Case Study: PREIT replaces costly in‑house AR and improves tenant experience with VersaPay ARC (VersaPay)

Replacing an Expensive In-House AR Solution at a Successful REIT

PREIT, a publicly traded real estate investment trust that owns and manages over 22 million square feet of retail space, was burdened by a costly, homegrown accounts receivable and payment platform that required a full‑time developer, incurred PCI non‑compliance fees, and forced tenants into slow, in‑person billing disputes with no formal audit trail — a system that wasn’t sustainable as the company scaled.

PREIT replaced the legacy system with VersaPay ARC, a cloud‑based invoice‑to‑cash and tenant portal that handles presentment, payments, collaboration and cash application. The rollout enabled 24/7 tenant access and online dispute resolution, ensured PCI compliance, eliminated the in‑house payment platform (saving time and money), and gave PREIT better reporting and collections visibility, improving tenant experience and AR efficiency.

PREIT

Brad Hughart

VP of Information Technology