Case Study: Boston Properties achieves 99% collection rates across 2,000+ tenants with Versapay

How Boston Properties achieved 99% collection rates across 2000+ tenants

Boston Properties, one of the largest publicly traded REITs with major portfolios in Boston, New York, San Francisco, Los Angeles and Washington, DC, faced an outdated, paper-based accounts receivable process. Mailing invoices cost the company $0.55 each, collections were manual and time-consuming, reconciliations took months, and tenant inquiries and delayed payments were diverting staff time from higher-value work as the business scaled.

In July 2019 Boston Properties implemented Versapay’s cloud-based AR platform, giving tenants a self-serve portal for real-time invoice viewing, payments and collaboration, plus automated collections, cash application, abatements tracking and risk alerts. The result: a paperless AR operation with 98% tenant adoption, rent collections of 99% in 2020, mailing costs eliminated, reconciliations shortened to 1–3 months and receivables routinely kept under 30 days—without adding headcount.

Boston Properties

Jim Whalen

SVP, Chief Information and Technology Officer