TORONTO, May 10, 2017 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, today announced that ARCTM is achieving new milestones in the number of companies doing business on the platform and the volume of invoices and payments being managed.
As of the end of April VersaPay has 100 clients signed up to use ARC including 50 mid to large sized companies using the enterprise version and 50 small businesses on ARC Lite. About 47,000 end customers are now active on the platform, up almost 18,000 customers or 61% since the beginning of 2017 and up 28,000 customers or 145% since a year ago. ARC has now delivered 1.9 million invoices worth over $2 billion since inception. Payments on the platform are increasing rapidly as well with more than 40,000 payments valued at over $72 million having occurred since January 2017. This represents 62% growth in overall payment volume and 275% growth versus the same period last year.
"We are well down the path of our defined journey. Platform metrics are increasing on all fronts beginning with the number of clients that have signed contracts with VersaPay to use ARC. An increasing number of their end customers are using the platform and more and more of them are choosing to pay online. All of this is resulting in significant growth in key usage metrics that indicate ARC is changing the way companies are doing business together," stated Craig O'Neill, CEO of VersaPay. "As we continue to build market awareness and sign new clients and partners we expect to see this positive momentum continue to grow."
VersaPay is a leading cloud-based invoice presentment and payment provider for businesses of all sizes. VersaPay's ARC software-as-a-service offering allows businesses to easily deliver customized electronic invoices to their customers, to accept credit card and EFT payments and automatically reconcile payments to their ERP and accounting software.
More information about VersaPay can be found on the Company's website at www.versapay.com or under the Company's profile on SEDAR at www.sedar.com.
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SOURCE VersaPay Corporation
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