Versapay’s automated cash application solution uses AI and machine learning to match traditional payments with open receivables, eliminate inefficient manual processes, and accelerate cash posting.
Versapay's intelligent payments carry both payment instructions and complete remittance information for online payments made in Versapay’s Collaborative AR payment portal. This allows you to fully automate cash application and eliminate the need to post payments to your ERP after they've been received.
Accelerate reconciliation of any payment made outside Versapay’s payment portal, whether it is received as an incoming check, ACH, or wire. Our cash application automation solution works alongside your existing banking services—including lockboxes—to improve efficiency and reduce per-payment processing costs and errors.
"Implementing Versapay was a win-win for us. Our peak days have been reduced from 2 1⁄2 days to less than a day. We were able to continue with our growth plans, improve our efficiency, and provide better customer service with no additions to our staff"
Payments and remittances come into a business in many different formats from various channels. Automatically extract remittance data from multiple sources—including vendor portals, bank lockboxes, emails, and PDFs—using advanced image recognition and machine learning technology.
Remittance data can be messy. Our advanced character recognition technology takes those illegible characters, unstructured formats, and missing information, and quickly and reliably analyzes, normalizes, and imports them into our platform. Our algorithms then take over and complete the matching process.
Learn how cash application automation software lowers processing costs, drives efficiency, and dramatically improves the customer experience.
Easily identify unapplied payments that need human intervention and handle those pesky exceptions using integrated tools, warnings and workflows. Collaborate with your customers over the cloud using a user-friendly portal to seek clarification and even have them apply their own payments.
Because not all invoices are paid in full, our cash application solution improves customer experience by managing complex payment matching. Built-in machine learning gets smarter with each transaction it processes, so the more you use it, the more accurate your match rates become.
Automate your team's workflows around discounts, deductions, and short-pays, so you can focus on the outliers. Routing, reason codes, and notifications all ensure the right people are looped in to solve issues quickly and keep payments moving.
Cash application automation software is a digital solution that allows cash application tasks to be completed without the need for direct human involvement. With automated cash application, technologies such as artificial intelligence and machine learning work together to match payment data to open receivables. It is also frequently included alongside other accounts receivable solutions such as invoicing, collections, and payment processing.
The cash application process in accounts receivable involves six steps:
Step 1: Your AR team prepares an invoice requesting payment for a goods or services order and sends it to your customer—via email, mail or courier, fax, cloud-based portal or in person.
Step 2: You receive a payment via a check, wire transfer, credit card payment, automated clearing house (ACH), electronic data interchange (EDI) or corporate trade exchange (CTX).
Step 3: Your customer sends remittances (which specify why the payment was made or for what invoices) either with the payment in the case of checks or separately via emails, Excel files, PDFs, web portals or image scans.
Step 4: All the data needs to be reconciled to ensure the information from the invoices and remittances matches with the payments made, either manually or through an automated process. Any discrepancies (for instance in the event a customer has made a partial payment) need to be investigated and resolved.
Step 5: Once reconciled, the payment gets officially recorded in your company’s enterprise resource planning (ERP) system, where day-to-day business operations such as accounting are managed. Step 6: The finished work and process is reviewed to look for any ways to optimize it. Your AR team might also send receipt of payment to customers.
Cash application automation offers a substantial number of advantages:
Automating cash application solves many different challenges:
