VersaPay (TSXV: VPY), a provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, announced on Wednesday that a billion dollar, global manufacturer of private label apparel products has signed to implement ARC, Versapay’s proprietary accounts receivable and collections management solution.
According to VersaPay, the client was seeking a solution that would provide a centralized and completely transparent view of the invoice-to-cash process while driving cost reductions and providing faster payment processing across multiple payment types. VersaPay reported it was awarded the contract as a result of their unmatched ability to offer the functionality on a highly scalable level. In addition, VersaPay’s AR analytics functionality was of critical importance to the client, who is seeking to support a large volume of smaller customers with the platform. Speaking about the agreement, Craig O’Neill, CEO of VersaPay, stated:
“I am delighted to welcome this global apparel manufacturer to the ARC community. This win further demonstrates the extensive capabilities of our solution and its ability to help large enterprises accelerate their digital transformation and enhance their finance operations.”
Founded in 2006, the Canadian fintech describes itself as a cloud-based invoice presentment and payment provider for businesses of all sizes. Its ARC software-as-a-service offering allows businesses to deliver customized electronic invoices to customers, to accept credit card and EFT/ACH payments, and automatically reconcile payments to ERP and accounting software.