TORONTO, May 10, 2017 /CNW/ - VersaPay
Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a
leading provider of cloud-based invoicing, accounts receivable
management and payment solutions, today announced that
ARCTM is achieving new milestones in the number of
companies doing business on the platform and the volume of invoices
and payments being managed.
As of the end of April VersaPay has 100 clients signed up to use
ARC including 50 mid to large sized companies using the enterprise
version and 50 small businesses on ARC Lite. About 47,000 end
customers are now active on the platform, up almost 18,000
customers or 61% since the beginning of 2017 and up 28,000
customers or 145% since a year ago. ARC has now delivered 1.9
million invoices worth over $2
billion since inception. Payments on the platform are
increasing rapidly as well with more than 40,000 payments valued at
over $72 million having occurred
since January 2017. This represents
62% growth in overall payment volume and 275% growth versus the
same period last year.
"We are well down the path of our defined journey. Platform
metrics are increasing on all fronts beginning with the number of
clients that have signed contracts with VersaPay to use ARC. An
increasing number of their end customers are using the platform and
more and more of them are choosing to pay online. All of this is
resulting in significant growth in key usage metrics that indicate
ARC is changing the way companies are doing business together,"
stated Craig O'Neill, CEO of
VersaPay. "As we continue to build market awareness and sign new
clients and partners we expect to see this positive momentum
continue to grow."
About VersaPay
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.
More information about VersaPay can be found on the Company's
website at www.versapay.com or under the Company's profile on SEDAR
at www.sedar.com.
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,"
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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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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