Third Party Integration with Versapay

Versapay's Accounts Receivable Efficiency Suite streamlines the invoice-to-cash process by automating invoicing and enabling B2B payments with the help of artificial intelligence. Versapay's solutions are designed to help businesses improve cash flow, reduce administrative costs, and enhance the overall customer experience.

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SparkLMS integrates with the best breed of third-party solutions in the Lending Eco-system to run a lending portfolio easily and profitably. Versapay + SparkLMS integration will allow lenders to initiate payment processing, and receive updates on payment statuses.

What it does

With this integration, lenders will be able to:

• Automate payment collection and reconciliation tasks, reducing manual effort and processing time.
• Accept and process payments seamlessly across all channels.
• Leverage interchange optimization and Level II and Level III processing.
• Accelerate payment collections and reduce payment delays.
• Enable proactive decision-making and risk management.

Benefits

• Send personalized payment reminders to borrowers to reduce the likelihood of missed payments and late fees.
• Ensures the security of sensitive financial data, including PCI compliance and data encryption.
• The integration can scale to accommodate the growth of lenders' portfolios.
• Real-time access to payment data and analytics enables lenders to conduct more accurate financial forecasting and planning.
• Smooth implementation process and minimal disruption to existing workflows.
• Facilitates comprehensive audit trails and reporting capabilities.

Pre-requisites

After on-boarding your lending portfolio on SparkLMS, you must set-up an account with Versapay. We will guide you through the entire process of setting-up Versapay in your instance of SparkLMS.