Collaborative Accounts Receivable is where Versapay shines as the industry leader. Versapay is the first platform of its type, bridging the gap between suppliers and customers via a unified online transformation. Our team of experts analyzed the market and the company’s reputation. This VersaPay review is based on some important factors and genuine information gathered from merchants.
Versapay’s accounts receivable (AR) management tools and next-generation B2B payments system make billing and payments easier for organizations. This results in increased efficiencies, faster acceleration of cash flow, and a significant improvement in the quality of the customer experience.
About VersaPay
VersaPay Corporation is a financial technology firm based in Canada that offers electronic invoicing and merchant account services. VersaPay’s principal service is accounts receivable management software, designed to make it easier for merchant clients to receive and pay bills online.
BluePay, a payment processing provider, bought VersaPay’s merchant services department in 2017 and now manages the services and products offered to merchants by VersaPay. These payment processing services are solely offered to merchants in the United States and Canada.
VersaPay Review Based on Complaints
Although the BBB (Better Business Bureau) does not recognize VersaPay as an accredited business, the organization awards the company an “A+” rating on its website. The company has been the subject of zero complaints for the past three years and thirty-six months.
Outside of its profile on the BBB website, we were able to find four customers who had unfavorable things to say about VersaPay. It’s interesting to note that three of those four assessments were attributed to former company workers who have since left the company. In each of these three reports, VersaPay is called out for having a work environment that is “disorganized.”
The absence of negative feedback from merchant customers may suggest that the company has an effective customer service team and a straightforward sales process, despite the possibility that issues are occurring within the company itself.
VersaPay Review Based on Fees and rates
Although VersaPay does not make its complete pricing structure publicly available, we can examine Bluepay’s pricing structure because Bluepay is the company that does the payment processing for VersaPay.
There is a good chance that VersaPay levies a transaction fee of 2.39% in addition to $0.25. Transactions that require keying in an amount will incur a cost of 2.99% plus $0.20 per transaction.
It is stated on the VersaPay website that the mobile payment solution will incur a fee of 2.59% plus $0.15 for each and every transaction. If VersaPay were to assume responsibility for Bluepay’s PCI compliance charge, the company would be required to pay an additional annual price of $99.
Contract on a Month-To-Month Basis
The contract is on a month-to-month basis and so it can be canceled at any time. There is no early termination fee.
The fee structure of BluePay is simple – 2.39% plus $0.25 for any keyed-in transactions. For non-keyed-in transactions, it charges 2.99% plus $0.20 for each transaction. Additionally $99.00 is charged annually as a compliance fee.
On the mobile payment solution page of the VersaPay website, it shows 2.59% along with a $0.15 fee per transaction.
Online Invoicing – Review
VersaPay offers online and mobile app software. At the same time, they also provide POS that is integrated with the online/mobile software. Each equipment offer might have a different contract term.
Although, in our expert review of VersaPay we found that the costs are affordable for most merchants. Furthermore, we were not able to find any complaint related to the price to charges.
VersaPay Review Based on Customer feedback
Pros – As commented by customers
- “Our CSM has been really helpful in expanding our product expertise, and they are always open to enhancements.”
- “I appreciate how simple it is to use and the convenience it gives our customers.”
- Although it is just a year since we implemented the system, our cash system improved drastically internally as well as internally with our customers.
- “The visibility of VersaPay allows us to identify where each renter is at and aid them in understanding and feeling comfortable with the product.”
Cons – As commented by customers
- “There is no “search” function to find information about topics, and no “chat” tool to communicate with a Helpdesk Support representative.”
- “The web page loading time can be annoying at times, but we must keep in mind that we are trying to load hundreds of data points, which might add to the load time.”
- “Slow search performance causes delays when on live phone conversations aiding our clients, and autopay ignoring open credits causes regular issues, although we have a ticket open to fix this.”
- “The Payment Limits have been the most significant product constraint to date.”
Should You Trust VersaPay?
VersaPay Review Based on lawsuits
We discovered no current class-action lawsuits or FTC complaints against Versapay. Dissatisfied merchants who want non-legal action against the company might report it to the appropriate supervisory organizations.
Low complaint total
We’ve seen only a few VersaPay unfavorable reviews so far, none of which call the company a swindle or a fraud. Although there is one complaint in 2010. This complaint was made by a merchant about the difficulting in setting up the account. And due to this, the merchant said that the cost was not appropriate.
The remaining three complaints are from current or former employees, alleging a disorganized, unsupportive work atmosphere. Given the general absence of merchant complaints against the company, these internal difficulties do not appear to impair VersaPay’s service and are not being tallied against the company.
VersaPay Review Based on Customer service options
VersaPay’s website provides email assistance, a FAQ section, and phone numbers for various areas, and these channels appear to be effective at resolving merchant problems in-house.
Conclusion
VersaPay, a Canadian merchant account provider focusing on electronic invoicing, was founded in 2005. VersaPay merchants will use BluePay’s products to accept credit card payments after BluePay purchased VersaPay’s entire merchant services business in February 2017.
VersaPay meets our criteria for a dependable merchant services supplier. Although little particular information regarding its contract conditions is available, The company receives very few complaints and seems to refrain from indulging in misleading advertising.
