TORONTO, Sept. 25, 2019 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay"), 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 it presented to a capacity audience at its Investor Forum held yesterday in Toronto.
The Forum was attended by a range of enthusiastic participants. Presentations were delivered by VersaPay partners, clients and company CEO Craig O'Neill. During his presentation Mr. O'Neill announced that VersaPay had just signed a new partnership agreement with US Bank. The deal leverages the respective strengths of the two companies to offer AR automation to US Bank's commercial real estate customer portfolio. Additionally, there were four key themes that arose from the event.
The Era of Customer-Centric AR has arrived: Customers' expectations of their vendors are higher than ever – and these expectations are driving the end-to-end customer experience, including the invoicing and payment process. Thanks to great online consumer services for shopping, banking, travel and customer support, business customers are now demanding similar services – offerings that are online and available 24x7, for fast, efficient service. This is further validated by clients. "Those customers that are experiencing VersaPay right now have voiced how excited they are about the platform," stated John Shamanis, CFO, Carrier Enterprise. "From a customer experience stand point this is one of the best options I've seen," said Traci Leffel, Director of Finance, Rocket Industrial.
B2B digital payments are taking over from checks: Two thirds of businesses are now receiving more than 30% of their payments in a digital format, based on a recent study profiled in the Harvard Business Review. Banks, fintechs and the world's leading payment networks have launched major initiatives to drive the adoption of digital payments. VersaPay has experienced growth of 394% in electronic payment volume since the beginning of 2018.
Awareness of the AR Automation opportunity is increasing daily: IDC recently launched the inaugural MarketScape for Worldwide SaaS and Cloud-Enabled Accounts Receivable Applications, naming VersaPay a Leader in the space. As market awareness builds, the number of companies looking for a solution continues to scale as demonstrated by inbound leads and the increasing number of qualified opportunities in the sales funnel.
VersaPay is well positioned to capitalize on these trends: The company has developed the leading solution for Customer-Centric AR and has achieved strong momentum in key vertical markets. Two leading North American banks, a global credit card brand and ERP companies have selected VersaPay as their strategic partner to address the significant AR Automation opportunity with their clients. "We're very thankful for our clients and partners who participated in our investor forum today," commented Craig O'Neill CEO of VersaPay. "Their presentations served to underscore our conviction that the era of Customer-Centric AR has arrived, and VersaPay is at the forefront of this movement, helping suppliers deliver a great customer experience in how they bill and collect payment."
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.
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SOURCE VersaPay Corporation
For further information: John McLeod, Chief Marketing Officer, VersaPay Corporation, 647-258-9406, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]