Invoiced is not a product people leave because it stopped working. It holds a 4.5 out of 5 on G2 across more than 405 reviews, 77% of them five star, and Flywire called it G2’s number one A/R automation software for 2024 when it bought the company.
Teams reopen the evaluation for a different reason: the company changed hands. Flywire acquired Invoiced in August 2024, it now trades as “Invoiced by Flywire”, and the payments layer underneath it is Flywire’s. So the question worth answering at renewal is not whether Invoiced is good software. It is whether an invoice-to-cash suite that sits inside a payments network is the shape you want, and what the alternatives look like if it is not. This guide compares four of them by operating model, which is the distinction that determines how many people you need to run receivables.
What Invoiced does well
A good deal, and the review data says so rather than the marketing. Invoiced holds a 4.5 out of 5 on G2 across more than 405 reviews, the strongest rating among the larger platforms in this category, with 77% of reviewers giving five stars. It automates invoicing, collections and dunning, cash application, reporting and forecasting in one platform, and it exposes an open API with sandbox access, which is genuinely unusual in a market where most suites treat integration as a professional-services line item. If your invoicing is cross-border and you want currency conversion handled in the same place as collections, the Flywire pairing is an advantage rather than a complication, and this page is probably not for you.
Where the alternatives differ: who does the work
The real dividing line in this market isn't features. It's whether the software helps your team do collections or does collections itself. Three operating models: (1) workflow tools that organize human effort, (2) enterprise suites that automate sub-processes at scale, and (3) autonomous AR platforms, where an AI agent runs the cycle and humans handle exceptions. Match the tool to how your team actually wants to run AR. Organized, automated, or executed.
1. Finero. Autonomous AR that runs the cycle end to end
Best for: B2B teams that want collections executed, not just organized, without changing ERP or payment processor.
Finero's agent, Fin, decides per invoice what happens next. Chasing across email, SMS, and chat, taking card and ACH payment on hosted pages through your existing processor (Stripe, Adyen, Worldpay, Authorize.Net, and others), triaging buyer disputes, and posting line-level cash application back to NetSuite, SAP, Oracle Fusion, Dynamics 365, QuickBooks Online, or Xero. Most teams are live in 2-4 weeks; time-to-value is driven by the ERP connector. Pricing starts at $399/month. See pricing. The honest boundary: Finero is a young platform in an emerging category. Teams wanting a decade of G2 history should weigh that against the autonomy gap in older tools.
2. Billtrust
Best for: enterprises consolidating invoicing, payments, and cash application in one suite.
Billtrust is a long-established, enterprise-scale invoice-to-cash suite covering electronic invoicing, a payments portal, cash application, and collections workflow automation. It holds a 4.4/5 rating on G2 (500+ reviews) and has led G2's AR-automation category rankings for multiple years. Operating model: broad enterprise automation across the order-to-cash surface, with the implementation footprint that scale implies.
3. Versapay
Best for: mid-market teams whose collections stall on buyer collaboration and disputes.
Versapay's distinctive feature is its collaborative buyer portal: AR teams and their customers communicate on invoices, disputes, and payments in one shared space. The suite includes invoice presentment, payments processing, and AI cash application, with mid-size implementations commonly averaging 4-6 weeks. It holds a 4.1/5 rating on G2. Operating model: an automation suite with a shared-portal approach to resolving the conversations that stall payment.
4. Chaser
Best for: smaller B2B teams on Xero or QuickBooks who want reminder-led chasing plus credit checking.
Chaser automates receivables from credit checks through chasing to collections, with native sync for Xero and QuickBooks (plus Sage, Dynamics, and NetSuite) and built-in credit reporting. It holds a 4.9/5 rating on Capterra (45 reviews); pricing is custom-quoted by invoice volume with a free trial. Operating model: reminder-led chasing that keeps a human tone. Strong for smaller ledgers on accounting platforms.
What the Flywire acquisition changed
Flywire, a NASDAQ-listed payments company, acquired Invoiced on 6 August 2024 for $55m: $47.5m in cash and $7.5m contingent on performance. The reasoning is public too. Flywire’s own investor release says the deal lets it monetize “several billion dollars of domestic and international invoicing volume that is managed annually by the Invoiced platform”.
Read plainly: a payments network bought an invoicing platform in order to move the payment volume flowing through it. That is a rational strategy, and for plenty of buyers it is an advantage rather than a drawback. It is also a change in what the vendor is built around, and that is worth understanding before a renewal rather than after one.
Invoiced describes the split itself. On its own product page, Invoiced by Flywire handles invoice delivery, collections workflows and payment posting, while Flywire’s payment infrastructure handles cross-border collection, currency conversion and ERP reconciliation. Published pricing has gone with it: the pricing URL now redirects to that product page, and a number requires a demo.
None of this makes Invoiced a worse product, and the review scores say it is not. It does put three questions on your list:
- What happens to our existing processor and merchant agreement, and does our payout schedule change?
- Where do payments settle, and what is the all-in cost once processing is included rather than quoted separately?
- If we ever leave, what happens to the payment credentials our buyers have on file?
What actually has to move if you switch
Replacements stall in migration, and rarely on the part teams plan for. Five things have to move, and only the first is easy.
- Open invoices and aging history. The straightforward one. Most platforms export it and most importers accept it.
- The ERP connection and its mapping. Not the connector so much as the decisions encoded in it: which entity, which customer records match which ledger accounts, how partial payments and credit notes post. Rebuilding that is most of any deployment, which is why our own ERP connector is what drives time to value.
- Stored payment credentials. The piece teams underestimate. Card tokens belong to the processor that created them, so they generally do not travel to a platform running on different rails. Buyers have to re-enter card details or sign a new mandate, and every buyer who does not is a payment you go back to chasing by hand. Staying on your existing processor avoids the problem outright, which is why it has a column of its own below.
- Customer-facing URLs and logins. Your buyers have bookmarked a portal and saved a login. Ask each vendor what those buyers see on cutover day.
- Your reporting baseline. If DSO is calculated differently in the new system, you cannot tell whether it improved. Agree the definition before you switch, and keep a copy of the old numbers.
Side by side
| Platform | Who does the chasing | Payments included | ERP write-back | Processor requirement | Typical deployment | Entry pricing |
|---|---|---|---|---|---|---|
| Finero | Fin. Autonomous agent | Hosted card + ACH pages | Line-level, posted to ERP | Keep your existing processor | 2-4 weeks | From $399/mo |
| Invoiced by Flywire | Collections workflows (your team) | Flywire payment infrastructure | Payment posting | Flywire network (vendor-stated) | - | Not published |
| Billtrust | Collections workflows (your team) | Payments portal | Cash application | - | - | - |
| Versapay | Your team + collaborative buyer portal | Portal payments | Cash application (AI) | - | 4-6 weeks (mid-size avg.) | - |
| Chaser | Reminder-led (your team's cadence) | - | Two-way sync (Xero/QBO) | - | - | Custom (volume-based), free trial |
"-" indicates information we haven't verified against a primary source; check with the vendor.
FAQ
What changed when Flywire acquired Invoiced?
Is Invoiced still a good product?
How much does Invoiced cost?
Will switching to another platform mean moving our payments?
How is Finero different from Invoiced?
Which of these four should a mid-market team shortlist?
Further reading: our comparison guide puts autonomous AR side by side with dunning tools and manual processes, and the platform overview shows what Fin runs end to end.
Competitor information reflects public sources reviewed on 28 August 2026 and may change; verify details with each vendor.