A/R Automation for Commercial Real Estate
- Automate Your Workflows: Reduce manual processes in the Accounts Receivable process by up to 70% and refocus your team’s efforts on adding value for your customers.
- Centralize Invoices and Supporting Documentation: Provide your customers with an online hub for invoices, supporting documentation, and payment options.
- Resolve Disputes in Real-Time: Your customers are able to collaborate with your A/R team online, in real-time, to get questions answered and disputes resolved quickly.
Traditional CRE A/R Processes Are Hurting Your Bottom Line
With VersaPay ARC Cloud-based platform
Commercial REITs focus intently on cashflow, but typical AR processes mean this focus drives a lot of effort. Accounts receivable teams are loaded with manual tasks such as chasing down late payments, collecting tenant sales reports, and determining where to apply checks with missing or incorrect remittance information.
Thankfully, more and more tenants are looking for self-service options. This creates an opportunity to automate AR processes, facilitate online collaboration, and give your tenants what they want.
Offer Your Tenants Increased Payment Options
Gone are the days where tenants are restricted to making cheque payments (and the associated manual matching processes). ARC enables your tenants to pay via ACH/EFT, direct payments, or via credit card – all based on the business rules you set. Tenants can choose to make one-time or recurring payments automatically, at both a line or settlement account level, taking the guesswork out of cash application.
Eliminate Reactive Collections & Improve Tenant Communications
Today, over 75% of CRE companies do not communicate with their tenants on monthly basis, relying on a single annual statement to drive on-time lease payments. The result is predictable – delayed payments, incomplete payments, and manual follow-up. ARC makes this process seamless – a notification goes out as payments become due, reminding tenants of the amount they owe, and providing a one-click path to the tenant portal where they can view invoices and submit payments.
Streamline Supporting Documentation
Invoicing for CAM (common area maintenance) amounts often requires extensive supporting documentation, historically sent by physical media (CD, USB) or via PDF attachment. When this information is misplaced (or the emails are rejected by the recipient due to the size of the attachment), your team has to spend effort to recompile and resend the information. ARC provides your tenants with a cloud-based self-service platform that houses all CAM documentation alongside their invoices – and the built-in communications functionality allows them to ask questions and collaborate with you in real-time.
Whether you’re exploring A/R automation for the first time or building the business case to begin a project, our quick ROI calculator will show you the specific savings available to your business.
Take a couple of minutes to understand the compelling case for automating your AR.Calculate Your Savings