VERSAPAY COMPARISON (Previously Solupay)

We highly recommend you visit Cartmill’s Versapay Competitive Training: https://docs.google.com/presentation/d/19MSTD5TEZ9tCzeVMMVQH1ipud-sHWvgO-XUxym_84EI/edit?usp=sharing

Example Versapay/Solupay statements below. 

 

 

Last Updated: Nov 7, 2023
Feature	Paystand	Versapay
Core AR Strengths	0% Direct Digital Bank Network (eCheck) with Real-Time Funds Verification and Next-Day Funds Transfer	Manage disputes with payers (CAR), Payers can pay through mobile device (portal only), Customer report card, Segment customers with tags to send notifications
Credit Card Payments through Sales Orders/Invoices	Base rate 2.39% + $0.50 per transaction	2.4% - 5.6% variable interchange
Direct ACH Payments through Sales Orders/Invoices	Accelerated ACH = 0.35% basis points per transaction. Speed: 2 days Legacy Plan = $0.35 basis points per transaction	0.35% basis points on ACH & 50 basis points on top of Interchange rates. Can take up to 7-10 days
Fixed Costs	SaaS: Subscription based on annual volume processed through the system. Fee does not increase with user revenue growth. Tailored for mid-market needs, ensuring businesses don't overpay for services they might not require.	Versapay outlines three types of pricing models. Flat-rate pricing, cost-plus pricing, and tiered pricing
Implementation Time Frame	4-6 Weeks	2 Months
Free Payment Rail	✅ Paystand's B2B Network (0.00% + $0.00 per transaction)	❌ Not Offered
Automated Reconciliation/Application of Payments to Open Sales Orders/Invoices in NetSuite	✅ All reconciliation, for payments made through Paystand, is done automatically. High-level automation tools focusing on reducing mid-market specific manual tasks and challenges. Paystand reconciles conevenience fees by journal entry, we do NOT edit the Invoice.	❎ Limited: process is designed to ensure that all transactions recorded by a business match those in the accounts, which is crucial for maintaining accurate financial information and is a foundational part of accrual accounting. Incomplete deposit reconciliation at Versapay. Is not as granular: there's missing disposits, missing CC payments, e-invoice for their payment. VersaPay adds a line item to the Invoice for convenience fees. Therefore editing the Invoice, presenting issue if there are ever reversals.
Automated Bank Reconciliation and Real-Time Reporting	✅ Automates reconciliation process by integrating with ERP systems for real-time syncing and settlement, offering a consolidated dashboard for managing transactions across payment methods, and daily bank reconciliation.	❌ Operates outside of Netsuite, not everything syncs back into Netsuite (disputes)
Fully Customized & Branded Billing Portal	✅ Deliver a branded payment interface for a seamless customer experience. Add company logo, change colors and add custom backgrounds. Different payment experiences for different customers.	❌ Versapay user interface makes payors believe they are paying Versapay
View & Pay Multiple Invoices & Consolidation	✅ With Paystand they only see what's relevant to the payment and invoices.	✅ When looking at the invoices, with Versapay the payer is seeing internal data that they shouldn't see.
Autopay (backoffice billing)	✅ - Scheduled payments - Subscription/Recurring billing - Virtual terminal - Fund on File - Autopay invoices	❎ Limited
Assurety, Blockchain Certified Receipts & Audit	✅ Proprietary technology serves for safety and transparency	❌ Not Suppported
Convenience Fees & Fee Management	1. Convenience Fees: Allows the merchant to pass along both credit card and ACH fees. 2. Credit Incentivization Feature: Allows the merchant to offer a 1% credit on the current or next invoice by paying through Paystand's B2B Network instead of Credit Card.	Confirm whether the Payer wants to use a card or another option. For credit card, they then calculate the fee to be passed on. Then manually edits the Invoice to add the additional line item for the fee. Payer only sees 1 option (CC) with an additional fee, eliminating the possibility to transition. Payment and additional fee then must be manually applied back to NetSuite, which are two separate processes and doubles the manual work. Manually reconciles both payment and additional fee separately at the end of the month, doubling the manual work involved. Incomplete convenience fee reconciliation
Funds-on-File Tokenization	✅ Fund-on-File tokens are algorithmically generated sequences that securely store customer payment methods for future use, ensuring that sensitive information is not directly accessed during transactions.	✅ Tokenization replaces sensitive credit card data with a unique token, which is used for transaction processing. They provide both single-use and multi-use tokens, with multi-use tokens.
Backoffice Virtual Terminal	✅ Supported	❌ Not Suppported
Advanced Receivable Automation	✅ - Receivable Management - Collection Automation - Payment Requests	✅ Supported
Cash Application (Bank Reconciliation)	✅ Real-time	❎ Can sync cash application into NetSuite
Admin Dashboard & Reports	✅ Complete access to Paystand's dashboard with reports and data	✅ Users say it has an aesthetic dashboard
User Permission	✅ Assignation of roles for team members to access Paystand's dashboard	❌ Not Supported
Email Engine	Paystand leverages NetSuite's email engine. PDF is attached to email.	VersaPay uses their own email engine leading to lower customer adoption. I.E. deleted invoices (increasing DSO) $1000 to change
Custom Fields & Custom Workflows	✅ Add custom fields fro your payer to fill during the checkout	❌ Not Supported
Metadata Search Functionality	✅ Supported	Unknown
Multi-Subsidiary & Hierarchies	✅ - Support across various branches or business units - Dashboard per subsidiary - Sub customer	❌ Not Supported
Enterprise Mobile App Capabilities	✅ Supported	❌ Not Supported
APIs Capabilities for Integration	✅ Standard Single-Merchant API. Seamless E-commerce intergration.	✅ eCommerce integrations- need complicated APIs. Much of the work relies on the Merchant
PCI Compliance	✅ Funds-on-file are automatically tokenized in a PCI Compliant manner, relieving the merchant of PCI Compliance restrictions. System is PCI DSS and SSOE 1086 Compliant. Paystand does not hold onto client data and will happily migrate.	✅ Versapay aligns with the 12 PCI Data Security Standard requirements
Partial Payments (Short Pay)	✅ Supports partial payments	✅ Supports partial payments

 

1. Solupay Example ACH Rate: 0.35% + $0.20

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2. Solupay Example Card Rate: 3.118%

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