The solution to this problem is to create an app password to use in place of your regular password.
Access this link and sign in to the mailbox account that has Multi-Factor Authentication enabled
Click the Manage how I sign in link or button
Scroll to the App passwords section and click Create a new app password
Copy the app password and paste it into the Password field for the mailbox in versaSRS.
We recommend making an independent backup of this password somewhere that is easily accessible as there is no way to access it again once you leave this page.
Restart the versaSRS Services