit card manager, collector, and even our sales reps can instantly see information at the individual customer level by division or even a consolidated view across the entire customer base. Metrics include DSO, receivables aging, delinquent accounts, and many others. Instead of having multiple tools and systems Versapay Arc is one system, easy to integrate and easy to use. Automating all of our AR tasks. To request a demo, visit versapay.com/demo.