TORONTO, July 20, 2016 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, today provided investors with an updated view into how the Company has grown thus far in 2016.
There are now 70 suppliers signed on to use ARCTM, the Company's accounts receivable automation platform, up from 43 suppliers in April.
- 34 of these suppliers are mid to large enterprise customers using the full version of ARC™ including a VersaPay connector that integrates with their ERP system
- 36 are small businesses using ARC Lite, the standalone version of the service which allows manual invoice creation and automatic generation of recurring invoices within the system
- 55 suppliers are now live, an increase of more than 65% in the past 3 months
- End customers on the ARC platform has grown to 22,900, representing growth of more than 30% in the past 3 months
- Invoices received by ARC customers has grown to more than 510,000 from 396,000 in April, for a 3-month growth rate of nearly 29%
- Payments made on the platform have again doubled in 3 months, rising to $45.8 million
"We have continued to see strong growth in the number of companies and users on the platform, the volume of invoices being published to customers, and the number and size of payments being made on ARC in this most recent quarter," said Craig O'Neill, CEO of VersaPay. "Most of this growth is driven by suppliers that have been live for one or more quarters, so we expect to see these growth rates increase nicely as the number of new suppliers going live accelerates."
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.
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
Image with caption: "VersaPay Corporation (CNW Group/VersaPay Corporation)". Image available at: http://photos.newswire.ca/images/download/20160720_C2019_PHOTO_EN_738107.jpg
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]