Eliminating 50 collections calls per day at an innovative logistics company
LoadDelivered have gone from doing a “good job” managing receivables to far exceeding both employee and customer expectations. By implementing a solution that empowers customers to control their accounts while providing AR teams with better visibility and robust analytics, LoadDelivered has greatly improved the customer experience.
AR managers were previously making up to 50 collections calls every day. By automating many of its accounts receivable tasks, those calls have been eliminated and LoadDelivered’s AR workload no longer feels “like a marathon” for employees.
THE STARTING POINT
LoadDelivered had a collections problem. Given the nature of the logistics business and LoadDelivered being the middleman, making payments was not their customers’ first priority. LoadDelivered’s manual AR process compounded the problem. Valuable time was spent inefficiently. Every morning, the Accounts Receivable Manager would spend hours checking emails, taking calls and re-sending copies of invoices to customers, often multiple times.
Chasing customer payments was a tedious task. LoadDelivered wasn’t able to accept customer preferred payment methods such as credit cards, large customers were hard to keep tabs on, and short pays required time-consuming manual follow-up.
With the company growing rapidly and the volume of customer calls steadily climbing as customers required invoices to be re-sent, LoadDelivered needed to find a better way.
LoadDelivered implemented VersaPay ARC®, a cloud-based solution that automates the entire invoice-to-cash process: presentment, collaboration, collections, payments and cash application. With ARC, LoadDelivered ensures customers receive invoices and communicate effectively with the AR team, while improving the efficiency of the entire AR process.
“Looking at different applications, whether it’s for billing processing or maybe specific to payment application, there really is no other cloud platform out there that handles the whole AR experience”
Kevin Green, CFO
ARC provides LoadDelivered customers with a self-service portal to manage their accounts. Customers can view invoices, along with all supporting information, such as insurance policies and bill of lading, online 24/7/365.
ARC automates notifications to follow-up with customers and notes for short pays, eliminating daily collections calls and giving that time back to the AR team to refocus on high-value tasks.
With ARC’s robust analytics, LoadDelivered has visibility into customer accounts and key metrics, including top delinquent accounts, current standing of receivables and when customers have viewed invoices.
“We were managing our receivables for seven years and we were doing a good job. Now that we have implemented VersaPay we are not only doing a good job, but we have enhanced the experience for our customers – making them happier. When you have technology that makes your customers and your employees happy, it’s a win, win”
Robert Nathan, CEO
Invoices per month: 5,000+
LoadDelivered Logistics is a fast-growing Chicago freight broker and logistics service provider that solves the industry’s most challenging problems through innovative technology.
Analyzed the time and effort spent resending invoices, managing disputes, and chasing payments.
Conducted thorough online research into AR solutions available.
Selected VersaPay ARC after concluding that “there is no other cloud platform that handles the whole AR experience”.
VersaPay created custom integrations to pull Bill of Lading and other supporting invoice documentation from hard to reach systems.
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