Versapay: Spearheading Collaborative AR to Transform Companies

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Craig O’Neill, CEO of Versapay
Many of today’s leading businesses – especially B2B firms – are transitioning their payment processes from tedious, paper-invoice-dependent, manual tasks to automated, tech-based platforms such as AR automation technology. However, Versapay—a Toronto-based financial technology company with offices in the US, EMEA and Australia—realized that automation alone could not provide comprehensive, effective invoice to cash solutions to their customers and business partners.

The company identified that a lack of proper communication between buyers and sellers is a prevalent challenge in the payments process, often preventing them from collaborating effectively and slowing down payments. For Versapay CEO Craig O’Neill, this presented an opportunity for the companyto develop a network connecting thousands of companies on a single platform, making collaboration – and by extension, payments and invoices – faster and easier for customers and sellers alike.

“I’ve always seen problems as opportunities,” O’Neill says. “In the case of Versapay, the fundamental problem in AR - that suppliers and buyers are not connected - is what drove the opportunity to create a collaborative network for the invoice to payment lifecycle, connecting AR staff with customers to accelerate payments, improve organizational efficiency and productivity, and maximize customer loyalty."

Versapay's collaborative AR network has become the new standard in AR automation, helping companies receive payments faster and providing insights into their customers’ behavior. The company connects vendors and customers through a cloud-based, omni-channel portal that provides them with complete visibility of their account activities and status while easily facilitating more complicated B2B electronic payments, electronic invoicing and automating collections.

The result is an efficient, cost-effective and speedy online experience which O’Neill compares to consumer e-commerce websites, noting that the user experience for enterprise business transactions should be as seamless as consumer-facing payments. The platform is highly customizable and can be adapted to an organization’s individual systems, enabling it to support businesses across multiple industries.

Recognizing that their clients have a spectrum of customers opting to pay through varied channels, Versapay supports multiple invoice and payment types, including credit cards, cash, digital payments and paper checks. The platform also provides CFOs, managers, collectors and sales representatives with insightful data about their varied AR processes, which businesses can use to drive substantially higher adoption rates compared to other solutions.
This data also supports the back office, reducing the repetitive tasks and paper usage commonly experienced by B2B finance teams.

Versapay also offers native integration with several top ERP systems, including Oracle NetSuite, Microsoft Dynamics 365 Business Central and Sage Intacct. In the absence of native integrations, the company works with clients to develop a solution tailored to their systems. With its PCI Level 1 security, the company fully integrates its solution into the client’s existing infrastructure using various APIs. Transactions are tokenized and support webhooks that communicate with the client’s system and keep them updated about the status of all transactions in real-time.

By embedding its payment solution directly in a company’s ERP system, Versapay helps businesses facilitate all types of payments across their e-commerce, point of sale, and accounts receivable channels, lowering processing costs and minimizing manual processes. It also minimizes Day Sales Outstanding (DSO), which improves working capital and lowers the burden of credit for sellers.


Versapay's Collaborative AR automation solutions are designed to help you accelerate your use of digital payments, improve organizational efficiencies and productivity, and get you paid faster.


Versapay continues to improve its collaborative AR network’s data accuracy and accessibility, adding intuitive online features such as proactive reminders to make it easier for customers to pay and faster for sellers to get paid. As a result, buyers facilitate payments with an improved, collaborative customer experience and suppliers build stronger relationships with their customers. The core of Versapay’s success, however, remains a collaborative culture dedicated to transforming how businesses work together by leveraging leading software solutions.

“Our primary focus is to resolve this issue of AR disconnect between buyers and suppliers,” says O’Neill. Building on Versapay’s ambition to radically empower the back-office, the company is well on its way to expanding its global footprint, in addition to bolstering its strong momentum and growth in the North American market.

Company
Versapay

Headquarters
Toronto, Canada

Management
Craig O’Neill, CEO of Versapay

Description
Versapay, a Canadian financial technology company, is transforming AR departments, driving efficiency and cash flow by connecting businesses with their customers over the cloud. The company establishes a cloud connection between a vendor's accounting team and its customers via a dedicated portal. The portal enables the processing of digital payments with ease while encouraging customers to easily and securely pay online using their preferred payment methods. The company’s omnichannel invoice delivery system provides customers with total visibility into their account status while easily facilitating electronic payments, electronic invoicing, and automating collections. The result brings buyers and sellers together through seamless, end-to-end account receivable experiences that optimizes businesses’ bottom line.

Versapay