Customer management:
Establish a single source of truth for everything related to your customers' open AR with a shared, online portal, and segment customers using tags.
Collaborate with your customers for more efficient collections
Automate your collections efforts and connect with your customers online to drive efficiency and improve DSO.
How automation can streamline accounts receivable collections
Comprehensive dashboard:
Gain valuable, actionable insights into DSO, ADP, aging statistics, and top overdue accounts to guide and prioritize collection activities.
Timely notifications:
Configure invoice and payment reminders on pre-determined cadences and stay focused on your collections priorities.
Real-time communications and dispute management:
Chat with your customers online in real time, manage disputes, and answer questions as they arise.
Follow-up reminders:
Add a follow-up on customers or invoices individually or in bulk to document discussions and next steps.
Customer adoption reports:
Gain valuable, actionable insights with downloadable platform and payment adoption reports that allow you to quickly view lists of which customers are paying within a given time frame.
Work smarter, not harder
Traditional AR collections processes are manual, inefficient, and tedious. Provide a better customer experience and significantly reduce your workload by segmenting your customers, tailoring your communications, and automating your collections efforts.
“The reporting within Versapay improves collections because we're identifying things earlier in the process. It also makes our life easier because now information is getting disseminated out to other folks who can help them. I think that really helps bring the whole team's knowledge to bear on collections, which then would help in lower balances, earlier collections, all the kinds of tangible things you want to see.”
Real-time dashboards and data for real-time decision making
Outstanding receivables analytics
Get all the billing and AR collections information you need at your fingertips, fully synced with your ERP. Access real-time views of your outstanding receivables, and quickly filter by customers and divisions.
Customer behavior analytics
Get total visibility into your customer accounts. View entire account histories, drill into outstanding invoices, unapplied payments, credits, and customer interaction data to gain insights into late payment patterns and the effectiveness of invoice notifications.
Maximize AR collections efficiency and impact
Automate smaller, time-consuming tasks so your staff can do what they do best: solve customer issues and collect payments. Create collection follow-up strategies that scale based on customer segments and empower collectors to personalize outreach and build great customer relationships.
Collaboration is the key to faster collections
Resolve issues quickly and get paid faster. Simplify the payment experience by giving your collectors and customers tools to easily share information online and address questions, errors, omissions, or missing documentation.
Explore all things collections
Discover why AR collections are essential for any enterprise and how collections software helps ensure timely payments.
Intelligent collections FAQs
Put simply, “collections” is one part within the greater “accounts receivable” process. While accounts receivable refers to the money an entity is owed, collections refers to the actions taken to collect those funds.
While the process differs for each company and AR collections software, there are a few common steps:
- Step 1: After a purchase is made by a buyer, the supplier's software automatically creates an invoice containing details like the price, items purchased, and payment terms.
- Step 2: The invoice is sent—most frequently via email—to the buyers’ accounts payable department.
- Step 3: The seller’s AR collections software may send reminders of upcoming payment due dates, and will very likely send additional requests should payment become overdue.
At Versapay, our AR collections software keeps payments coming in on time in several ways:
- Timely notifications: Configure automated payment reminders on pre-determined cadences to ensure customers know what they owe and when payment is due.
- Real-time communications and dispute management: Chat with your customers online, manage disputes, and answer questions as they arise.
- Follow-up reminders: Add a follow-up on customers or invoices individually or in bulk to document what was discussed and next steps.
The AR collections period shows the average time it takes a business to collect receivables and convert them into cash. While average collection period varies by business and industry, shorter is generally seen as better. There are exceptions, such as government contracts, which have an almost guaranteed chance of getting paid but tend to get slowed down by bureaucratic challenges.