VersaPay Reaches 5,000 User Threshold on Its Automated Accounts Receivable Platform

TORONTO, Aug. 12, 2015 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, has just surpassed the 5,000 end-customer user threshold on ARC™, its flagship accounts receivable solution. This key milestone is evidence of the increasing market traction the Company is achieving with ARC.

"We are delighted with the user sign-up rates we are seeing on the platform, representing a close to 400% increase in the past three months. With 5,000 users now receiving and paying invoices on ARC we are experiencing increasing usage levels that will drive our software revenue growth," commented Craig O'Neill, VersaPay's CEO.  

VersaPay ARC's customer count, that is the number of suppliers signed up to publish invoices to their end-customers and to receive payment online, now stands at 22. When fully rolled out, and depending on end-customer sign-up rates, these 22 customers represent an estimated $800,000 of annual recurring revenue for the Company.

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. VersaPay is headquartered in Toronto, Canada and has operations in Montreal.

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," "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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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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SOURCE VersaPay Corporation