Achieve 90% + straight-through processing rates with cash application automation

Versapay’s automated cash application solution uses AI and machine learning to match traditional payments with open receivables, eliminate inefficient manual processes, and accelerate cash posting.

Cash application automation payment matching
Reduce AR costs

Reduce AR costs by up to 50% with automated online payments

Versapay's intelligent payments carry both payment instructions and complete remittance information for online payments made in Versapay’s Collaborative AR payment portal. This allows you to fully automate cash application and eliminate the need to post payments to your ERP after they've been received.

Automated cash application in action

Apply any payment from any channel seamlessly

Accelerate reconciliation of any payment made outside Versapay’s payment portal, whether it is received as an incoming check, ACH, or wire. Our cash application automation solution works alongside your existing banking services—including lockboxes—to improve efficiency and reduce per-payment processing costs and errors.

Carter Lumber

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"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"
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Jeff Seder, Senior Vice President Carter Lumber

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  • 250k Increase in electronic payments
  • 50% Increase in electronic payments
“Versapay is committed to commercial real estate. Versapay took the time to really understand us, partner with us and be flexible with what we needed.”
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John Shamanis, Chief Financial Officer of Carrier Enterprise
Cash application automation payment capture

Capture all payment and data types

Payments and remittances come into a business in many different formats from various channels. Automatically extract remittance data from multiple sources—including vendor portals, bank lockboxes, emails, and PDFs—using advanced image recognition and machine learning technology.

Cash application automation software 90%+ straight-through processing

Digitize your remittance data with optical character recognition

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.

How Versapay customers achieved 138% ROI

When automating cash application, ROI is critical.

In this TEI™ commissioned study conducted by Forrester Consulting for Versapay (May 2024), you'll learn how a composite organization of customers achieved significant ROI.

That includes:

  • 69% improvement in cash posting efficiency
  • Net savings present value of $306k over 3 years
  • Payback of investment in under 6 months
Featured Resource TEI 2024 Cash App
Cash application automation software dispute resolution

Integrated exception handling

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.

Complex matching make simple

Complex matching made simple

Because not all invoices are paid in full, our cash application solution improves customer experience by managing complex payment matching. Built-in machine learning gets smarter with each transaction it processes, so the more you use it, the more accurate your match rates become.

Automated cash application invoicing

Take control of discounts and deductions

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.

Achieve superior cash application results with less work

Unlocking accounts receivable efficiency

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Cash application automation FAQs

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:

  1. Enhance efficiency: By automatically capturing and analyzing remittance data, you save significant time, and can reallocate resources to more strategic tasks.
  2. Increase accuracy: AI and machine learning technology become more accurate the more they’re used, helping achieve 90%+ straight-through processing rates.
  3. Lower operational costs: Intelligent payments carry both payment instructions and complete remittance information to reduce AR costs by up to 50%.
  4. Accelerate cash flow: Achieve same-day cash application and posting to enable faster credit replenishment, increased sales, and improved DSO.

Automating cash application solves many different challenges:

  1. Inefficient processes: Accomplish tasks faster with digital capabilities that outpace human inputs.
  2. Inaccurate data: Avoid mismatches by allowing optical character recognition and AI to compensate for missing or illegible data in payment and remittance documents.
  3. Costly labor: Stop paying teams of clerks to spend endless hours manually inputting and analyzing data.