Against the backdrop of these obstacles though, it’s been incredible to witness the resilience of our clients and team. We’ve seen our clients support their customers through making the shift to remote working and we’ve seen our growing Versateam masterfully manage both work and home as those worlds collided.
To finish the year off with some levity, we thought we’d share some of the bright spots from 2020.
From the challenges businesses have had to face this year, more finance teams are finally modernizing their accounts receivable processes and increasing their acceptance of digital payments.
COVID-19 put into perspective just how impractical manual and paper-based AR processes are, especially as teams made the switch to working from home. With no one in office, who’s going to print and mail out invoices and process checks?
A recent report from PYMNTS.com found that 83% of businesses reported having changed their AR processes since the pandemic began, with 83.1% of firms using tech to manage their AR at a high level accepting more digital payments than they were before COVID-19.
The past year has also made businesses reflect more on the importance of customer experience, as providing online channels for billing and payment experiences became non-negotiable. While ecommerce used to be regarded as a channel for lower value purchases, the pandemic has made B2B buyers even more comfortable making big purchases in an online environment.
A report from McKinsey & Company found that 70% of B2B decision makers reported being open to making purchases well over $50,000 in a fully self-serve or remote capacity.
Embracing digital payments and AR automation means finance teams are unlocking potential for cost savings like 30% DSO reduction and giving customers what they’ve long been asking for—a convenient, online experience.
We started the year off on an exciting note as we went through the final stages of Versapay’s acquisition by Great Hill Partners, a Boston-based technology investment firm. In October, we followed this up by announcing our merger with leading payment services provider Solupay and affiliated companies ChargeLogic and 2CP.
Our coming together means we’re better able to deliver on our goal of simplifying the way buyers and sellers do business together by digitizing the accounts receivable process and simplifying payment acceptance.
Merging with Solupay has also meant that we’ve grown from a team of ~100 employees to over 200 and counting. This year we brought on 100 new hires, 92 of whom have never set foot in a Versapay office.
We were pleased to see Versapay recognized for the first time on both Deloitte’s Technology Fast 500 and Fast 50 lists, honoring the fastest growing and most innovative tech companies in North America and Canada respectively. We were also named a Leader for the second time in the IDC MarketScape for Worldwide SaaS and Cloud-Enabled Midmarket Accounts Receivable Automation Software.
In 2020 our network of clients served has grown by the thousands, connecting us to 500,000+ end customers. We onboarded some stellar new clients this year, including Dream Office, Amer Sports, and TireHub. Through Versapay, our clients created millions of invoices and processed payments collectively totaling $12 billion.
During the onset of the pandemic, we worked with our clients on ways to support them and their customers. For instance, we:
We were moved to see how a few of our clients went even further to support their customers and first responders through COVID-19.
Kite Realty Group launched a small business loan program aimed at local small shop tenants. To communicate the availability of this program to all their tenants, Kite Realty used the Marketing Message feature in ARC, sending two email blasts to all active tenants.
Bedford Industries, a manufacturer of packaging solutions using Versapay’s Solupay for NetSuite solution, shifted from making twist ties to face shields during COVID-19. Bedford already manufactured the nose wires that go into medical masks and on seeing the dire need on the front lines for Personal Protective Equipment (PPE) decided to start making plastic face shields. To quickly get up and running shipping out the face shields and accepting payments, Bedford looked to NetSuite and Solupay to build their ecommerce instance.
This year we released several enhancements to our ARC solution. Here are our clients’ top 3 favorites:
We know there are many challenges that complicate payment acceptance for B2B companies, preventing them from delivering exceptional billing and payment experiences to their customers. We’re committed to tackling these issues one by one to simplify the entire order to cash process for buyers and sellers.
As remote work and social distancing will continue well into 2021, we’ll be focused on supporting businesses as they make the shift to digital payments and modernize their AR processes to match. Although 2020 has been challenging, it’s also been a milestone year for Versapay. We’re grateful to our clients, partners, and team who drive us forward in everything we do, and we’re optimistic for what the next year will bring in the world of B2B payments. Will you come along for the ride?
Dec 22nd, 2020
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