TORONTO, Nov. 13, 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 Ideal Supply, a leading electrical supply distributor, is the latest distribution company to sign up for VersaPay ARCÒ.
Historically issuing a high volume of paper invoices across regional clients and receiving payment via cheques, Ideal Supply was seeking a frictionless solution that would lower processing costs, reduce the receivables timeline and offer an improved customer experience.
With VersaPay ARC, Ideal Supply's customers will have access to their invoices and supporting documents 24 x 7, 365 days a year, through a secure customer portal. The customers will experience a consistent Ideal Supply branded environment that is intuitive, easy-to-use and PCI Level 1 secure.
"VersaPay offered an innovative solution that accelerates our digitial transformation. ARC will help us reduce our DSO (Days Sales Outstanding) and the costs associated with collections, at the same time as enhancing the experience we can provide for our customers," stated Chris Moon, Director of Information Technology. "Ultimately, a paperless solution is a win-win for us and our customers as the accounts receivable process becomes more streamlined, and we expect to gain greater insights which will help us improve our financial operations and profitability."
"We're delighted to welcome Ideal Supply to the growing list of distribution companies that are selecting ARC to help them transform their invoice-to-cash process," said Craig O'Neill, CEO of VersaPay. "Wholesale distribution is a sector where we are seeing strong demand for our software, fuelled fundamentally by the strong ROI generated as a result of implementing ARC."
About Ideal Supply
Ideal Supply is an Ontario electric supply distributor and NAPA's largest independent auto parts distributor. The company offers a large inventory of wholesale industrial, safety and electrical supplies, generators, new energy, automation and data comm services. For more information visit www.idealsupply.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.
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.
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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]