Versapay: Meaning, Features, Reviews & More 2023

Providing electronic invoicing services since 2005, VersaPay is a Canadian merchant account provider. Merchants who formerly used VersaPay will now utilize BluePay because the latter company bought VersaPay’s entire merchant services portfolio in February 2017. Although Great Hill Partners purchased VersaPay in 2020, the company is still known by its original name. In 2022, VersaPay bought out DadeSystems, a financial technology firm. Continue reading to get full reviews about Versapay’s revenue, features, and top competitors.

What Is Versapay?

VersaPay is a cloud-based accounts receivable system that automates order-to-cash processes like cash applications, electronic invoicing, and online collaboration via the cloud.

It facilitates communication between virtual reality teams and cloud-based end users after Green Hill Partners acquired it in December 2019. Customers can view their bills, make payments, and engage in real-time collaboration using the interface.

Through the supplier and customer portals, users can gain access to a plethora of client data, including but not limited to invoicing and payment information. Collections management, cash application, dispute cooperation, and payment management are just some of the AR processes that may be viewed, handled, and acted upon once they get to their destination. Clients can manage AR tasks whenever and wherever they like. Notifications sent in real-time eliminate the need for follow-up phone calls and emails from unhappy clients.

Features of Versapay

Here are some key features of Versapay:

#1. Invoicing

Make bills, statements, and other paperwork for clients in any online or offline format they like. Give your customers the option to get your products via email, web, print, electronic data interchange (EDI), or an account payable (AP) portal. Verify that the information reaches its intended recipient by keeping track of when it was received and delivered. 

Also, make it easier for customers to find the information they need by electronically connecting invoices to supporting documentation. Distribute user statements on a monthly, quarterly, or annual basis. Find out where the bill stands so you can make a smart choice. Give the team and the users up-to-the-minute information on the account’s status. Provide a supplier and customer interface where they can view their invoices, payments, and payment history. Change the look of your invoices to make paying them less of a hassle for your customers.  

#2. Collection

Gain transparency, understanding, and increased teamwork by enhancing DSO. Separate different types of consumers and use targeted messaging to automate your collection efforts and prompt the desired payment behavior. Synchronize effortlessly with your ERP and get a worldwide perspective of your open accounts receivable in real-time. Construct a repeatable AR procedure by eliminating manual steps. Improve user engagement with individualized alerts and reminders. Include a sales rep, service crew, and shipping staff to help fix customers’ issues. 

Develop a centralized repository for open receivables from customers. Make it possible for users and collectors to ask questions, verify information, and request replacement copies. Get paid sooner and make sure any disputes are resolved quickly. Learn everything there is to know about your account’s key insights and past transactions. 

#3. Cash Application

Cash Application is an essential feature of Versapay since it simplifies the tedious task of matching up payments with unpaid bills. It helps firms streamline their accounting processes by automatically allocating funds received against open invoices. The cash collection cycle is accelerated, accuracy is increased, and financial efficiency is boosted as a result of this automation. 

Also, to intelligently identify and reconcile payments, regardless of tiny variations in information like invoice numbers or amounts, Versapay’s Cash Application feature often leverages cutting-edge algorithms and machine learning. Businesses can improve their cash flow management, customer happiness, and financial decision-making with the help of Versapay’s automation of the accounts receivable process.

#4. Payment Processing

The ability to process payments is key to the financial technology services offered by Versapay. Businesses can accept payments from clients using a variety of methods, including credit cards and electronic funds transfers (EFT), with the help of this function. Payment Processing by Versapay streamlines the process of accepting payments, which is helpful for both businesses and their customers. In most cases, it can be easily integrated with preexisting billing software for streamlined payment reconciliation.

In addition, it frequently provides a secure and compliant environment for dealing with financial transactions, safeguarding sensitive information, and giving everyone involved piece of mind. Organizations may improve their cash flow, lower their payment processing expenses, and give their consumers a more modern and streamlined payment experience by using Versapay’s Payment Processing.

#5. Integration

One of Versapay’s most useful tools is its ability to integrate with other corporate software, such as accounting and enterprise resource planning (ERP) platforms. With this feature, data harmonization and sharing inside Versapay are simplified, while the risk of human mistakes is reduced. The purpose of the integration function in Versapay is to help organizations save time and effort by ensuring that their financial procedures are always accurate and consistent. 

Integration allows businesses to keep their financial data consistent and up-to-date through the synchronization of customer information, invoice data, and payment records. By integrating Versapay with their current infrastructure, businesses can cut down on redundant tasks, improve data quality, and unlock the full potential of accounts receivable automation.

