AR Management Heads To The Cloud

Two payment processors are teaming up to provide accounts receivables management services in an effort to streamline and automate the way businesses get paid. Reports published late last week said U.S.-based Heartland Payment Systems is teaming up with Canada-based VersaPay to launch a cloud-based AR tool.

In an announcement, the companies said that the new solution combines the Heartland Portico Gateway and the VersaPay ARC platform to let companies send invoices and receive payments faster.

Heartland Portico Gateway allows businesses to process their credit, debit and prepaid card transactions from any Internet-enabled device, while VersaPay ARC offers a secure, cloud-based AR service to generate e-invoices, reconcile payments and more. Together, the companies’ new service will automate the billing process and aim to strengthen cash flow, reduce invoice days outstanding and overall improve the bill payment process.

Citing research, VersaPay and Heartland said that businesses are increasingly looking to migrate their accounts receivable operations to the cloud to reduce the time it takes to send invoices and receive payments, as well as lessen the chance for lost or inaccurate invoices.

Heartland and VersaPay have worked together before. Last April, reports said VersaPay’s ARC platform would integrate with Heartland Payment Systems. Their collaboration allowed Heartland to provide its existing merchant clients the opportunity to migrate their manual invoicing and billing practices to the VersaPay platform.

“Heartland is uniquely positioned to deliver all the benefits of our ARC e-invoicing 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 a statement at the time. “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.”

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