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VersaPay has been a game-changer for businesses that struggle with time-consuming and inefficient invoicing and payment processes. With …
Overview
What is Versapay?
Versapay is an innovative business software system designed to streamline and optimize the accounts receivable (AR) process. The product offers over 150 customizable notifications that enable collectors to focus on customers who are struggling to pay their bills, eliminating the need for routine tasks....
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What is Versapay?
Versapay is an AR automation solution from the company of the same name in Toronto, providing what the vendor describes as a customer-centric solution combined with digital invoicing and and statements, and integrated payment solution allowing users to accept all payment types across AR,…
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Product Details
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- Tech Details
What is Versapay?
Versapay is an innovative business software system designed to streamline and optimize the accounts receivable (AR) process. The product offers over 150 customizable notifications that enable collectors to focus on customers who are struggling to pay their bills, eliminating the need for routine tasks. Versapay provides a centralized view of all receivables by leveraging data from current ERP and billing systems. It combines industry-leading AR automation with intuitive collaboration tools and a next-generation B2B payments network.
By deploying Versapay's collaborative approach, businesses across industries such as transportation and logistics, manufacturing, wholesale distribution, media, commercial real estate and more are able to connect their AR staff with customers in the cloud. This improves work efficiency while accelerating digital payments and improving customer satisfaction rates through proactive reminders delivered via accurate data. Users have reported significant results including a 50% reduction in manual workloads,a 30% decrease in past-due invoices, an eAdoption rate of up to 80%, an average customer satisfaction rating of 95%, and payment speeds increased by up to 25%. With Versapay as your choice tool for managing accounts receivables you can enjoy greater visibility into your cash flow management whilst having everything at your fingertips so you can make informed decisions easily.
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Versapay Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
| Supported Languages | English, French, Spanish |
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TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
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VersaPay has been a game-changer for businesses that struggle with time-consuming and inefficient invoicing and payment processes. With VersaPay, businesses can easily accept and process electronic payments, resulting in cost and time efficiencies, as well as quicker payments from customers. Through the platform's automated collections and reminders, invoice delivery, and distribution of customer statements, businesses have been able to create a more organized AR system, leading to faster payments and better collections.
One of the key use cases of VersaPay is its ability to reduce workload and provide better customer service. Customers can log into their account anytime to view their invoices and make payments. The platform's 24/7 access allows customers to make payments at their own convenience, providing transparency and flexibility in the payment process. With the click-to-pay button on invoices, receiving payments has never been easier for businesses, allowing them to move away from processing paper checks. Overall, the ease-of-use provided by VersaPay has resulted in positive feedback from users and customers alike.
Another key problem solved by VersaPay is the reduction of DSO and invoice contesting. By automating collections and providing real-time tracking of DSO, businesses can effortlessly monitor their receivables, identify any issues that may arise, and address them quickly before they become bigger problems. The platform's ARC dashboard has also allowed businesses to gain a bird's eye view of their whole AR system, helping them focus on getting paid promptly. Additionally, through VersaPay's bulk invoice creation feature and ability to identify top outstanding accounts at a glance, businesses have been able to streamline their invoicing process further.
In conclusion, VersaPay provides businesses with an easy-to-use platform that solves many common business problems related to collecting payments in an efficient and timely manner. It enables companies to improve customer satisfaction by providing transparency and flexibility in payment options while reducing workload through automation of collections and reminders. The platform has received positive feedback from users, highlighting the benefits of VersaPay's customer-oriented support team.
Ease of Use: Reviewers have consistently praised the software's user-friendly interface and intuitive design. Many users have noted that Versapay made their daily processes more efficient, with tasks becoming quicker and easier to perform.
Customer Support: Users appreciate the responsiveness and helpfulness of Versapay's support team. The team has been described as exceptional, usually answering questions within an hour, which has made the software stand out from other options in the market.
Automation: Many reviewers have highlighted how Versapay's automation features help eliminate unnecessary phone calls and reduce accounts receivable balances. Automating payments, invoice distribution, and rejection notifications make it easy for companies to manage AR collections while keeping customers informed about their account status.
Confusing User Interface: Some users have found the user interface of Versapay to be confusing, making it challenging to apply credits to invoices properly and manage payments. This has led to difficulties in driving customer adoption.
Slow Loading Time: Several users have reported that Versapay's loading time for the web page is slow, which makes it frustrating to click into an account and load account history. This can cause customers to become impatient and confused.
Lack of Detailed Reporting: Many users wished for more powerful and clean reports from Versapay, as they felt the reporting produced by the software was not detailed enough. Additionally, some users requested more scorecard and reports on customer aging payment, indicating a lack of standard reporting options.
Users have made several recommendations based on their experiences with Versapay. The most common recommendations include aligning the architecture with the platform, considering Versapay/Arc for customer payment portal needs, and reviewing the whole system before going live.
The first recommendation focuses on aligning the architecture with the platform to improve functionality and performance.
The second recommendation suggests considering Versapay/Arc as a solution for customer payment portal requirements, highlighting its efficiency and effectiveness.
The third recommendation emphasizes the importance of thoroughly reviewing the entire Versapay system before going live to identify any potential issues or areas for improvement.
Overall, these recommendations provide valuable insights into enhancing the architecture, exploring additional solutions for customer payment portals, and conducting thorough testing before implementation.