By PYMNTS.com Staff (@pymnts)
VersaPay Corp.’s ARC eInvoicing system has added merchant processor Heartland Payment Systems as the latest company to sign on to the cloud-based service, which helps companies eliminate the time, cost and cash flow challenges associated with paper invoices delivered by mail.
Under a reseller agreement between Heartland and VersaPay U.S. subsidiary VersaPay Payment Technology Solutions, Heartland is providing U.S. small and midsize businesses the ability to convert manual invoicing into a more efficient electronic Accounts Receivable Conversion (ARC) system that delivers invoices online in a secure merchant-branded portal. It also provides their customers with the option to pay using credit or debit cards.
The VersaPay ARC eInvoicing platform enables merchants to either import invoices through their accounting software or create them using the product software. Merchant-branded invoices are delivered instantly to the portal and customers are notified via email.
Fully integrated with a merchant’s payment processing system, the merchant’s customers have the option to pay using credit or debit cards. Merchants may track when they sent an invoice, when their customer received and viewed it, and when payment was made.
“Heartland is uniquely positioned to deliver all the benefits of our ARC eInvoicing system nationwide with its world-class reputation and sales distribution network,” Todd Whiton, president of VersaPay Payment Technology Solutions, VersaPay’s U.S. subsidiary said in the agreement announcement. “The opportunity to change the way invoices are issued and paid between U.S. businesses is enormous, and we believe this strategic partnership with Heartland will broaden the acceptance of our technology.”
Any business that traditionally sends customers paper invoices, especially small to midsize businesses such as accounting, law, insurance, manufacturing and distribution, can benefit from VersaPay’s ARC system, said Kris Herrin, Heartland chief of emerging products. “Paper invoices typically cost a few dollars to process from end to end, and it can take 30 to 90 days to receive payment. With VersaPay ARC eInvoicing, each invoice costs less than a postage stamp to process and payments are received days or even weeks earlier.”
Heartland is making the VersaPay system available through its Portico eCommerce gateway.
The two companies last September entered into a separate five-year reseller agreement for VersaPay’s Electronic Invoicing Presentment and Payment platform, which enables companies to automate their invoicing and accounts receivable processes.