Automate your cash application process using machine learning to match any payment type with open receivables. Capture and reconcile payment data, eliminate entry errors, significantly reduce manual effort, and speed up cash flow with automated cash application.
Versapay's intelligent payments carry both payment instructions and complete remittance information. This allows you to fully automate your online payment acceptance, eliminating the need to post payments after they've been received.
Save time managing traditional payments like checks while encouraging your customers to pay online—all using one tightly integrated platform. Take advantage of Versapay's proprietary, purpose-built machine learning technology to automatically match payments with open receivables.
"Implementing Versapay was a win-win for us. Our peak days have been reduced from 2 1⁄2 days to less than a day. We were able to continue with our growth plans, improve our efficiency, and provide better customer service with no additions to our staff"
Invite your customers to pay using their preferred methods and seamlessly capture incoming payments like checks, ACH, and wire transfers. Automatically extract remittance data from multiple sources—including vendor portals, bank lockboxes, emails, and PDFs—using advanced image recognition and machine learning technology.
Remittance data can be messy. Our advanced character recognition technology takes those illegible characters, unstructured formats, and missing information, and quickly and reliably analyzes, normalizes, and imports them into our platform. Our algorithms then take over and complete the matching process.
Explore the steps in the cash application process, discover the key challenges finance teams face, and bring your team’s performance to a higher level.
In this guide, you’ll learn how cash application software can:
Easily identify unapplied payments that need human intervention and handle those pesky exceptions using integrated tools, warnings and workflows. Collaborate with your customers over the cloud using a user-friendly portal to seek clarification and even have them apply their own payments.
Not all invoices are paid in full, which is why our cash application automation software delivers a great customer experience by managing complex payment matching. We recognize whether customers are paying a full invoice, multiple invoices, short-paying, or making a line-item payment, and match accordingly.
Automate your team's workflows around discounts, deductions, and short-pays, so you can focus on the outliers. Routing, reason codes, and notifications all ensure the right people are looped in to solve issues quickly and keep payments moving.
Cash application automation software is a digital solution that allows cash application tasks to be completed without the need for direct human involvement. With automated cash application, technologies such as artificial intelligence and machine learning work together to match payment data to open receivables. It is also frequently included alongside other accounts receivable solutions such as invoicing, collections, and payment processing.
The cash application process in accounts receivable involves six steps:
Step 1: Your AR team prepares an invoice requesting payment for a goods or services order and sends it to your customer—via email, mail or courier, fax, cloud-based portal or in person.
Step 2: You receive a payment via a check, wire transfer, credit card payment, automated clearing house (ACH), electronic data interchange (EDI) or corporate trade exchange (CTX).
Step 3: Your customer sends remittances (which specify why the payment was made or for what invoices) either with the payment in the case of checks or separately via emails, Excel files, PDFs, web portals or image scans.
Step 4: All the data needs to be reconciled to ensure the information from the invoices and remittances matches with the payments made, either manually or through an automated process. Any discrepancies (for instance in the event a customer has made a partial payment) need to be investigated and resolved.
Step 5: Once reconciled, the payment gets officially recorded in your company’s enterprise resource planning (ERP) system, where day-to-day business operations such as accounting are managed.
Step 6: The finished work and process is reviewed to look for any ways to optimize it. Your AR team might also send receipt of payment to customers.
Cash application automation offers a substantial number of advantages:
Automating cash application solves many different challenges: