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.
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, firstname.lastname@example.org; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, email@example.com