B2B Payments

VersaPay Debuts Accounts Receivable Mobile App

Invoice and accounts receivable solutions provider VersaPay announced the launch of its mobile app this week.

VersaPay announced in a press release on Tuesday (Aug. 14) that its mobile app for its accounts receivable platform ARC is now live. Corporate customers can view their invoices, payments and credits on mobile phones and tablets, as well as set up their wallets and pay invoices via the app. The ARC solution provides businesses with a way to streamline their customers’ invoice payments process via a self-service portal.

The tool supports ACH and commercial card payments.

“Our unrelenting focus on end-customer adoption has driven positive results, with many of our clients seeing 70-80 percent or more of their customers using ARC to receive their invoices and pay online,” said VersaPay CEO Craig O’Neill in a statement. “This new release represents a major step in enabling workers on the move to engage with ARC quickly and conveniently from wherever they are, and we expect this to drive our customer adoption rates even higher.”

Last year, VersaPay struck a collaboration with Royal Bank of Canada (RBC), which will link its own corporate customer to the ARC solution under the RBC brand.

“The invoice-to-cash process is vital to the success of all businesses,” RBC EVP, Business Financial Services Greg Grice said at the time.

That partnership emerged in the midst of a growing list of bank-FinTech collaborations targeting the accounts receivable process. Last year, Billtrust and KeyBank also linked up to provide corporates with the KeyTotal AR platform, aimed at addressing friction in the cash flow management process by accelerating businesses’ invoice payments and supporting their cash application strategies.

In an interview with PYMNTS last year, KeyBank Co-Head of Product and Innovation, Enterprise Commercial Payments Matt Miller explained that the corporate financial services community is beginning to engage not only with the payment process, but also with the processes before and after a transaction, including invoicing and reconciliation.


Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.