SAN DIEGO and TORONTO, Feb. 15, 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 Intuit Inc. has implemented VersaPay ARCTM for select small business and accountant customers. The service allows the company's customers that primarily pay Intuit on a net term basis to use a self serve portal and pay online 24/7. This improves Intuit's collection tools and gives them the flexibility to better manage their invoice to cash cycle.
"One of our strategic initiatives was to create a better collaboration and payment experience for thousands of our small business and accountant customers," stated Scott Beth, vice president of finance operations at Intuit. "We wanted to provide an easy-to-use online environment that provides our customers with more payment options. We searched the market, including VersaPay, and evaluated many companies for the best solution. Although we had the ability to build something in-house, we selected VersaPay as they had already invested in a robust solution that met our requirements and they were extremely accommodating in providing additional functionality that we subsequently requested."
"We are extremely pleased to be working with Intuit, a leading software company that provides innovative business and financial management solutions all over the world," noted Craig O'Neill, CEO of VersaPay. "Intuit clearly has extensive technical and development expertise, so the fact that they selected VersaPay after an intensive market review provides strong validation of ARC as the solution of choice for larger organizations that require a highly scalable, secure, enterprise-class platform to automate their AR and accept electronic payments."
With this announcement, Intuit is now live and using ARC to manage its AR process and accept electronic payments from customers. As part of the solution, Intuit needed to provide a customer portal that was easy for thousands of small business and accountant customers that primarily pay on a net term basis. With VersaPay ARC, Intuit now provides these customers with 24/7 access to their invoices and they can make payments online using a variety of secure options.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint provides a fresh, easy and intelligent way for people to manage their money, while Intuit's ProConnect brand portfolio includes ProConnect Online, ProSeries® and Lacerte®, the company's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.
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 present 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.
Forward Looking and Other Cautionary Statements
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE VersaPay Corporation
For further information: John McLeod, Vice President, Marketing, VersaPay Corporation, 647-258-9406, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]