TORONTO, Dec. 16, 2015 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, today announced its latest metrics on ARC, its cloud-based accounts receivable platform. With the steady flow of new supplier organizations signing up for ARCTM, VersaPay now has 26 suppliers signed, including 13 that are currently live with 11,700 of their end-user customers using the platform. This represents growth of 125% in the number of end-users in the past 4 months. Invoices received by customers have more than quadrupled over the period, to 222,000, and payments are up one and a half times, to $11.2 million.
"We have been monitoring use of the system very carefully and we are very pleased with what we are seeing, especially with the growth in use in the fourth quarter. As users, invoices and payment volumes grow this will lead to healthy revenue growth for the company in the coming quarters," noted Craig O'Neill, VersaPay's CEO. "What's more, we are receiving very positive feedback from end-user customers. Given these positive indicators we are confident the number of companies using the platform and the revenues this generates for VersaPay will continue to grow at an increasing rate."
As the number of customers has expanded, so have other key metrics including the dollar value of the invoices published on the platform, which now exceeds $100 million. While end-users are presented with multiple payment options, at this point credit card payments have accounted for more than half of the payments made through ARC. This underscores one of the many areas of interest suppliers have in ARC, as it enables credit card acceptance in a PCI compliant environment.
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. VersaPay is headquartered in Toronto, Canada and also has operations in Montreal.
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.
Forward Looking and Other Cautionary Statements
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SOURCE VersaPay Corporation
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