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.
Metroland Media is one of Canada’s largest media, publishing and distribution companies and operates a large portfolio including physical newspapers, magazines, and digital publications. Metroland streamlines their AR processes with VersaPay to get paid faster.
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.
As a business issuing well over 1,000,000 invoices per year to advertisers, Metroland Media was challenged to manage this large volume with a manual accounts receivable process which included emailing invoices. 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 tear sheets and customers would not receive their invoices. 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.
Metroland understood the impact on labor 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 for 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.
To prepare for implementation, Metroland and VersaPay discussed different methods to automate their invoice and payment process and developed customized work flows. Metroland chose a phased approach to their implementation process, starting small then continuously building while integrating early-stage feedback.
Metroland’s roll-out with VersaPay ARC was a success, with many customers sharing 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 signed 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 needing to contact a Metroland representative. Payments that were handled manually are now automated and matched to invoices directly, resulting in seamless cash application.
Following the implementation of ARC, Metroland’s Days Sales Outstanding (DSO) was reduced by 11% simply due to online invoice presentment. When you factor in payment, 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 and do business with them. This has resulted in Metroland Media to have happier customers, who pay them faster.
“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
“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
Looking for more insights, tips, and general information on accounts receivable automation? Check out the links below.
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