TAMPA, FL and TORONTO, Feb. 15, 2018 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, is pleased to announce that ReedTMS ("Reed") has selected VersaPay ARCTM to automate its accounts receivable and collections processes.
Reed sought a solution that would automate its accounts receivable process in order to increase efficiency, accelerate the collections process and support expansion, without adding additional staff. By implementing VersaPay ARC, Reed expects to see a significant reduction in Days Sales Outstanding (DSO) through a host of customer collaboration and collections tools and by providing customers with multiple electronic payment options.
"The solution VersaPay is putting in place for us will enable us to automate the manual daily tasks required to support our invoice-to-cash process," stated Mark Reed, President and CFO of Reed. "By eliminating repetitive tasks we can place more focus on meaningful customer interactions which happens to be a cornerstone of our continued growth and success."
"VersaPay is a great choice for logistics companies running McLeod software, as ARC provides a synergistic and natural extension of the platform to automate their invoice-to-cash cycle," said Craig O'Neill, Chief Executive Officer of VersaPay. "Given the positive impact we can have on their financial operations, ARC is a small investment that translates into an immediate and major return on investment."
About ReedTMS Logistics
ReedTMS Logistics is an asset-based third-party logistics provider comprised of Reed Transport Services, Inc. and TMS Logistics Inc. The two companies offer a wide array of transportation services to customers throughout the United States, Canada and Mexico. Headquartered in Tampa, Fla. with branch offices in Wisconsin, Ohio, Kentucky, Pennsylvania, Texas, Georgia and Florida. Founded in 1996, Reed Transport offers high-quality brokerage and freight management services. Founded in 1997, TMS Logistics is a multimode carrier specializing in dry van and dedicated fleet services. For more information, visit www.ReedTMS.com.
VersaPay is a Fintech company and leading provider of cloud-based invoice-to-cash solutions, enabling businesses to provide a superior customer experience, get paid faster, streamline financial operations, and dramatically reduce DSO and costs. VersaPay ARC is the new standard in accounts receivable and collections management with a customer self-service environment to view invoices online, collaborate on inquiries and disputes, and facilitate secure online payments (EFT/ACH and credit card). Businesses gain access to a suite of powerful tools that enable efficient collections, cash application and real-time insight into accounts receivable. VersaPay ARC automatically reconciles payments and account information through integrations with a wide range of ERPs and accounting software providers.
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]