The agreement will allow VersaPay to continue expanding its ARC platform. The company now serves more than 100,000 businesses.
On Wednesday (April 11) VersaPay (TSXV:VPY) announced that has signed an agreement with G6 Hospitality to deploy its ARC platform as the company continues to expand on the 100,000 businesses that it currently serves.
VersaPay ARC automatically reconciles payments and account information through integrations with a wide range of ERPs and accounting software providers.
VersaPay is a Fintech company and a leading provider of cloud-based invoice-to-cash solutions and the company claims that its ARC is the new standard in accounts receivable and collections management.
“We are pleased to welcome G6 Hospitality to the growing list of ARC clients and we’re looking forward to delivering meaningful business improvements with invoice-to-cash automation,” Craig O’Neill, CEO of VersaPay said in Wednesday’s announcement.“G6 Hospitality adopting the ARC platform is one more example of how VersaPay is delivering the new standard in AR Automation. ARC is the perfect fit for hospitality and large franchise operations as they seek to drive operational efficiencies.”
G6 Hospitality owns and operates franchises more than 1400 economy lodging locations under the iconic Motel 6 and Studio 6 brands in U.S and Canada.
“As part of our continuous focus on improving daily interactions with our franchisees and business partners, we identified specific areas to enhance including business customer access to their information, payment options, and enhanced communication,” said Perry Ping, Vice President & Controller of G6 Hospitality. “With the addition of ARC, we will have near real time access to comprehensive dashboards, proactively manage outstanding receivables and provide a better experience for our business partners.”
According to an EY FinTech Adoption Index released in late 2017, Canada has a fintech adoption rate of 18 percent while the United States has a 33 percent rate which is also the global standard. The report said that FinTech has initial mass adoption in most markets.
“By implementing ARC we will eliminate numerous manual steps in our existing workflow. This will improve the efficiency of our staff, enhance billing accuracy and streamline our end-to-end processes,” said John LaPlante, Vice President of IT and Program Management for G6 Hospitality.
In late March, the company announced that it has surpassed 100,000 business on ARC platform with them reaching the milestone in three quarters after they hit the 50,000 threshold.
Craig O’Neill, CEO of VersaPay said in March announcement that that the company is pleased with the expansion of its client base which is resulting in exponential growth in the number of business using their platform.
“In reaching this important milestone of 100,000 businesses served, ARC is starting to realize its potential as a business to business network, becoming a platform to deliver new products and financial services to the rapidly growing community of our clients’ customers,” O’Neil said.
Following Wednesday’s announcement, VersaPay shares jumped 1.8 percent to close at $2.15 on the TSX Venture Exchange.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.