Traditional invoicing and accounts receivable methods are inefficient with manual tasks, delays in invoicing and posting payments, plus time-intensive collections efforts with little insight. That’s why VersaPay focuses exclusively on the invoice-to-cash process and offers its cloud-based, intelligent AR solution, VersaPay ARC™. This eBook will detail 6 ways VersaPay ARC will transform accounts receivable for your business.
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.
Traditional business-to-business methods of accepting and sending money are ineffective. Sending checks in the mail and depositing payments can delay the time it takes for you to pay and get paid.
With VersaPay PayPort™ you can send and accept money electronically by moving funds through the ACH or EFT network. With a cloud-based gateway, PayPort™ allows your business to push and pull funds multiple ways, by using its cloud-based online interface or responsive webhook API. PayPort™ can help whether you need to eliminate checks and start making electronic funds transfers or enhance your current software solution with the ability to accept EFT and ACH.
With a cloud-based gateway, PayPort transforms your business payment processes. Manage transactions, check statuses and generate reports through PayPort™’s online interface. Move money through the banking network worry-free, with all sensitive banking data protected in a PCI Level 1 compliant environment.
Capture client-banking information, vault it, tokenize it and transact using PayPort™. Transactions can be dictated in the background allowing PayPort™ to compliment your current software offering seamlessly.
Directly push or pull funds directly from the client’s bank account either through batch files using PayPort’s online interface or individually using our API. If you do not know your client’s banking information, PayPort™ can initiate PAD agreements or individual transactions to an email address. The first time you initiate a transaction, your client will be asked to input their banking information into PayPort™’s secure portal and verify a micro deposit. Moving forward, your client won’t need to click to claim payable transactions. For software partners, notifications can be disabled after the first transaction.
No matter how your business is looking to move funds in the banking network, Payport™ can help. Our powerful platform is wrapped in an intuitive online user interface that makes it easy for your team to customize user controls and approvals. In addition, Payport™ allows your clients to add multiple accounts to ensure consistent and cohesive control over funds management. Payport™ also offers an easy-to-navigate portal for your clients to personally view and manage their transactions.
See below for a variety of ways you can move funds and drive your business forward with PayPort™:
PayPort allows businesses to go paperless and send and receive payments electronically. Through our system, fund transfers can be initiated via email, batch file upload, direct credit and debit, API or online PAD agreements. With PayPort™, you can connect to the payment networks through our developer-friendly API.
Create requests for payments with PayPort™ to eliminate the need to send invoices in the mail. With our solution, you can simply input your client’s email address, enter an amount to request, attach an invoice (optional), add a memo, and then hit the send button. From here your client will receive an email with your request and a link to pay. The first time a client pays using their bank, VersaPay makes a small micro-deposit to verify the user account ownership. After it is verified, your client will simply click the “Pay Now” button with default options for ACH/EFT. If a client wishes to pay by credit card, VersaPay can set you up with a merchant account. Clients would simply input their credit card info and the payment will be made instantaneously. Once a payment is made, it is stored and tracked in the history tab of the online user interface. If you are not web-enabled, CSV reports are available to download the payment information back into your accounting system.
An e-wallet is an online balance where funds can be held. This is a unique offering from VersaPay that allows users to either deposit funds from previous requests to their bank account, or to keep them in the online balance. Businesses looking to pull from one source and then push to another account they don’t own, will find this feature helpful as it allows for quicker turnaround times on the funds and keeps the funds from passing through a physical bank account. This is perfect for property management companies and integrated payroll solutions. E-wallets can also be preloaded with funds from your own account to ensure funds are deposited quicker and when you need to remit payments, they can be liquid in the receiver’s account within a day or two.
Outside of offering standard paper-based PAD (Pre-Authorized Debit Agreements), VersaPay has a unique feature that allows you to setup online PADs with your clients. You can create PADs with your transaction partners to pay monthly bills such as phone bills, rent, or other recurring payments. When you create a PAD for the first time, you will simply input the client’s email address and add a memo to detail what it’s for. Your client will get an email invitation with a link to click and agree to the PAD. From there, they can input their own banking information and verify their account with a micro deposit. Once verified, you’ll receive a notification that the electronic PAD agreement is ready to go. With PayPort’s online dashboard you will no longer have to worry about PAD audits, as you will be able to manage all your PADs in one place.
VersaPay has batch file processing capabilities for those looking to setup recurring payments. Simply put, if one has to debit or credit multiple accounts each month, they simply input the information in the batch file format we provide and upload it to VersaPay to create the individual transaction. From here you can monitor each transaction in real-time to see if it has processed, failed or still with the bank. We also provide paper-based PAD agreements for your clients to sign so you don’t have to worry about organizing any legal paperwork. Transactions can be monitored in real-time through the online user interface to ensure their completion and funding.
PayPort’s unique API allows for a completely integrated solution with your current infrastructure. Our API is designed to tokenize individual transactions and supports webhooks. This means PayPort can communicate with your system and keep you alerted on the status of individual transactions. This eliminates the need to log into PayPort to get status updates as information is reported back to your software instead.
Katipult is a white label equity crowdfunding portal that utilizes VersaPay to help capture pre-authorized debit agreements and remit funds between the parties involved. Individual licensees will get setup with VersaPay to handle everything from the capture of banking info, recurring billing, remittance, and PAD compliance.
Autopal is a loan servicing management system where independent lenders can manage all of their deals through a cloud-based portal. VersaPay has been AutoPal’s Canadian partner since 2012 to help remit payments in the background for all its Canadian clients. Using VersaPay has allowed Canadian lenders to automate its transactions and get automated responses on the transaction to ensure timely answer on the success of payments.
Beanworks is an exciting account payable tool that allows businesses to connect with its accounting platform to push funds either to prepaid cards or direct to a bank account using VersaPay. Since 2015 we have been partners to help automate the accounts payable process for clients in the United States and Canada. Through our API and collaboration, we have built a strong partnership that looks to utilize common ground to shake up the payable space.
VersaPay provides the movement of funds for Wave to remit funds using our PayPort product. Over the course of our relationship, we have been able to collaborate on operations and procedures to ensure Wave has one of the most robust Payroll products for its thousands of small businesses across North America.
Looking for more insights, tips, and general information on accounts receivable automation? Check out the links below.
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