As with all software solutions, the idea that implementing a solution will streamline the process, automate where possible and deliver value through insight, reducing overhead and driving efficiencies. In the accounts receivable arena, e-invoicing has been discussed, but it really comes in a variety of flavors.

For some people it means just sending electronic invoices, which on their own cut down on mailing costs and delivery time, reducing DSOs. To others it includes online payment acceptance and processing – which also reduces both mailing costs and DSOs.

However, the real question is whether these are fully automating the process. The reality is that looking at the entire chain of events, the creation of an invoice is only part of the process, and while it may be the most important, it’s also not the most time consuming. What we’ve found is that two major factors determine how efficient an accounts receivables process is. The first is speed of communication between the customer and the vendor and the second is the speed of bookkeeping on both the vendor and client side.

From a speed of communication position, not only is sending the invoice a huge factor, but so is dispute resolution and payment processing. Dispute resolution tends to slow down the collection process significantly and drastically increase the DSOs, while payment processing also tends to increase mailing costs and time to collection.

From a speed of bookkeeping perspective, matching the payments to invoices and performing the overall reconciliation can be manually inefficient, … Read more

Customer profitability is at the forefront of today’s market discussions. Primary focus is on customer profitability by addressing the revenue each new customer brings in and not the potential losses – failing to factor in the total cost of the customer. When thinking of profits and losses in terms of customers it is important to see all elements of profitability.

An element rarely acknowledged is customers that just don’t pay their bills at all. Or do not pay them within a reasonable amount of time. The impact is well known.

Every day that a dollar is not collected by your finance department, is another day that your cash flow is reduced. This may cause a reliance on short-term financing, such as lines of credit, revolvers, or just the inability to pay your suppliers and other accounts.

Bad customers can often mask themselves as great buyers —but in reality— are really bad payers. They can bump up your DSOs, often paying when and how it pleases them. There may be times when these types of customers pay only after long disputes, and questioning every item on an invoice.

Even though every dollar may have been collected; the question now becomes “what is the cost of collection?” If the cost and time required far exceeds other accounts, it might be time to consider that a customer may be costing more than they are worth. In this case, it may be time to discuss with the customer terms of continuing the business relationship.… Read more

Website security

When entering private information, be sure to check that the site uses encryption to keep any data you enter on the website safe.

To tell if a website uses encryption, look for a web address with https (“s” for secure) with a lock icon beside it (as pictured below). It may look different depending on what web browser you use.

Secure URL bar

My password requirements

Length and complexity is pivotal to create the strongest possible password. A minimum of 7 characters, including alphanumerical, special characters, and is not the same as your last four passwords is required. Make it as long as possible, at least 14 characters is recommended. Your password should be changed on a regular basis, every 90 days you should be changing it or if there has been a change in personnel that had knowledge of the current password.

Microsoft suggests some smart guidelines to follow when creating passwords:
Password Example Table
Microsoft provides a password checker so you can test the strength of new passwords before putting them to use.

Some common mistakes made when creating passwords that you should avoid:

    1. Words found in a Dictionary (in any language).
    2. Words spelled backwards, common misspellings, and abbreviations.
    3. Sequences or repeated characters. Ex: 12345678, 222222, abcdefg, or adjacent letters on your keyboard (qwerty).
    4. Using your name, birthday, driver’s license, passport number, or any other personal information someone could connect to you.

How do I remember all these passwords?

Using the Mac OS X Keychain Access application or … Read more

Kubera Logo
VersaPay is proud be working closely with our partner Kubera Payments Corporation. As a preferred partner, Kubera is prepared to help merchants of all shapes and sizes reduce their payment processing costs. Considered experts on VersaPay’s technology, Kubera is certified to offer all VersaPay solutions to merchants.  

Kubera Payments Corporation and VersaPay have been partnered since 2008 and work together on marquis merchants across North America. When your business requires industry leading product offerings and technical support, contact Kubera to customize your solution.  

With Kubera you will:

1) Receive comprehensive service and support when selecting VersaPay solutions

2) Work with a well trained and dedicated Relationship Manager

3) Work with an organization who is partnered with industry leading e-commerce solutions providers

Click here to contact an expert at Kubera Payments Corporation
Please also feel free to contact Kubera by calling VersaPay and asking for us by name.

Or at the following:

Telephone: 604.484.9278
Toll Free: 1.855.458.2372… Read more

BusinessCast logo

BusinessCast, podcast #193, brings VersaPay Corporation‘s CEO to the studio with hosts Robert Gold and Andrew Brown. Bill McGill speaks about how the company started out processing credit cards and how it has expanded into an innovative online electronic bill presentment and payment (EBPP) system.

VersaPay’s electronic payment system was originally created for one company but has branched out into a solution available to any person or business with a Canadian bank account. McGill speaks about the sustainability and efficiency aspects of electronic payments and how even small or medium businesses can benefit by switching to VersaPay. He also shares some advice and tells what the company has learned along the way and its plan to grow and adapt into the future.

Click Here to Listen to the Full InterviewRead more