VersaPay Review

VersaPay
Product:
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VersaPay ARC
VersaPay
2006
Toronto, Ontario
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Free Trial:
Public
160,000+
Cloud
No
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VersaPay ARC At A Glance

Good: Self-service portal for client's external customers to pay invoices and collaborate with AR staff; 150+ intelligent notifications that automate collections; scalable plans.
Bad: It doesn't offer additional accounting features, but it does integrate to finance systems; not intended for small businesses.
Bottom Line: VersaPay is an accounts receivable solution that helps B2B companies improve their customer experience and get paid faster.

Product Overview

VersaPay ARC is an accounts receivable (AR) solution that streamlines the tedious process of tracking invoices so companies receive faster payments from their clients. AR staff won’t need to worry about manually keeping track of individual invoices or contacting customers about late payments. ARC sends invoices through multiple delivery channels, allows external clients to pay their invoices through a self-service portal and automatically matches received payments against the company’s financial system. It also stores customer interactions so the AR staff can search and retrieve relevant data, as well as communicate directly with the customer.

VersaPay ARC is available in three editions: Standard, Professional and Enterprise.

Standard – The Standard edition is intended for staff that processes 1,000 to 5,000 invoices a month. Its features include intelligent email (which notifies sender when recipient opens or views message), express customer access, email and online invoice delivery, recurring invoice generation, attaching documents to invoices, dispute management, automated collections and cash application for online payments.

It also includes payment features, such as online payments, automatic pay, credit card fee management, virtual credit cards, and multi-currency and cross-border payments (ability to accept payment from 220 countries).

Professional – The Professional edition supports 5,000 to 50,000 invoices a month. In addition to the Standard features, other features are invoice delivery by mail, request management and cash application for external payments.

It also supports integration functionality, such as multiple AR connectors, customer hierarchies and divisional business rules.

Enterprise – This edition supports large businesses that process 50,000 to over 500,000 invoices a month. In addition to the features in the other two editions, the Enterprise edition includes direct-to-bank electronic funds transfer support.

VersaPay also offers the PayPort EFT processing software for companies that no longer want to accept manual checks from their clients. Businesses can send and accept money through the ACH or EFT network. Users can manage transactions, check payment statuses and generate reports. PayPort works with a company’s existing accounting or enterprise resource planning (ERP) systems.

Features

Here are some of the key features of VersaPay ARC:

Invoice presentment – AR teams can send invoices in a variety of ways, such as email, mail or via the ARC Customer Portal. Copies of invoices can also be sent to the company’s ERP or accounts payable (AP) software. Within the electronic invoice, external clients have the option of paying online or signing up for automatic payments. ARC tracks each invoice from delivery to payment and alerts the AR staff if there’s a problem with delivery. Finally, all invoices are located in a single portal.

Collaboration – AR staff can easily collaborate with each other, as well as with external clients. All client interactions are stored in the software and visible to the entire team, so staff members can provide backup in communicating with the client. Clients also have access to collaboration features, such as express customer access where they can view invoices or make one-time payments without having to log into the portal.

Collection management – ARC has a notifications engine with over 150 intelligent notifications that can be configured to a business’ rules and timelines. Those notifications go out to clients, reminding them of upcoming payments or when a payment is overdue. Therefore, routine collections tasks are automated, so AR staff focuses on smarter collection methods. ARC also pulls data from an ERP or billing system, so AR staff can see the status of all receivables in one location.

Payments – AR staff can provide their clients flexible payment choices, such as automatic payment plans, paying one or more invoices at once and early payment incentives. Multi-currency is supported. Finally, ARC tracks all payment processing, so companies receive their payments faster and stay in compliance with PCI regulations.

Cash application automation – ARC automatically reconciles online payments and posts remittance in the ERP or billing system. Offline payment can also be automatically reconciled; users can import data from a variety of file formats. ARC’s searching and workflow tools also help spot and resolve reconciliation issues.

Insights – ARC provides real-time reporting tools and the ability to drill down into key metrics, such as days sales outstanding (DSO) or top overdue accounts. Users can also look ahead on any potential AR issues or opportunties by using intelligent forecasting tools and historical trends data.

  • Billing and Invoicing?
  • Budgeting and Forecasting?
  • Core Accounting?
  • Expense Management?
  • Inventory Management?
  • Payroll Management?
  • Payment Processing?

Target Market

VersaPay serves all types of industries, including wholesale and distribution, commercial real estate, manufacturing, transportation and logistics, business services and media. We’ve listed 10 of its customers below:

  • Boston Properties
  • Intuit
  • Regency Centers
  • Livingston International
  • The Denver Post
  • J.J. Haines
  • Ideal Supply
  • Brixmor
  • SPS Commerce
  • Amer Sports

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Implementation/Integration

VersaPay’s Implementation Project provides a specialized experience covering all aspects of its proven three-phase implementation methodology.

This methodology is composed of activities logically grouped into distinct stages, which VersaPay believes makes it easier to provide management and control during the lifecycle of a project. The stages of implementation are DISCOVER, CONNECT and LAUNCH.

DISCOVER: In this phase, VersaPay develops a good understanding of the current state of the client’s systems and processes. It focuses on three key areas in a series of collaborative meetings: Operational Process, Data and Dataflows, and Existing Systems.

CONNECT: The connect phase is where the data connections between ARC and the client’s source systems are set up and tested, and where the ARC configuration settings are reviewed and finalized.

LAUNCH: The final phase of the project is designed to ensure that all data flows and configuration settings have been tested, that the reconciliation is working as expected and that presentment of invoices meets the needs of each variation of transactional data. VersaPay will also provide training for the power users during this phase.

VersaPay ARC integrates to ERP, accounting and billing systems, such as Sage Intacct, QuickBooks, SAP and Microsoft Dynamics NAV.

Customer Service & Support

VersaPay provides phone, email and live chat support, tutorials and product articles. Each client also receives a dedicated customer success manager to provide best practices and drive end-customer adoption.

SPARC is the Success Program that VersaPay has created for rolling out ARC. The program is to ensure customers realize value from the platform and achieve high adoption by using proven strategies. The program offers effective tools and resources for customers to not only learn the product successfully, but also promote and onboard customers rapidly.

Pricing

VersaPay doesn’t publicly display its pricing information. Please contact the vendor directly for a quote.

Shortcomings

VersaPay ARC is an accounts receivable solution and not a full-featured accounting software. However, it does integrate to accounting systems.

ARC is also not intended for small businesses.

Screenshots

VersaPay Screenshot 1
VersaPay Screenshot 2
VersaPay Screenshot 3

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About

VersaPay is a leading provider of cloud-based accounts receivable solutions. It helps increase the automation, centralization and visibility of companies’ AR processes while providing customers with a class-leading AR experience.

VersaPay was founded in 2006 as an electronic payments company and went public in 2010 (TSX-V: VPY). Its mission is to create a change in the way companies manage their accounts receivable, from how invoices are created and delivered to how payments are received and accounted for.

VersaPay won the TSXV Canadian Tech Stock of the Year Award 2017, and VersaPay’s CEO, Craig O’Neill, was named the TSXV Tech Executive of the Year. The company was named a leader in the IDC MarketScape for Worldwide SaaS and Cloud-Enabled Accounts Receivable Applications in 2019.

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