16 01, 2019

CFO Tech Outlook: The New Standard in AR Automation

2019-02-20T14:21:02+00:00January 16th, 2019|Blog|

VersaPay was featured in the December 2018 issue of CFO Tech Outlook. In the cover story, our CEO Craig O’Neill explains the idea behind VersaPay, how VersaPay ARC empowers organizations through automation, and the many benefits of a holistic platform. Click here to download and read the full story.

14 01, 2019

Happy New Year!

2019-02-20T14:37:33+00:00January 14th, 2019|Blog, Management Blog|

What a difference a year makes!  We’ve learned so much in 2018, advanced ARC in many important ways, had over 50 great companies join our family of clients, and watched 1000s of our clients’ end-customers embrace ARC as the better way to receive and pay their invoices. Most importantly, we’re starting the new year with a strong team and clear focus. At this time of year, I often think of a story that some of you might be familiar with about getting our priorities straight.  It’s so important to do that well when you have so much you want to accomplish: A professor stood before his class and had some items in front of him. When the class began, wordlessly he picked up a large empty jar and proceeded to fill it with rocks, rocks about 2" in diameter. He then asked the students if the jar was full? They Read More

28 11, 2018

Top 5 Considerations When Evaluating a Payment Portal

2019-02-20T14:43:38+00:00November 28th, 2018|Blog|

I’ve been away from the accounts receivables automation space for the past 15 months and, now that I’m back, it’s clear that a lot has changed in that short amount of time. Electronic payments are not only becoming top of mind, but becoming a core customer requirement. The popularity of topics such as migration to electronic payments, getting clients to participate, and tools available to help facilitate the transition was evidenced at a recent CRF show. Through discussions at that event, one issue began to stand out: most companies wanted or were being asked to transition, however, few had outlined a clear path toward the migration. This blog was written to help those companies who were starting down the path of transition, by outlining the considerations to look for, and the items to avoid. First, I feel compelled to share that I have heard virtually every excuse in the book Read More

20 11, 2018

This is Why Your ePayment Project is Failing

2019-02-20T14:46:52+00:00November 20th, 2018|Blog|

I was cleaning out the top drawer of my dresser the other day and came across a sealed box of check books. Isn’t it amazing how the world has changed to a point where in our personal lives we pay for nearly everything electronically? I rarely visit the bank to get cash, and truly can’t recall the last time I wrote a check (as evidenced through the untouched bank of checks I found tucked behind my socks). So, if paying electronically is the norm in our personal lives, why is it so different in our professional lives? While many companies recognize the value of electronic payments (the benefits of which include automated cash application, faster settlement, and more visibility), they have generally failed to materially change how their customers pay them. Writing paper checks is still the most common form of payment in B2B. Further, when business customers actually do Read More

15 11, 2018

The Changing Face of B2B Payments

2019-02-20T14:48:51+00:00November 15th, 2018|Blog|

“The greatest danger in times of turbulence is not the turbulence—it is to act with yesterday’s logic.” Peter Drucker Across industries, functional areas, and seniority, the general consensus in business today is that it’s a complicated, fascinating time to be a contributor. Norms are being challenged, rules are being rewritten, and the organizations that embrace change are finding themselves able to compete on levels that many would not have thought possible just a few short years ago. As humans, we have a natural inclination to shy away from change, and to fear the unknown - and this is why I’ve always found Drucker’s quote to be so powerful. Obstacles and uncertainty (in their purest form) are just manifestations of opportunity - and when I look at the state of the payments (especially within the context of B2B), I see a great deal of opportunity. While payment trends in the B2B Read More

24 10, 2018

CRF Fall Forum 2018 – Day 2 Recap

2018-10-24T10:47:57+00:00October 24th, 2018|Blog|

If you’re looking for the Day 1 Recap, you can find it here! Following on the heels of Day 1, Day 2 of the CRF Fall Forum was filled with sessions that contained practical, actionable insights on key issues in the credit and AR space, delivered by leaders in the field who are setting the bar high for their peers! For ease of consumption, I’ve organized today’s takeaways thematically. Takeaway #1 - On Robotic Process Automation (RPA) and Digital Transformation By an informal show of hands, it looked liked ~30% of attendees were leveraging some form of process automation in their workflows Driving meaningful impact out of digital transformation projects requires a top-down commitment to change management, test and learn cycles, and a willingness to break from the status quo Of the digital transformation projects that fail, nearly 50% can be traced back to the human element (unwillingness to change) Read More

22 10, 2018

CRF Fall Forum 2018 – Day 1 Recap

2018-10-22T19:09:35+00:00October 22nd, 2018|Blog|

I’d like to recognize the great work of Angela Lawson from the Federal Reserve Bank of Minneapolis, and Eric Biderman, Esq, of Arent Fox, whose session on Digital Currency drove my main takeaways from Day 1 of the CRF Fall Forum. It was a beautiful day in Salt Lake City, and the energy was apparent as members and partners gathered to kick off the Credit Research Foundation’s Fall Credit & Accounts Receivable forum. The half-day kickoff was marked by two keynote sessions - the first an overview of the Digital Currency landscape, and the second a panel featuring three bankruptcy judges discussing some of the approaches and reasoning behind US Bankruptcy Court decisions. While I won’t be able to do justice (pun intended) to the intricacies of bankruptcy law discussed in the panel, I’d like to share some of the interesting points that were discussed in the earlier session on Read More

22 10, 2018

Modernizing AR: Customer Engagement Matters

2018-10-22T12:11:32+00:00October 22nd, 2018|Blog|

This guest post was contributed by Ernie Humphrey, CTP, Treasury Webinars & Rachele Collins, Ph.D. APQC. An often-ignored benefit of modernizing accounts receivables (AR) processes via automation is the opportunity to engage customers in a way that directly benefits the bottom line. Happy customers pay more quickly, they pay it all, and they are receptive to suggestions on how they pay you. AR excellence is driven by the relationships that your AR team has with your customers, and those relationships are inherently more positive with automation support. Typical pain points related to key areas of AR processing include the following: Presentment—Inefficient invoice exchange Collaboration—Misalignment on invoice terms, ineligible discounts taken, and communication barriers Collections—Lack of relationship visibility (into payments history, issues, and dispute resolutions), information asymmetry, and manual tasks and notifications Payments—Delinquent payments and checks (which cost more) Cash Application—Inaccurate or incomplete remittance information Interactions with customers relative to mitigating Read More