Versa is an open network that enables merchants to securely transmit purchase details to buyers, automating receipt capture for compliance with government regulations. This system reduces chargebacks by providing accurate merchant information and itemized receipts, while ensuring that sensitive data remains encrypted and private.
Funding
Funding not disclosed
Founders
Product
Problem
Corporate buyers face challenges in tracking and managing receipts for compliance with government regulations, such as VAT reclamation in Europe and transaction verification in the USA. The traditional method of manually capturing and storing paper receipts is inefficient, prone to errors, and difficult to scale.
Solution
Versa provides an open network that enables merchants to securely transmit detailed purchase information directly to buyers, automating receipt capture and ensuring compliance. By delivering accurate merchant details and itemized receipts, Versa reduces chargebacks stemming from customer confusion. The system prioritizes data privacy through end-to-end encryption, ensuring that sensitive receipt data is transmitted directly between merchants and buyers without being stored on Versa's servers. Furthermore, Versa transforms receipts into a sales channel by embedding "Buy Again" and upsell opportunities.
Target Audience
Versa targets corporate buyers needing to comply with receipt capture requirements and merchants seeking to reduce chargebacks and increase sales through enhanced transaction transparency.
Features
- Secure transmission of purchase details directly from merchants to buyers
- Automated receipt capture for compliance with government regulations and VAT tracking
- Reduction of chargebacks through accurate merchant information and itemized receipts
- End-to-end encryption to protect sensitive receipt data and ensure privacy
- "Buy Again" and upsell features embedded in receipts to drive sales
- Open-source protocol for transparency and community-driven development