10 12, 2019

Giving Customers What They Deserve – How AR Automation Improves the Customer Experience

2019-12-10T11:12:31-05:00December 10th, 2019|Blog|

Businesses success or failure hinges on the customer experience. Customer experience is the result of every interaction a customer has with your business – from marketing and sales, through to invoicing and payment - and it plays a large role in determining if a customer is going to do business with you again. Making the investment in this area will not only positively affect your customers, it will greatly impact your business as well. The Temkin Group found that companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience. So, what is the often-overlooked secret to delivering an exceptional customer experience and keeping customers coming back? Optimize, automate, and improve your back-office, including your AR process. Each touchpoint a customer has with your business plays a role in their decision to work with your company again. Read More

2 12, 2019

Why Customer Self Service in AR is the Key to Collecting Overdue Invoices

2019-12-10T11:13:19-05:00December 2nd, 2019|Blog|

Once upon a time, collecting payment consisted of manually extracting data from spreadsheets, drafting up individual invoices, and sending them by mail to your customers. Then, the wait began for a check back in the mail. It was a long and drawn-out process thwarted with delays, but it was accepted as being just the way things were. But now, we live in an Amazon Prime, express checkout, contactless world and won’t think twice about exiting a website because it took too long to load. Clearly, as technology has become more advanced, our pace of life has quickened. This fast pace has also filtered into the corporate world, with technology fuelling fierce competition and increased workloads, business consumers are busier than ever. Consequently, business consumers have begun to expect more from their buying experience. They value flexibility and options to complement their demanding lifestyles. Combine this with data from PYMNTS.com and Read More

26 11, 2019

7 Accounts Receivable Best Practices Transforming the AR Process

2019-11-25T15:50:27-05:00November 26th, 2019|Blog|

If you’re finding it too time-consuming to manually mail out invoices and match payments to invoices, or if you’re finding your DSO (Days Sales Outstanding) keeps increasing while the time and resources required for your accounts receivable (AR) process are constrained, you need to make a change. We’ve put together these seven accounts receivable best practices that can help you collect payments faster while saving time and resources and improving the customer experience. 1. Automate your AR process If you find your AR team spend too much time sending and tracking invoices, dealing with customers’ inquiries, or chasing customers to collect payments, you need to automate. A good AR automation solution can drive efficiencies in your AR process, reduce human error, and also reduce your DSO. Through effective invoice presentment and management, integration with your ERP system, and by providing an easy-to-navigate payment portal dedicated to your customers, the right Read More

20 11, 2019

4 Surprising Ways Paper Invoices Cost Your Business Money

2019-11-18T17:02:00-05:00November 20th, 2019|Blog|

Change can be a frightening thing. Doing things the way they’ve always been done often seems like the easier option. However, just because something has always been done in a certain way doesn’t mean it’s always been done in the right way. Take accounts receivable and invoice presentment. Manually sending out hard-copy paper invoices to your customers is the way it’s always been done, but is it the way it should be done? Do you know what invoice processing is costing you? According to a recent report from PYMNTS.com, the average cost to process a single invoice is between $16.00 to $22.00. Where are these costs coming from? You might be surprised to find out. There are unexpected fees and hidden costs to every invoice. Here are four ways manual invoice processing is costing your business money: 1. Time Intensive Labor Instead of your team spending their time completing challenging Read More

13 11, 2019

We Have Entered the Era of Customer Centric AR

2019-11-13T09:49:59-05:00November 13th, 2019|Blog|

We talk to CFOs every day and it’s apparent that there is a dramatic shift happening in Accounts Receivables (AR) and the dynamics between suppliers and their customers as they interact throughout the Order to Cash (OTC) process. Specifically, we have entered the era of Customer-Centric AR. You may be wondering, what is Customer-Centric AR? In the past, only your biggest customers could demand special treatment from you, ranging from special terms, to customized invoicing, to taking payments however they wanted to send them. Regardless of the work effort required, you would gladly accommodate the requests as they were, after all, big customers.  For the rest and majority of your customers, this effort was not scalable. Rather, the rest of your customers had no choice but to submit to your invoicing and payment practices. In other words, your AR process was pretty “Supplier Centric”. Now, even your smallest customers not Read More

4 11, 2019

Building A More Collaborative AR Platform – New Report from American Express and PYMNTS.com

2019-11-04T11:00:02-05:00November 4th, 2019|Blog|

What do social media and accounts receivables have in common? Up until now, you’d be right in thinking the answer was ‘not a whole lot’. Which was a problem. The principles of social media - the real-time creating and sharing of information and online collaboration – is exactly what modern AR departments need to succeed. “By and large, the AR process is very inwardly focused, which sounds kind of strange because it’s about collecting money from customers,” our CEO, Craig O’Neill, explains in the recently released Accounts Receivable Automation Report from PYMNTS.com and American Express. “It really doesn’t do a good job of communicating with, collaborating with and solving problems for customers.” In the report’s feature story, Craig explains how VersaPay’s AR platform, ARC®, uses a social media framework to increase transparency and foster greater collaboration between buyers and sellers. Imagine a world where your interaction with customers no longer Read More

1 11, 2019

Commercial Real Estate 2020 Priorities: The Tenant Experience

2019-11-01T11:34:16-05:00November 1st, 2019|Blog|

As 2019 creeps closer to the end, it’s important to both agree on your business priorities for the coming year as well as understand the resources and time available in this calendar year to enact timely change. We’ve all been through the cycle enough times to know that waiting until the new year to make the changes required to succeed in the new year is far too late. The time to act is now. But what action is required? Earlier this month, Deloitte released The 2020 Commercial Real Estate Outlook in which they surveyed 750 CRE executives—owners/operators, developers, brokers, and investors—in 10 countries. The outcome of the survey is a detailed report outlining the ​challenges, opportunities, and the potential for transformation for CRE in 2020. Based on this report, the top priority for Commercial Real Estate organizations in 2020 is the tenant experience. “Most respondents rated tenant experience as a Read More

2 10, 2019

An Eye-Opening, Yet Typical, Day in the Life of Your Credit Manager

2019-10-11T10:57:58-05:00October 2nd, 2019|Blog|

Before: Too Many Systems … Too Much Wasted Time Meet Julie. Julie is a credit manager in the Chicago office of a large wholesale distribution company. Each month, she and her team of five collectors oversee thousands of customer accounts and over $4.5 million in past due payments. Every Monday at 9:00 a.m., Julie receives a Microsoft Excel report that contains key information on all of her accounts. The massive file contains more than 40 columns, and thousands of rows. The spreadsheet is Julie’s primary way to track aging invoices, payments, and disputes. But the data gets old – fast. As soon as someone runs the report, the data is stale...but Julie must rely on it for the entire week. Julie does the best that she can with the information she has on hand. On Monday morning, she carves up the Excel report into actionable items for the team. She Read More