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
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.
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
- 250kIncrease in electronic payments
- 50Increase in electronic payments
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.
This guide will take you through:
- The steps in the cash application process
- The key challenges finance teams face
- How advanced cash application automation can transform your AR department and make matching payments with open receivables simple
- Tips on selecting the right partner for your advanced cash application automation solution
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 solution 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.