What Is Versapay Used For?

Companies use it to automate the billing, AR management, and AP processing processes. With Versapay’s platform, businesses can streamline their financial operations, increase their cash flow, and decrease the amount of time spent on manual chores.

What Are the Benefits of VersaPay?

Here are some of the top benefits of VersaPay:

#1. Enhance Cash Flow

The primary benefit of VersaPay is the improvement it brings to companies’ cash flow. VersaPay streamlines and automates accounts receivable operations to increase the speed with which payments are collected. With more money coming in, firms can pay their bills on time, put money toward expansion, and cut back on expensive loans. 

Real-time visibility into receivables makes it possible to forecast cash flows more accurately, which in turn allows for wiser financial decisions. By implementing VersaPay’s services, businesses can better manage their working capital, face fewer liquidity issues, and build stronger financial stability and resilience to weather economic storms.

#2. Improve Customer Experience

The customer experience is a key area where VersaPay’s services excel. With VersaPay’s intuitive self-service portals, clients may view and pay their bills online whenever it’s most convenient for them. This not only accommodates modern consumers’ demands but also boosts satisfaction by removing tiresome, time-consuming payment processes. 

The transparency that instantaneous invoicing and payment status updates provide helps to build trust and confidence. In addition to improving client relationships, VersaPay’s individualized communication and payment reminders decrease instances of late payments. Businesses adopting VersaPay may increase client retention, stand out from competitors, and fuel expansion by providing a convenient and straightforward payment process.

#3. Increased Efficiency

The efficiency gains offered by the solutions provided by VersaPay are substantial. Businesses can save considerable time and resources by using AR automation software to handle procedures like billing, collecting payments, and settling accounts. This streamlined process lessens the likelihood of mistakes, improves the reliability of data, and frees up time and energy for more strategic endeavors. 

By integrating with existing accounting and ERP systems, you can avoid errors and save time. Also, automatic reporting and real-time access to receivables further equip firms to act decisively in response to data. 

Cost savings, increased productivity, and a competitive edge in today’s fast-paced company climate are the end results of using VersaPay, freeing up resources for innovation and growth.

#4. Cost Savings

An important advantage of using VersaPay is the money you’ll save. Businesses can save money on employee hours spent on accounts receivable tasks like data entry, invoicing, and payment reconciliation by automating and streamlining these procedures. As a result of fewer mistakes and inconsistencies, fewer financial conflicts and disagreements arise, saving money and time. Integration with accounting and ERP systems is a breeze with VersaPay, so there’s no need to invest in time-consuming and expensive software modifications or integration initiatives. 

Additionally, firms can lessen their dependency on pricey short-term financing options by speeding up payment collections and enhancing cash flow. The financial operations, operational costs, and bottom line of a business are all attainable with the assistance of VersaPay, leading to improved financial sustainability and profitability.

Versapay Alternatives and Competitors

Thinking about switching from Versapay Collaborative AR? Check out the other factors that went into the buying decision of current Versapay Collaborative AR users by looking at what they thought about similar applications. Buyers compare solutions based on their strengths in several areas, including assessment and contracting, implementation and deployment, service and support, and product features. Here are some of the top competitors for Versapay:

#1. FreshBooks 

With FreshBooks as a formidable competitor to VersaPay, billing is handled automatically. Get paid twice as fast by establishing online invoicing, accepting electronic payments (ACH and credit cards), and sending late payment reminders. The next step is to increase team output by keeping meticulous records of all work time, documents, and communications.

However, FreshBooks is a small business accounting software built for the web. Marketing, law, business consulting, construction, plumbing, electrical, and IT are just some of the fields FreshBooks supports.

FreshBooks’ primary functions include billing, cost monitoring, time monitoring, report generation, and payment processing. Invoices can be customized, internet payments accepted, and automatic payment reminders scheduled. Expenses can be monitored by snapping pictures of receipts and adding them to invoices, setting up recurring expenses, and so forth.

#2. Bill

Bill is a formidable competitor to Versapay in the payment processing and A/R automation markets. It is a powerful platform that streamlines the processes of accounts payable and accounts receivable. It allows for electronic invoicing and direct bank transfers to boost productivity and cut down on paperwork. The platform can easily sync data with widely used accounting programs like QuickBooks and Xero. 

Financial transactions benefit from approval workflows that can be tailored to specific needs. Bill allows for a great deal of variety in payment options, benefiting both businesses and their customers. Two-factor authentication and data encryption are implemented for maximum safety. Its mobile accessibility and document management features further increase its usefulness. Bill is a flexible and scalable platform that may improve the financial management of organizations of any size. 

