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.
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.
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SOURCE VersaPay Corporation
Image with caption: "VersaPay Corporation (CNW Group/VersaPay Corporation)". Image available at: http://photos.newswire.ca/images/download/20151216_C8081_PHOTO_EN_565728.jpg
For further information: David CW Chan, Chief Financial Officer, VersaPay Corporation, 647-258-9475, [email protected]; 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]