Metroland Media is one of Canada’s largest media, publishing and distribution companies and operates a large portfolio of media properties spanning from physical newspapers, magazines, and digital publications. Companies rely on Metroland Media to advertise and reach their desired target audience.
Challenge: Managing Large Invoice Volumes and Tearsheets with a Manual Process
As a business issuing well over one million invoices per year to advertisers, Metroland was challenged to manage this large invoice volume with emailing invoices and a manual accounts receivable process. Many of these invoices required “tear sheets” to be attached to the emailed invoice to confirm the proper placement of adverts. This created a challenge as mail servers would reject these tearsheets and customers would not receive their invoice. Addressing these problems consumed a lot of the AR team’s time.
In addition to the challenge of invoice delivery, receiving payments at Metroland was highly manual. All payments were accepted by the AR team meaning that if a customer called after business hours, on a weekend or holiday, they could not reach a staff member to initiate payment.
With these challenges managing multiple accounts, Metroland knew that they needed to save time by automating processes and make it easier for customers to make payment.
Looking for a Solution: Finding a Flexible AR Solutions Provider
Metroland understood the top drivers and their impact on labor required and payment delays due to their manual accounts receivable process. After researching providers, they realized their challenge could not be met with off-the-shelf software and needed a flexible provider that could customize a solution according to their needs. Metroland engaged with VersaPay and decided to move ahead due to VersaPay’s flexibility and willingness to host a proof-of-concept pilot.
Implementation: Putting VersaPay ARC into Action
To prepare for implementation, Metroland and VersaPay discussed different methods to automate their invoice and payment process and developed customized workflows. Metroland chose a phased approach to their implementation process, starting small and building while integrating early-stage feedback.
Results: Happier Customers Who Pay Faster
Metroland’s roll-out with VersaPay ARC was a success, with many customers reporting great feedback about their online invoicing and payment portal. Customers enjoy the ability to manage their accounts with Metroland online in an easy to use interface. Customers adopted quickly to the portal. Within minutes of sending the first set of invitations customers were signing up.
Metroland’s team now allows ARC to take care of manual processes and can refocus their efforts on high value work. With the ability to accept payments online, customers can make payments 24/7 without consulting with a Metroland representative. Payments that were handled manually are now automated, matching payments in the platform to invoices instantly.
Following the implementation of ARC, Metroland’s Days Sales Outstanding (DSO) was reduced by 10.5% simply due to online invoice presentment. When payment is factored in the DSO was reduced by a massive 59% in year one based on customers paying online.
VersaPay ARC has met Metroland Media’s objectives of automating their invoice and payment process and is making it easier for customers to pay.
“An overwhelming number of customers said it was an easy, intuitive, and quick process. We anticipated that we’d hear from our customers that needed help adding a card or accessing the system. We were pleasantly surprised when, within minutes of sending the first set of 900 or so invitations, customers were already signing up and our first payment came that very day. We didn’t hear from anyone having difficulty with the experience of using VersaPay.”
Jackie Dekar, Business systems Manager, Metroland Media