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.
LoadDelivered is a leading North American logistics company that specializes in the transportation of food and beverage. VersaPay has helped LoadDelivered gain increased visibility and insight into customer accounts and enhance the customer experience.
LoadDelivered is a leading North American logistics company that specializes in the transportation of food and beverage. Companies ranging from Fortune 500 to small distribution networks rely on LoadDelivered to transport products in a timely fashion with their hyper-specialized services and agile team that is motivated to adapt to their customers’ evolving needs.
Given the nature of the logistics business, LoadDelivered was the middleman and not always the first priority for customers when it came to payments. LoadDelivered’s manual process compounded this collections problem and employees felt that keeping up with the AR workload was a marathon. 70% of the Accounts Receivable Manager’s morning was spent checking her inbox, taking calls and re-sending copies of invoices to customers, often multiple times.
Chasing customer payments was tedious as large customers were hard to keep tabs on and LoadDelivered didn’t have an effective way to accept all methods of payment including credit card. The volume of customer calls was climbing as customers required invoices to be re-sent, and the accounts receivable team had to follow-up with short pays which would require a significant amount of time to retrieve details and resolve.
With the rapid growth of their company, LoadDelivered realized they needed to automate their accounts receivable process to ensure their customers receive their invoices, communicate effectively with their AR team and improve the efficiency of the process overall.
LoadDelivered knew they had to address their accounts receivable challenge and began researching online to determine what AR solutions were available on the market. During their research, LoadDelivered came across VersaPay. After reading customer reviews and seeing VersaPay’s accounts receivable platform in a live demo, LoadDelivered decided to move forward with VersaPay to improve their invoice-to-cash process and the customer experience.
“Looking out there in different applications whether it’s for billing processing, maybe specific to payment application, there really is no other cloud platform out there that handles the whole AR experience”Kevin Green, CFO, LoadDelivered
“Looking out there in different applications whether it’s for billing processing, maybe specific to payment application, there really is no other cloud platform out there that handles the whole AR experience”
Kevin Green, CFO, LoadDelivered
After implementing VersaPay, LoadDelivered’s accounts receivable workload no longer feels like a marathon for their employees. With a self-service portal for their customers and a robust platform for their employees to view customer accounts, LoadDelivered has delivered an enhanced customer experience.
Manual efforts have been reduced significantly. Calling to follow-up with customer accounts that previously happened 30-50 times a day, has been eliminated with automated notifications to follow-up with customers, and notes for short pays.
LoadDelivered has improved the customer experience by allowing customers to manage their accounts online with their self-service portal. Customers can view their invoices online eliminating the need to re-send invoices and view all information pertaining to the invoice, like insurance policies, all stored in one place. Communications have improved as well, allowing customers to open disputes and LoadDelivered to respond to them proactively.
With VersaPay ARC’s analytics dashboard, LoadDelivered has better visibility into customer accounts. The accounts receivable team has become more efficient with insight at their fingertips including top delinquent accounts, ability to filter and analyze current standing of receivables and information on when customers have viewed invoices.
As a result of implementing VersaPay, LoadDelivered has increased visibility and has a more efficient accounts receivable process that not only makes their employees happy, but their customers too.
“We were managing our receivables for seven years and we were doing a good job. Now that we have implemented Versapay we are not only doing a good job, but we have enhanced the experience for our customers – making them happier. When you have technology that makes your customers and your employees happy, it’s a win, win”Robert Nathan, CEO, LoadDelivered
“We were managing our receivables for seven years and we were doing a good job. Now that we have implemented Versapay we are not only doing a good job, but we have enhanced the experience for our customers – making them happier. When you have technology that makes your customers and your employees happy, it’s a win, win”
Robert Nathan, CEO, LoadDelivered
Looking for more insights, tips, and general information on accounts receivable automation? Check out the links below.
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