Genesis of Versapay
Versapay Corporation was founded in 2006 by Michael Gokturk and Kevin Short with a mission to transform the way businesses handle their accounts receivable. Traditionally the AR process in companies used to be manual which led to wastage of time and posed a risk of errors. Recognizing these problems, founders created a platform to optimize the receivables process. With strategic partnerships, commitment to innovation and world class technology, Versapay is leading the way to provide the best AR solutions to revolutionize the fintech industry.
Products of Versapay
The products offered by Versapay are designed to resolve the challenges in AR process. These products are formed keeping in mind the real-time processing feature and automation.Â
- Collaborative Accounts receivables:Â This is the flagship product of Versapay that automates the invoicing and payment processes of businesses by helping the accounts receivables team connect with their customers. Providing efficient communication, by eliminating unnecessary exchange of emails and phone calls through the platform. By employing automated dunning, as well as real-time payment tracking, businesses can dramatically increase the speed at which they collect cash and deliver to their customers with a pleasant experience.Â
- ERP Payments: Versapay’s solution, built for seamless integration with any existing ERP system, consolidates payments across all channels through a single platform. Centralizing payment processes on the ERP allows companies to eliminate errors, reduces manual data entry, and results in greater financial control. This solution works with credit cards, ACH, wire transfers – solving a broad range of use cases for different types of businesses.Â
- Cash Application:Â Cash application process is one of the most overwhelming processes in a business where cash payments need to be checked against the corresponding invoices. Versapay leverages the power of artificial intelligence (AI) to auntomate this process in order to save time and energy. The ai system correctly checks the payments with banks, checks, of cash entries with the open invoices to see if all the payments are made accurately and timely.Â
Solutions
The solutions provided by Versapay are not just about automation but about transforming the whole transformation of AR Process by bringing efficiency, transparency and customer satisfaction. Â
- Automated Workflows:Â It is very necessary to reduce the unecessary workload on AR teams. This is done by Versapay by automating the repetitive tasks of invoicing, checking and matching payments. This helps them to focus on more strategic tasks and optimize workflow.Â
- Real-time visibility:Â Another great solution that Versapay provides is its real-time visibility feature that helps the AR team to get insights as and when the payment is made or received. This is very necessary for a business for making better decisions and maintaining healthy cashflows.Â
- Customer Self-Service:Â With the self-service portal of Versapay, the customers can check their invoices, payment history and also view their pending payments. This improves the experience of customers and the burden on AR teams is also reduced as they do not need to take care of each and every query of customers.Â
Industries served
The versatile solutions offered by Versapay can be easily adopted by a range of industries. A few of these are:Â
- Real Estate: For Real Estate companies that manage multiple properties and their tenants, Versapay’s solutions helps them to streamline the invoicing process to manage the cashflows easily.Â
- Manufacturing: It is very important to manage complex supply chains and customer relations in the manufacturing industries. Versapay helps the manufacturers to manage these processes by automating their AR systems.Â
- Distributors: It becomes really hectic for distributors to manage the cashflows and handle the large number of invoices from different businesses. This process is simplified by Versapay by automating the payment and invoicing so that large volumes of invoices can be handled, and any risk of errors is minimized.Â
SuiteWorld sponsored by Versapay
The collaboration between Versapay and SuiteWorld 2024 will enable businesses to leverage the strengths of both platforms, resulting in enhanced efficiency, greater visibility, and improved financial outcomes. By combining the expertise of Versapay in AR automation with NetSuite’s ever-evolving ERP capabilities, the collaboration promises to deliver significant value to businesses across various industries.
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