Case Study: Madison Resources achieves cost savings and improved AR efficiency with Versapay Cash Application

How Madison Resources Saves Money and Improves Efficiency by Replacing Lockbox Services with Advanced Cash Application

Madison Resources, a Portsmouth, NH firm that provides financial and operational support to staffing agencies, struggled with complex accounts receivable because it had to reconcile payments for its clients and their customers. Relying on bank lockbox services left the AR team spending excessive time on keyed exceptions and correcting posting errors, driving up costs and reducing operational efficiency.

In 2017 Madison Resources implemented Versapay’s advanced cash application and customer portal to gain greater control over posting and drive customer adoption of the portal. The switch eliminated lockbox keying, cut costs, improved payment accuracy, freed staff to handle more complex payments and strategic work, and allowed the business to grow without adding headcount — all while improving client convenience and support.

Madison Resources

Sara French

Cash Application Manager