Bill and Versapay are two popular online payment processing options, but which one is better for your company will depend on your unique circumstances, including integration demands and available funds.

#3. Striven

Businesses of all sizes and specializations can use Striven, an ERP system that is a fierce rival to VersaPay and operates in the cloud. Accounting, stock control, HR, CRM, and project management are just a few of the areas it may assist with. 

A company hub, calendar integration, an internal newsfeed with social media integration, dynamic feedback tools, external action triggers, dashboard personalization, a resource navigator, custom reports, and much more are all part of Striven’s suite of business management solutions. It also includes surveying and business analytics tools for use in the field. 

Also, Google, Microsoft, Authorize.Net, Yodlee, and ShipStation are just some of the services that can be integrated with Striven. Striven allows its users to log in from any device, any location. No time is wasted waiting for updates because they happen instantly.  Striven’s services are paid for on a per-user, per-month basis, and feature access to the phone, chat, email, and online ticketing assistance. 

#4. Braintree

Both Braintree and Versapay are popular brands in the world of financial technology and online payments, although they cater to slightly distinct customer bases.

Braintree, a PayPal company, provides online merchants with a full payment gateway service. Credit cards, PayPal, and other electronic payment systems are all accepted on its safe and streamlined payment processing platform. Braintree is a popular payment processing platform because of its widespread merchant support, ease of use for developers, and security against fraudulent transactions.

On the other hand, Versapay is an industry leader in AR automation and payment processing services. It’s designed for companies that want to standardize their billing, invoicing, and collection procedures. The power of Versapay lies in its ability to automate accounts receivable, facilitating faster cash flow and better interactions with customers.

Although both firms are prominent players in the financial technology industry, they face little direct competition due to their distinctive offerings and customer bases. Braintree and Versapay are two options for businesses to handle their receivables and payments.

#5. ExpensePoint 

ExpensePoint is a web-based application and a strong competitor to VersaPay that streamlines the process of expenditure reporting for organizations of all sizes. Users may create, upload, approve, and process expense reports for a wide variety of categories all in one place.

Furthermore, ExpensePoint’s primary features are its ability to handle several currencies, read and image documents, route them for approval, and enforce policies. It enables businesses to apply their own criteria to report classification and coding. Automatic email notifications are sent to customers whenever new charges are imported from a supported billing system. Users can also attach digital photos of receipts to transactions by scanning, uploading, or faxing them into the system.

With ExpensePoint’s reporting features, firms may better understand their spending habits. Accounting software such as QuickBooks, Sage, Xero, Forte, and Great Plains are just a few of the many that are compatible with the platform. The service is offered on a pay-as-you-go basis, with support provided via phone, email, and other digital channels.

#6. Emagia

When it comes to automating and managing accounts receivable, Emagia is a serious competitor to Versapay. Unlike its competitors, Emagia places a premium on cutting-edge analytics and AI. Predictive analytics are used in the company’s cloud-based solutions to improve cash flow, lower days of sales outstanding (DSO), and boost overall financial performance.

The Emagia platform features a full array of AR management tools, including those for creating invoices and tracking overdue payments. Their data-driven decision-making, improved cash flow forecasting, and automated routines all contribute to increased productivity and decreased overhead expenses thanks to their AI-powered capabilities.

Also, companies that place a premium on data privacy and regulatory conformity can rest assured knowing that they can rely on Emagia because of the company’s dedication to security and compliance. While both Emagia and Versapay are strong in accounts receivable automation, Emagia’s emphasis on predictive analytics makes it a more compelling option for businesses in the market for cutting-edge financial management software.

#7. Multiview ERP

Multiview Financials is the flagship enterprise resource planning (ERP) system that Multiview Financial Software creates, sells, implements, and supports. It caters to businesses of all sizes in North America, from startups to multinational conglomerates.

ERP in Multiview is a collection of financial apps powered by common Core Accounting features. Everything from the general ledger to the billing and collection processes to financial reporting, forecasting, and budgeting fall under this category. In addition to generic business features, Multiview can handle financial applications including Purchase Orders, Inventory Management, Workflow, and Fixed Asset Accounting. In addition, the system’s open application programming interface (API) facilitates integration with third-party applications and ensures that it works with the way businesses already function.

There is a one-time setup fee and a licensing fee for each individual user of Multiview. Multiview’s pricing is all-encompassing, covering not only the core product but also things like limitless software updates and free access to technical assistance for paid users.

