13 01, 2020

4 Common Accounts Receivable Mistakes to Avoid

2020-01-02T14:33:59-05:00January 13th, 2020|Blog|

Managing accounts receivable (AR) could be a daunting task, especially when one mistake you make can potentially jeopardize the entire relationship you’ve built with your customers. If you have managed your company’s AR for a long time, you may have learned all the lessons already. But if you’re new in the role, it’s always better to prepare yourself ahead for problems you may run into instead of doing everything the trial-and-error way. On that note, here are the four most common accounts receivable mistakes you want to avoid. Mistake #1: Security – PCI Non-Compliance If your company accepts credit cards as one of the payment methods, you’ll need to pay close attention to whether your business and the tools you’re using are PCI-compliant. Being PCI-compliant means that you follow the set standards and guidelines that help manage and secure credit cardholders’ data. Being non-compliant means you’re putting yourself and your Read More

6 01, 2020

3 Reasons Why Customer Experience Needs To Be Your Priority

2020-01-02T14:35:44-05:00January 6th, 2020|Blog|

“If you build it, they will come.” Many will know this phrase from the 1989 film, Field of Dreams. In the years since the film’s release, this expression has become somewhat of a mantra for the business world. Supply a great product or service, and you’ll have customers. Seems simple enough. However, in today’s competitive economy it is no longer viable to simply build a great product or service, attract customers and call it a day. You need to know how to provide a great customer experience as well. The following are the top three reasons why you need to make customer experience (CX) your new priority. 1. Reduce Churn Imagine you’re in a store, shopping around. You know they sell the product you want, so it should be a simple task. But the store is small and crowded, and the products are organized in a way that makes no Read More

19 12, 2019

2019 Wrapped Up

2019-12-19T09:05:27-05:00December 19th, 2019|Blog|

The holidays mean something different to everyone. For some people, they’re about spending time with loved ones and enjoying favorite holiday foods together. For others, they’re about giving and receiving presents and making sure the special people in your life know how much you value them. Here at VersaPay, it’s no surprise that who we value most is our family and our clients. 2019 has been an exciting year for both VersaPay and our clients and with far too many highlights to cram into a single blog post, we’ll name only a few: We’ve added several fantastic and forward-thinking clients to our roster – including Kite Realty, Amer Sporting Goods, Samtec, and Dream Office. We’ve formed key strategic partnerships with organizations we believe can help transform the world of Accounts Receivables - including CashBook, MRI Software, Mastercard, and US Bank. We were named a Leader in the inaugural IDC MarketScape Read More

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