Anthony Venus, Co-Founder and Chief Executive Officer of YayPay, has owned some fast-growing businesses with an even faster growing list of outstanding receivables. Here’s Anthony’s story on how YayPay started.
At my previous business, our sales and marketing team had all the great CRM and automation systems. The finance team had an ERP system that was good for record keeping. They also used a CRM that was not integrated to financial data. Yet, most of all, they used a lot of spreadsheets…and more spreadsheets. We wanted to find a better way to manage AR and stay on top of collections.
Our credit and collections team was very important to the business. After making a sale to a customer and issuing an invoice, the collections team was the next important touch point of customer service. In the ideal world, the front office and the back office should be completely linked through interactions with the customer.
More sales meant our credit and collections team was drowning in work. The workload and stress from trying to track down and speed up payments was taking a toll. Unless they were robots, how could they keep up with hundreds and later, thousands of bills to collect? Our growth stalled because not enough cash was coming through the door. After all, cash flow is the lifeblood of any business.
We needed innovation in collections management.
Taking up the challenge, in 2015, I co-founded YayPay to make collecting money fast, easy and highly predictable. Eugene Vyborov joined and became co-founder and chief technology officer. Our founding team committed to create a way to automate the entire collections management process. We started experimenting with workflows, artificial intelligence and machine learning.
YayPay’s product launched in January 2017. We have since helped collect hundreds of millions of dollars. Our customers report 3x human efficiency gains. Collectors are able to handle more invoices that ever before through powerful automation. After using YayPay our customer’s payment speed has increased on average by 34%.
With your help and support, YayPay is now an award-winning product. Described as "breath of fresh air for the back office," we now offer:
- a collections management CRM to track all communications and maintain compliance
- communications automation that gives a 300% efficiency boost
- predictive analytics that inform you who is likely to pay you and when
- payment options for your vendors to allow for easy, fast and secure transactions
Our history continues to be rewritten by creating cutting-edge collections technology. We have shareholders such as the venture capital arm of one of America’s largest banks, Fifth Third Bank. YayPay's commitment to our mission of “making collecting money fast, easy and highly predictable” remains constant.
We raise a salute to the unsung heroes of finance and customer service – America’s credit and collections teams.
You are the revenue heroes!
You are the reason we exist. You are our why. With your feedback and support, we commit to create for you the best collections management software on the planet.
We won’t stop creating and won’t rest until we make your important job an easier one.
Anthony Venus, Co-Founder and CEO