Increase efficiency 75% with AI-powered advanced cash application
Automate your cash application process using machine learning to match any payment type with open receivables. Capture and reconcile payment data, eliminate entry errors, significantly reduce manual effort, and speed up cash flow.
Reduce AR costs by up to 50% with automated online payments
Versapay's intelligent payments carry both payment instructions and complete remittance information. This allows you to fully automate your online payment acceptance, eliminating the need to post payments after they've been received
All-in-one cash application solution for 90%+ straight-through processing
Save time managing traditional payments like checks while encouraging your customers to pay online—all using one tightly integrated platform. Take advantage of Versapay's proprietary, purpose-built machine learning technology to automatically match payments with open receivables
- 250k Increase in electronic payments
- 50% Increase in electronic payments
Capture all payment and data types
Invite your customers to pay using their preferred methods and seamlessly capture incoming payments like checks, ACH, and wire transfers. Automatically extract remittance data from multiple sources—including vendor portals, bank lockboxes, emails, and PDFs—using advanced image recognition and machine learning technology.
Digitize your remittance data with optical character recognition
Remittance data can be messy. Our advanced character recognition technology takes those illegible characters, unstructured formats, and missing information, and quickly and reliably analyzes, normalizes, and imports them into our platform. Our algorithms then take over and complete the matching process.
Drive Efficiencies with AI-Powered Cash Application Automation Software
This guide for finance leaders explores how advanced cash application automation can:
→ Transform your accounts receivable
→ Drive efficiency and reduce manual labor
→ Make matching payments with open receivables simple and easy
Plus, get tips on selecting the right partner for your advanced cash application automation solution.
Integrated exception handling
Easily identify unapplied payments that need human intervention and handle those pesky exceptions using integrated tools, warnings and workflows. Collaborate with your customers over the cloud using a user-friendly portal to seek clarification and even have them apply their own payments.
Complex matching made simple
Not all invoices are paid in full, which is why our solution delivers a great customer experience by managing complex payment matching. We recognize whether customers are paying a full invoice, multiple invoices, short-paying, or making a line-item payment, and match accordingly.
Take control of discounts and deductions
Automate your team's workflows around discounts, deductions, and short-pays, so you can focus on the outliers. Routing, reason codes, and notifications all ensure the right people are looped in to solve issues quickly and keep payments moving.
Cash application automation FAQs
Cash application automation software is a digital solution that allows cash application tasks to be completed without the need for direct human involvement. With automated cash application, technologies such as artificial intelligence and machine learning work together to match payment data to open receivables. It is also frequently included alongside other accounts receivable solutions such as invoicing, collections, and payment processing.
The cash application process in accounts receivable involves six steps:
Step 1: Your AR team prepares an invoice requesting payment for a goods or services order and sends it to your customer—via email, mail or courier, fax, cloud-based portal or in person.
Step 2: You receive a payment via a check, wire transfer, credit card payment, automated clearing house (ACH), electronic data interchange (EDI) or corporate trade exchange (CTX).
Step 3: Your customer sends remittances (which specify why the payment was made or for what invoices) either with the payment in the case of checks or separately via emails, Excel files, PDFs, web portals or image scans.
Step 4: All the data needs to be reconciled to ensure the information from the invoices and remittances matches with the payments made, either manually or through an automated process. Any discrepancies (for instance in the event a customer has made a partial payment) need to be investigated and resolved.
Step 5: Once reconciled, the payment gets officially recorded in your company’s enterprise resource planning (ERP) system, where day-to-day business operations such as accounting are managed.
Step 6: The finished work and process is reviewed to look for any ways to optimize it. Your AR team might also send receipt of payment to customers.
Cash application automation offers a substantial number of advantages:
- Enhance efficiency: By automatically capturing and analyzing remittance data, you save significant time, and can reallocate resources to more strategic tasks.
- Increase accuracy: AI and machine learning technology become more accurate the more they’re used, helping achieve 90%+ straight-through processing rates.
- Lower operational costs: Intelligent payments carry both payment instructions and complete remittance information to reduce AR costs by up to 50%.
- Accelerate cash flow: Achieve same-day cash application and posting to enable faster credit replenishment, increased sales, and improved DSO.
Automating cash application solves many different challenges:
- Inefficient processes: Accomplish tasks faster with digital capabilities that outpace human inputs.
- Inaccurate data: Avoid mismatches by allowing optical character recognition and AI to compensate for missing or illegible data in payment and remittance documents.
- Costly labor: Stop paying teams of clerks to spend endless hours manually inputting and analyzing data.