Cybersecurity is a hot topic for many and the urgency to create a foundation of security is critical. For many cybersecurity companies, this is a boon to their business, but that doesn’t mean these companies have internal challenges of their own.
This Acceleration Case Study outlines the many benefits of one cybersecurity company when it implemented new accounts receivable software. By partnering with Versapay, they were able to triple revenues, eliminate 50+ hours of manual work each month, and shift people to more highly productive tasks.
The Business Challenge: Reduce Manual Tasks
The collection of payments on invoices is tough enough, but streamlining the process in a secure way adds another layer of challenges. The needs of this cybersecurity company were critical to the future of their business – a robust solution for accepting digital payments and automating manual processes.
- The pain points were clear. They had inefficient and time-consuming processes around:
- Invoice management and prep
- Transferring information between systems
- Payment information reconciliation
- All resulting in over 50 hours of manual work each month.
Further, these issues were exacerbated by the fact that they could only process about 3,000 invoices each month. This forced the company to focus its collection efforts on only invoices higher than $100,000.
On top of this disjointed process, they needed to improve customer communication while continuing to build upon a reputation of high security standards. They felt they were doing each customer a disservice, for example, by asking them for sensitive credit card information on the phone.
- The goals were now set:
- Make dramatic changes to their entire process
- Transform the accounts receivable department
- Improve cash flow
- Implement automation into the workplace
The Decision: Partnering with Versapay
Fast growth throughout the company caused the accounting process to lag and slow down the entire process. In order to continue growing and maintain customer loyalty, they decided to partner with Versapay to meet their needs.
The Versapay Solution
Versapay is a company specializing in improving the accounts receivable process for a wide range of companies. By using cloud technology, they make it possible to decrease costs, see immense benefits, and quickly transform the accounts receivable department.
So, how was Versapay used to achieve the security firm’s goals?
Real-Time View of Invoice Statuses
Customers also struggled with visibility into invoice details, whether it pertained to how much they owed, or trying to figure out deductions or outstanding credits. Much of the billing work was paper-based which hindered the accounting team from processing more credit card transactions.
By using Versapay, they were able to create an invoice from each sales order while displaying it on the online payment portal. The transition to a data-driven process provided customers with self-service tools such as the flexibility to connect their bank accounts, create payment plans, and make payments as soon as the invoice is posted.
Increase Revenue and Productivity
One of the major benefits of implementing Versapay was a 3x increase in revenue without increasing the number of employees. During this period of rapid growth, the number of invoices and payments received significantly increased. In addition, the automation services of Versapay created a much more relaxing work environment for everyone, increased efficiency, provided more advancement opportunities, and helped limit employee turnover.
Improved Resource Management Using Automation
Before putting Versapay in place, an accounts receivable employee had to manually send nearly 100 custom emails each day. These included renewal notifications, invoices, and other items. Also, it made it nearly impossible to follow up with customers in a timely manner.
Further, the support desk team had to spend a lot of additional time forwarding emails to the AR department or trying to answer billing questions on their own.
As part of the automation configuration, Versapay set up a comprehensive tagging system to easily segment each customer. Now, all it requires is one click of a button to generate invoices that can be sent to each customer based on specific parameters. And, the support team saw the number of invoice-related questions drop to nearly zero.
Reduced Risk and More Security for Payments
Credit card information falling into the wrong hands is a huge risk for anyone, the company took a major risk by collecting this info over the phone. Afterward, they had to physically destroy the information once it was put into the accounting system to avoid compliance issues. If anyone forgot this last step, then the consequences were unimaginable.
However, automating the payment process made it possible for customers to make payments online using a secure portal. The card information was also tokenized, which created a much more secure system for processing payments. All payments are tokenized and stored securely, limiting the number of interactions with sensitive payment information.
Versapay makes it possible to eliminate manual AR processes. Meawhile, it enables the onboarding of nearly all of their customers using the self-service online payment portal. This saves employees a lot of time and effort. In addition, implementing Versapay created a much more secure payment procedure compared to gathering credit card information by phone. These different benefits only further highlight the benefits of their partnership with Versapay, as it increased efficiency and improved the bottom line for this cybersecurity company.