BOSTON and TORONTO, July 10, 2018 /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 has signed Boston Properties, one of the largest owners of first class office properties in major US cities, to implement ARC, VersaPay's accounts receivable and collections management solution.
Boston Properties continues to scale their business and property ownership through active developments and acquisitions of assets across the United States. The company sought an automated receivables and payment solution to streamline its receivables and collections processes and equip its team with data and tools to serve tenants more effectively.
"When you are spending a higher percentage of time collecting smaller outstanding amounts, how do you change the dynamic with tools that enable more effective interaction with your customers," said Jim Whalen, SVP and CIO/CTO of Boston Properties. "VersaPay has built a robust platform to support commercial real estate companies that will provide self-service and payment options along with a centralized interface for our internal teams."
"VersaPay's technology improves our tenant experience and is a natural and logical next step," said Jeff Phaneuf, VP Finance and Planning of Boston Properties. "We believe the implementation of ARC will improve our reporting while accelerating the collection of outstanding receivables."
"We are excited to be working with Boston Properties," said Craig O'Neill, Chief Executive Officer of VersaPay. "Boston Properties owns some of the most iconic properties in the US, and winning their business is further testament to the value our technology and team provide to the largest and most successful commercial real estate management firms in North America."
About Boston Properties
Boston Properties, Inc. a self-administered and self-managed real estate investment trust (REIT), is one of the largest owners, managers, and developers of first-class office properties in the United States, with significant presence in five markets: Boston, Los Angeles, New York, San Francisco and Washington, DC.
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]