Case Study: Boston Properties achieves 99% collection rates with Versapay

Boston Properties achieves 99% rent collection with Versapay

Boston Properties, a major real estate investment trust, faced challenges with outdated and inefficient accounts receivable processes. Their manual, paper-based system was costly, led to frequent payment delays, and required excessive staff time to handle tenant inquiries and chase payments. To address this, they partnered with Versapay to implement its cloud-based accounts receivable automation solution.

By using Versapay's platform, Boston Properties digitized its invoice-to-cash process, enabling tenants to view invoices and make payments through a self-serve portal. This streamlined collaboration and automated collections. The solution delivered remarkable results for Boston Properties, including achieving a 99% rent collection rate in 2020, eliminating paper mailing costs, and significantly reducing the time staff spent on manual reconciliation. Versapay's implementation was crucial to this successful transformation.

Boston Properties