VersaPay Reviews & Pricing

by VersaPay | Founded 2006, Toronto, Canada

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Overview Benefits Reviews Features

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What is VersaPay?

Industry Specialties: Logistics, Transportation, Manufacturing, Wholesale, Commercial Real Estate

VersaPay is a cloud-based accounts receivable automation solution that modifies order-to-cash process which includes automated collection, cash application, electronic invoicing, online collaboration. Acquired by Green Hill Partners in December 2019, it connects AR teams with the users on the cloud to boost the company's cash flow. It provides a self-service portal which allows customers to access their invoices, make payments and collaborate in real time.

Users can access further client information, invoicing and payment data through the supplier and customer portal. Once there, they can check, handle and take action for all the AR processes like collection management, cash application, dispute collaboration, payment management. Consumers have the flexibility to handle AR activities anytime anywhere. The need for calls and emails is minimized by real-time notifications which solves customer’s grievances immediately.

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VersaPay Benefits and Insights

Why use VersaPay?

Key differentiators & advantages of VersaPay

Flexible Payment Options: Provide customers with the flexibility to pay invoices instantly with various payment options like electronic funds transfer, automatic clearing house payments or credit card payment.
Gain Insight: Get actionable insights into user’s interaction and AR activity and performance with real-time data and crucial criterion and user behaviour analyzing technology.
Self-Service: Users can see, check and clear invoices with a self service customer portal.
Greater Security: Ensure customer’s sensitive data is safe and securely managed with PCI Level 1 certified solution.
Smarter Collection: Automate invoice to cash process and other tools to make the collection process quick and efficient.

Industry Expertise

It’s suitable for multiple industries like logistics, transportation, manufacturing, wholesale distribution, business services, and commercial real estate.

Key Features

Invoicing: Create invoices, statements and supporting documents depending on customer wants and whether its an online and offline format. Provide multi-channel delivery options to the customers and give them the freedom to choose between email, online, print, EDI or AP portal. Keep tabs on the receipt and delivery to ensure that the information goes where it’s needed. Electronically link invoices to the relevant document, and help consumers access the right information. Send out consolidated, individual or monthly statements to the users. Get an insight into the status of the invoice and make a well-informed decision. Provide users and team with real-time status of the accounts. Allow accessing the information like payment history, pre-payments, current invoices through supplier and customer portal. Customize the design and layout of the invoices to enhance consumer experience.
Collection: Improve DSO and gain visibility, insights and boost collaboration. Automate collection work and get expected payment behaviour by segregating customers and customizing communication. Get a real-time global view of outstanding receivable which can be easily synchronized with the ERP. Build a scalable AR process by automating time-consuming tasks. Enhance communication with users with customized notifications and reminders. Resolve consumers problems by including a sales representative, service team and shipping personnel. Create a single source of truth for consumer’s open accounts receivable. Provide users and collectors with the facility to address questions, check for errors, or any missing document. Ensure quick dispute resolution and get paid faster. Gain complete transparency into the key insights and account history.
Payment: Minimize processing cost, simplify how the payment is accepted and enrich customer’s payment experience. Make digital payments quick and easy by setting up customized acceptance rules, implementing credits, and encouraging early payments.Gain instant, real-time visibility into the business’s AR health by syncing it with the ERP. Ensure cash is applied with complete certainty. Simplify credit card payments by encouraging early settlement. Create payment acceptance rules for online payments and make sure that all records are periodically updated. Automatically update expired cards, take control of surcharges and minimize the possibility of any problem. Protect sensitive information with a PCI DSS compliant system. Give users the freedom to steer through payments of high level statements to individual line items. Minimize the possibility of issues that prevent customers from paying for specific items for invoice despite other items being in dispute. Reduce processing cost and ensure a transparent rate structure.
Cash Application: Automatically capture and remittance data and reconcile it with open AR. Automate online payments and ensure smart transactions which carry payment information and remittance data. Handle all the payments at one place by automating traditional transactions and encourage users to pay online. Automatically capture and aggregate information from a broad range of remittance file types with automation and OCR capabilities. Keep the payments moving by automating team operation around dedication, short pays and discounts. Give customers the flexibility to pay in any way, be it full invoice, multiple invoice, short pays or line items. Identify which payments need human intervention with integrated tools, alerts and operation.