While corporate (B2B) credit card programs are forecasted to grow 85% by 2018, it’s surprising that less than 15% of B2B organizations accept credit card payments. Sure, B2B card transaction costs – interchange and processing fees – were valid deterrents in the past; but it’s a whole new digitized, consumerized, real-time world today. Simply: if you do not accept credit card payments, your customers may switch to a supplier that does. Download this eBook to learn more
In the digital world, B2B transactions are constantly changing. The manner in which transactions are initiated and conducted have to improve as the pace of business moves faster every day.
Is your cash flow healthy? If you frequently receive your payments late, incomplete, or in some cases, not at all, then there is something wrong with your invoicing, payments, and collections processes. Invoice inaccuracies lost statements, and customer disputes are often to blame – all of which are a result of inefficient manual processes that rely heavily on paper, fax, or email attachments. After all, the longer you take to rectify outstanding or delinquent balances, the less likely you are to collect the funds you’re owed.
To improve your collections efforts, VersaPay provides the platform to automate your invoice-to-cash process as well as specific tools to ensure your collections processes are smart and efficient. Your staff can focus their valuable time on efficiently addressing customer disputes, shortening payment times, and reducing bad debt losses.
VersaPay’s Collections Management tools provide your collections team with better information for tracking account status, account aging, and activity. Customer listings can easily be created to prioritize collection efforts and payment plans can be established when merited. Additionally, payment methods can be allowed based on the business rules you establish for proactively managing payment types and associated processing costs.
Our platform consolidates all accounts receivable information in one location, allowing your team to have all essential information they need in reach, including days sales outstanding (DSO) metrics, invoices, payments, top overdue accounts, 30/60/90 reports, as well as records of customer transactions, disputes, and inquiries. This ensures that you and your customer are looking at the same information at all times – making your collections process fast, clear, and easy.
By hosting all invoices, payments, and records of customer communication in one place, our accounts receivable solution allows you to quickly uncover the issues creating cash flow bottlenecks. With the right tools at your fingertips, you can turn data into insight and eliminate inefficient work efforts, payment hurdles, and transform unhappy customers into net supporters.
“Since our inception in 2008, we have always used technology to give us a competitive advantage, and we see VersaPay’s ARC solution as fitting that description. As a rapidly growing business approaching $100 million in annual sales, we generate thousands of invoices each month and manually reconcile payments. VersaPay’s solution will allow us to automate manual AR tasks, including collecting and matching payments to invoices, thereby improving the efficiency of our AR function.”
With our platform, it’s easy to keep track of all customer activities, including transactions, disputes, and inquiries. You can use this insight to accurately assess when and how customers make their payments and adjust your collections strategy accordingly – to ensure you always get paid on time.
By providing a full view into a customer’s account status, account aging, and payment performance, ARC allows you to assess creditworthiness and control which payment methods they have access to. Customer listings can easily be created to prioritize collection workflow and payment plans can be established when and where merited.
Let your accounts receivable staff focus on truly important things while ARC automatically looks after the basics.
VersaPay is a PCI Level 1 Service Provider, which means that we’ve passed the most rigorous on-site security audits, full penetration, and vulnerability testing. As a result, we provide the highest level of security for your customers’ data, payment, and card acceptance requirements.
Our cloud-based intelligent accounts receivable solution seamlessly integrates with your enterprise resource planning (ERP), and accounting systems. With VersaPay’s team of integration experts, we take on the heavy lifting with minimal involvement of your IT resources for integration, so they can continue to focus on your daily priorities.
So, you are thinking about launching a self-service invoicing and payment platform, but the big question is, will my customers use it? VersaPay has that covered with our e-adoption program and express user adoption. Our client success managers will help you move customers from the paper-based, email process they know, to an online invoicing system they will love. VersaPay has a successful program to make your customers happy and move them online to your self-service portal.
Looking for more insights, tips, and general information on accounts receivable automation? Check out the links below.
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Do you like the sound of getting get paid faster and improving customer satisfaction? If so, you’re ready for accounts receivable automation. Connect with us to enable a secure, self-service platform for your staff and customers to future-proof your business for the online world, before your competition does: