Versapay
UnclaimedAutomate accounts receivable to accelerate cash flow and streamline invoice-to-cash processes.
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TL;DR - Versapay
- Automates the entire invoice-to-cash process, from billing to reconciliation.
- Provides a self-serve customer portal for digital invoicing and payments.
- Utilizes AI and machine learning for automated cash application and reconciliation.
Pricing: Paid only
Best for: Enterprises & pros
Pros & Cons
Pros
- Significantly reduces manual AR tasks and errors
- Accelerates cash flow and reduces days sales outstanding (DSO)
- Enhances customer experience with self-service payment options
- Provides deep visibility into AR metrics and payment trends
- Integrates with existing banking services and ERP systems
Cons
- Specific pricing details are not publicly available, requiring direct contact for quotes.
- Implementation and integration may require initial setup time and resources.
Key Features
Digital invoicing and presentmentCustomer self-service payment portalAutomated collections managementAI-powered cash application and reconciliationB2B payment processing (ACH, credit cards, wire)Real-time AR reporting and analyticsERP integrationAutomated dunning notifications
Pricing
Paid
Versapay offers paid plans. Visit their website for current pricing details.
About Versapay
By Toolradar Team·
Versapay is an accounts receivable automation platform designed to transform AR into a competitive advantage. It streamlines the entire invoice-to-cash process, from digital invoicing and customer self-service portals to automated cash application and reconciliation. The platform helps finance teams eliminate manual tasks, reduce payment delays, and improve cash flow forecasting.
This solution is ideal for businesses looking to modernize their AR operations, reduce operational costs, and enhance customer payment experiences. By leveraging automation, AI, and seamless ERP integration, Versapay enables faster payments, more accurate reconciliation, and greater financial control, ultimately fueling growth and efficiency for finance teams.
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Versapay FAQ
How does Versapay's cash application handle various payment formats, including paper checks and wire transfers?
Versapay's AI-powered cash application software reads both digital and paper transactions, including wire transfers, ACH, and checks. It uses AI and machine learning, along with OCR, to extract critical data and reconcile these payments with your bank, even normalizing remittance data from various formats like emails, PDFs, and AP portals.
Can customers use their preferred payment methods within the self-service portal, and does it support recurring payments?
Yes, the cloud-based customer portal allows customers to view invoices, make payments, and manage accounts using their preferred methods, including credit cards, ACH, and virtual cards. Customers can also schedule recurring payments and pay multiple invoices at once.
What level of customization is available for digital invoices and customer communications?
Versapay allows for extensive customization of the digital invoicing system. You can personalize invoices by business unit, geography, or segment, customize summary statements and communications, and maintain consistent branding across all customer touchpoints.
How does Versapay help manage and resolve payment discrepancies or short-pays?
The platform includes built-in tools to manage and approve exceptions. It automatically routes incomplete or unexpected payments, such as short-pays, discounts, or deductions, to the appropriate team member for validation, ensuring that cash flow continues without manual escalations.
What kind of integration does Versapay offer with existing ERP systems and banking infrastructure?
Versapay seamlessly integrates with your existing ERP systems for real-time posting of reconciled payments to your cash GL account. It also works alongside your current banking services, including lockboxes, digitizing payment data to reduce costly keystroke fees and lower payment processing costs.
Source: versapay.com