VersaPay reaches 70 suppliers using ARC platform VersaPay reaches 70 suppliers using ARC platform
2016-07-20 09:05 ET - News Release
Mr. Craig O'Neill reports
VERSAPAY HIGHLIGHTS THE LATEST ARC PERFORMANCE METRICS
VersaPay Corp. has provided investors with an updated view into how the company has grown thus far in 2016.
There are now 70 suppliers signed on to use ARC, the company's accounts receivable automation platform, up from 43 suppliers in April.
- Thirty-four of these suppliers are mid- to large-enterprise customers using the full version of ARC including a VersaPay connector that integrates with its enterprise resource planning system.
- Thirty-six are small businesses using ARC Lite, the stand-alone version of the service which allows manual invoice creation and automatic generation of recurring invoices within the system.
- Fifty-five suppliers are now live, an increase of more than 65 per cent in the past three months.
- End customers on the ARC platform have grown to 22,900, representing growth of more than 30 per cent in the past three months.
- Invoices received by ARC customers have grown to more than 510,000 from 396,000 in April, for a three-month growth rate of nearly 29 per cent.
- Payments made on the platform have again doubled in three months, rising to $45.8-million.
"We have continued to see strong growth in the number of companies and users on the platform, the volume of invoices being published to customers, and the number and size of payments being made on ARC in this most recent quarter," said Craig O'Neill, chief executive officer of VersaPay. "Most of this growth is driven by suppliers that have been live for one or more quarters, so we expect to see these growth rates increase nicely as the number of new suppliers going live accelerates."