VersaPay Adds More Clients for ARC Solution

VersaPay (TSXV:VPY) announced on Tuesday (July 24) that an unnamed distributor has selected VersaPay’s ARC as its accounts receivable and collections management solution for its US and Canada operations.

VersayPay, a fintech company and provider of cloud-based invoice-to-cash solutions, said that its ARC solution will automate end-to-end invoice to cash process for over 200,000 invoices per month  and will be delivered in three languages across North America.

The company said its newest client selected VersaPay’s technology as it was the only platform that would reduce the use of paper invoices and automate the collection process.

VersaPay has dubbed its ARC as the new standard in accounts receivable and collections management solution as one of the many features of ARC include its ability to track whether an invoice is viewed by the customer. It also has a feature of delivering invoices through multiple channels including email, print/mail and a self-service to view invoices at one place.

VersaPay has added at least two clients in Q3 2018 with its CEO, Craig O’Neill, pleased with the newest addition.

“We are delighted to add another large distributor to our rapidly growing client list,”O’Neill said in the release.

Further, O’Neill said that VersaPay’sARC offers a ‘compelling return on investments to distributors.’ 

The company’s ARC platform is no doubt part of its long term goals and said in its investor day presentation in June that it is positioned to grow rapidly due to the experience, market size and less competition from rivals.   

In the presentation, VersaPay said that the market size of online invoices is over US$5 billion as 88 percent of the firms in US still rely on paper for invoices.

The company also noted that there were over 150,000 firms in the range of US$50 million to US$1 billion in revenue and that many of these companies could be potential customers.

As of May 31, 2018, the company had 141 clients with 114,626 eAdopted customers worth over C$5.3 billion.

VersaPay also revealed its US expansion plans which includes the building of US direct enterprise sales force and expanding its US focused marketing. The company is also planning to add a couple of US banks while deepening channel support for all partners through dedicated channel representatives.

Following Tuesday’s announcement, shares of VersaPay closed the trading session at C$2.58, up 1.18 percent.

On TradingView, the stock has a strong buy ranking with 16 verticals in favour and 10 in neutral.

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.