Cash Application

Are you strained with manual cash application? You’ve worked hard to keep track of outstanding invoices, follow-up with customers and get paid. But another challenge arises – matching payments to invoices and cash application.

The traditional process of matching payments to invoices is very manual. When payments do not match, it’s a tedious and labor intensive process to determine why. In most cases, this is caused by short payments and naked payments (payments that do not specify corresponding invoices), that leave your team puzzled.

On top of manual matching, your team deals with multiple payment remittance formats, making applying cash another manual, costly, error-prone task that can leave you with unapplied funds.

Automatically match payments to invoices, in an instant

Woman looking at an invoice bill paid payment financial account.With VersaPay ARC, all payments made on the platform (ACH, EFT, credit card) are automatically matched to invoices. The platform requires that customers select which invoices they want to pay, making the matching process 100% accurate and automated – no more naked payments. For customers who want to short pay, VersaPay ARC requires a note and your team is automatically notified, so they are advised of the short pay and the reasons behind it.

Automate your cash application and allow customers to pay how they want to pay

Man writing a payment check at the table with calculator and glasses.

As you transition to the online world, some of your customers may still want to pay with traditional offline methods. This means you will be receiving remittance information from multiple formats making it challenging to match payments from offline sources including checks, lockboxes and payments made outside the secure portal.  

VersaPay ARC paired with partner offerings will take the pain out of cash application and deliver end-to-end automation. Automating your cash application allows you to apply cash easily and achieve a higher invoice hit rate for more accurate reconciliation. In turn, it allows your customers who are not ready for the online world, to continue to pay how they want to with offline payments (checks, lockbox remittance info).

Aggregate offline and online payment remittance information in one spot

Man working on cash application improvements.

With the ability to ingest payment information with our partnerships from online and offline sources, VersaPay ARC intelligently aggregates remittance data into a centralized format. This data is processed in the portal to automatically match invoices to payments and push data seamlessly back into your ERP to close open invoices. No more manual matching of payments to invoices, dealing with messy remittance formats and sitting on unapplied cash.

Ready to automate your cash application? 

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What's next?

Looking for more insights, tips, and general information on accounts receivable automation? Check out the links below.

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