VersaPay, which works in customer-centered order-to-cash solutions, is introducing an electronic cash on delivery (ECOD) function to boost supplier and buyer communications and make B2B payments easier.
The function, according to a press release, will allow a new self-service portal to set up online payments, trigger order fulfillment and add more flexibility in general. The effect will be to boost the functionality of collections, reduce the need for paper cash and checks, lessen disputes and boost automation, the release said.
The VersaPay Incentives function will enable suppliers to offer early payment discount programs, while helping customers through online calculation, payment incentives and straight-through reconciliation to the ERP.
In addition, the Document Manager program lets customers share documents, settle problems and exchange messages in one-on-one or group format. The solution streamlines the back-office functions to add more productivity over the old manual formats, the company stated.
Bob Stark, VersaPay's chief marketing officer, said the improvements will hopefully reduce cumbersome steps in the process for suppliers and buyers.
"Customer research uncovered how early payment discounts were often overlooked or improperly applied, creating additional friction between suppliers and buyers," Stark said, according to the release. "Our clients want to accelerate collections, so removing barriers to process early payments is critical to driving working capital improvement."
Earlier this year, VersaPay's takeover by private equity firm Great Hill was finalized. Great Hill Managing Partner Matt Hill said the partnership was a way for the firm to show support for the development of Software-as-a-Service companies, and that they hoped the firm would be able to complete its worldwide expansion.
The COVID-19 pandemic has made it more important than ever for firms to seek new innovations to ensure transparency in their B2B solutions. Firms have been doing what they can to reduce paper processes and help clients access information as easily as possible.