#8. Advent

When it comes to financial management and automation solutions, Advent is a formidable competitor to Versapay. Advent offers a wider variety of integrated financial services than Versapay, which primarily focuses on accounts receivable. In addition to handling receivables, they also handle payables, the general ledger, and financial reporting for their clients.

When it comes to financial automation, nobody does it better than Advent. From invoicing and payments to account reconciliation and more, they help firms optimize their whole financial processes. With this all-encompassing strategy, businesses can better see into their financial data and control their cash flow.

Because of its flexibility and scalability, Advent is a good fit for organizations of all sizes. In addition to being a safe bet for businesses in sectors where privacy and security are of the utmost importance, they place a premium on meeting all applicable regulations.

While Versapay is the clear winner when it comes to receivables management, Advent is a formidable competitor for businesses looking for a more all-encompassing solution to their financial automation needs thanks to its robust financial management capabilities.

Versapay Revenue

The total yearly revenue of VersaPay is $5.9 million. After doing in-depth research and analysis, the data science team at Zippia came up with the following critical financial KPIs for Versapay.

• Versapay’s peak revenue was $5.9 million in 2022.
• Versapay has 92 employees, and the revenue per employee ratio is $64,130.

How Much Does VersaPay Charge?

Although VersaPay does not reveal its pricing details directly, we can look at BluePay’s rates because they handle payment processing for VersaPay. 

In all likelihood, the transaction fee for using VersaPay is 2.39% plus $0.25. A 2.99% fee plus $0.20 per transaction is applied for keyed-in transactions. 

According to their website, the transaction fee for using VersaPay’s mobile payment option is 2.59% plus $0.15. In addition, taking on BluePay’s PCI compliance charge would cost VersaPay an additional $99 per year.

VersaPay Pricing at a Glance

• Pricing Model: Interchange PlusTiered Pricing Flat Rate
• Swiped Rate: 2.39% + $0.25
• Keyed-in Rate: 2.99% + $0.20
• Mobile Payment Rate: 2.59% + $0.15
• Virtual Terminal Rate: 2.99% + $0.20
• Monthly Fee: Undisclosed
• Payment Gateway Fee: Undisclosed
• Batch Fee: Undisclosed
• Early Termination Fee: None
• PCI Compliance Fee: $99
• Equipment Lease Terms: Undisclosed

Versapay Reviews

Here are some real user reviews about VersaPay.

Pros:

• I really like how VersaPay integrates with our ERP system, making it easier to send out invitations and keep track of clients’ contact information as it changes. We also accept credit cards and ACH transfers from our customers. We can now achieve PCI compliance with the help of VersaPay. In our ERP system, the AR invoice is closed in “real-time” when a client pays using VersaPay, which is one of the key benefits of using the service. Customers can use VersaPay whenever they choose to make payments, send in invoices, or check their account balance.
• Tenants can monitor their cash flow and make deposits at any time with the help of the tenant site. Distribution of both the monthly rent statement and the daily invoices is quick and painless. If a renter has a question about their bill, they can ask it right there on the platform. By streamlining the process of collecting rent each month, the auto-pay option benefits both our tenants and our accounts receivable team. The customer service staff is fantastic. Working closely with our client success manager, we are able to get the most out of Versapay.
• The everyday tasks of an AR Collector are completely automated by using VersaPay. This includes making payments, and it also reduces the number of calls we get that aren’t essential. Additionally, it sends daily invoices and notifies us of bounced emails and invoices. In a nutshell, this greatly aids our efforts to lower DSO. It’s also a fairly straightforward program to use.

Cons:

• There is nothing about the new VersaPay platform that I do not appreciate. There were some delays in sending out invoices to customers because of the outdated platform. However, after switching to the new platform, this obstacle no longer exists.
• If we can’t get our hands on the daily report, it would help if the bank transactions included the paid invoice number.
• Previously, there would be a lag in transmissions between Versapay and our financial program. With the introduction of the new connector, this issue is now fixed.

Bottom Line

VersaPay has a perfect A+ rating on its website, even though the BBB has not officially recognized the business. Over the last 36 months, the company has had zero complaints.

Outside of its BBB page, we discovered four complaints against VersaPay. Of the four reviews mentioned, three were written by people who had previously worked for the company. The “disorganized” work atmosphere is cited as a major issue in three separate studies of VersaPay.

Despite any internal issues, the company’s absence of bad evaluations from merchant clients may imply a competent customer support team and/or a clear sales process.

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Reference

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• merchantalternatives.com