Versapay’s Electronic Cash-on-Delivery (eCOD) presents customers an intuitive self-service payment portal to accept online payments, trigger order fulfillment, and enhance buyer-supplier communications. On-delivery collections have increased in popularity yet present many COVID-related challenges. By offering flexible payment methods, eCOD eliminates the exchange of cash and checks, reduces disputes, accelerates delivery, and automates cash application.
Suppliers offering early payment discount programs to their customers will benefit from Versapay Incentives, featuring online calculation and presentment of payment incentives and straight-through reconciliation to the ERP. “Customer research uncovered how early payment discounts were often overlooked or improperly applied, creating additional friction between suppliers and buyers,” shared Bob Stark, Chief Marketing Officer at Versapay. “Our clients want to accelerate collections so removing barriers to process early payments is critical to drive working capital improvement.”
Versapay’s Document Manager allows suppliers to securely share documents, settle disputes, exchange messages and initiate mass communication with multiple customers or divisions. The online collaboration tool streamlines back-office operations, offering productivity enhancements over manual email processes.
“COVID-19 has presented numerous difficulties for CFOs and accounts receivable teams burdened by paper-based and manual processes. Versapay responded to our clients by introducing online capabilities to simplify collections, disputes, collaboration, and payment, offering suppliers multiple levers to free trapped cash within their receivables process,” commented Craig O’Neill, CEO of Versapay.