As with all software solutions, the idea that implementing a solution will streamline the process, automate where possible and deliver value through insight, reducing overhead and driving efficiencies. In the accounts receivable arena, e-invoicing has been discussed, but it really comes in a variety of flavors.

For some people it means just sending electronic invoices, which on their own cut down on mailing costs and delivery time, reducing DSOs. To others it includes online payment acceptance and processing – which also reduces both mailing costs and DSOs.

However, the real question is whether these are fully automating the process. The reality is that looking at the entire chain of events, the creation of an invoice is only part of the process, and while it may be the most important, it’s also not the most time consuming. What we’ve found is that two major factors determine how efficient an accounts receivables process is. The first is speed of communication between the customer and the vendor and the second is the speed of bookkeeping on both the vendor and client side.

From a speed of communication position, not only is sending the invoice a huge factor, but so is dispute resolution and payment processing. Dispute resolution tends to slow down the collection process significantly and drastically increase the DSOs, while payment processing also tends to increase mailing costs and time to collection.

From a speed of bookkeeping perspective, matching the payments to invoices and performing the overall reconciliation can be manually inefficient, … Read more

Customer profitability is at the forefront of today’s market discussions. Primary focus is on customer profitability by addressing the revenue each new customer brings in and not the potential losses – failing to factor in the total cost of the customer. When thinking of profits and losses in terms of customers it is important to see all elements of profitability.

An element rarely acknowledged is customers that just don’t pay their bills at all. Or do not pay them within a reasonable amount of time. The impact is well known.

Every day that a dollar is not collected by your finance department, is another day that your cash flow is reduced. This may cause a reliance on short-term financing, such as lines of credit, revolvers, or just the inability to pay your suppliers and other accounts.

Bad customers can often mask themselves as great buyers —but in reality— are really bad payers. They can bump up your DSOs, often paying when and how it pleases them. There may be times when these types of customers pay only after long disputes, and questioning every item on an invoice.

Even though every dollar may have been collected; the question now becomes “what is the cost of collection?” If the cost and time required far exceeds other accounts, it might be time to consider that a customer may be costing more than they are worth. In this case, it may be time to discuss with the customer terms of continuing the business relationship.… Read more

 

TORONTO, ONTARIO–(Marketwired – Jan. 13, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

VersaPay Corporation (TSX VENTURE:VPY) (“VersaPay” or the “Company”) today announced that it has entered into an agreement with Mackie Research Capital Corporation (“MRCC”) pursuant to which a syndicate of underwriters (the “Underwriters”) led by MRCC, will purchase, on a bought-deal private placement basis, 4,167,000 units of the Company (“Units” or the “Securities”) at a price of $1.20 per Unit (the “Issue Price”) for aggregate gross proceeds to the Company of $5,000,400 (the “Offering”). Each Unit shall be comprised of one common share of the Company (each, a “Common Share”) and one-half (1/2) of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant shall be exercisable to acquire an additional Common Share (each, a “Warrant Share”) at an exercise price of $1.50 per Warrant Share for a period of 24 months following the closing of the Offering.

The Underwriters shall also have the option (the “Underwriters’ Option”), exercisable at any time on or prior to the date that is 30 days following the closing date of the Offering, to purchase from VersaPay up to an additional 15% of the number of Units sold pursuant to the Offering.

The Offering will take place by way of a private placement to qualified investors in such provinces of Canada as the Underwriters may designate, and otherwise in those jurisdictions where the Offering can lawfully be made, … Read more

Toronto, ON – January 9, 2014 – VersaPay Corporation (TSXV: VPY) (“VersaPay”), a leading provider of cloud-based payment solutions, announced it has entered into a referral agreement with Edge to Epic Corp.  Under the agreement, Edge to Epic will refer member companies seeking new and alternative payment solutions to VersaPay.

Edge to Epic unites all types of businesses and provides collective buying power, harnessing the strength of its numbers to deliver large volume savings to its members.  Marquee partners include Via Rail, Rogers Communications, Porter Airlines, and Staples Canada.

Edge to Epic’s CEO Joelle Parenteau said, “When we found VersaPay, we immediately knew something was different. Their great follow up exceeded all our expectations.  They were knowledgeable, efficient and understood exactly the payment solutions we were looking for.  Partnering with VersaPay for payment processing was a no-brainer for our organization.”

“We are very pleased that Edge to Epic has chosen VersaPay as the payment processing provider for their member companies,” commented Craig O’Neill, CEO of VersaPay. “By partnering with VersaPay, Edge to Epic’s members will gain access to the expertise, reliability and superior client service that we are known for in the industry.”

About VersaPay

VersaPay is a financial technology company that delivers payment solutions for businesses. Serving more than 2,500 customers, VersaPay, together with its partners, provides the hardware, technology, infrastructure and support services to enable businesses of all types to accept and process electronic payments.  In addition, the Company’s cloud-based invoice presentment and payment platform facilitates the efficient … Read more

Toronto, ON – December 11, 2013 – VersaPay Corporation (TSXV: VPY) (“VersaPay”), a leading supplier of cloud-based payment solutions, announced today that Winpak Ltd.’s (TSX: WPK) Winnipeg Manufacturing Division, a provider of high-quality packaging materials, has selected VersaPay’s eInvoice solution to automate their accounts receivable presentment processes.  Under the terms of the agreement, Winpak plans to migrate participating customers to the VersaPay cloud platform.

VersaPay’s eInvoice platform provides Winpak Ltd. with a manageable and easy to use solution that seamlessly integrates into their existing environment, handles complex workflows and delivers significant savings over their existing A/R processes.

“In our continuous efforts to exceed our customer expectations and continuously improve efficiencies, VersaPay’s eInvoicing system was the solution that met our current needs as well as the requirements we expect to have in the future,” commented Rod Degeus, Director of Finance at Winpak Ltd.’s Winnipeg Manufacturing Division. “We are very excited to work with VersaPay to improve how we collaborate with our customers.”

“We are very pleased that Winpak has chosen VersaPay’s electronic invoice presentment and payment platform,” commented Craig O’Neill, CEO of VersaPay. “In using our cloud-based solution Winpak will be able to streamline their operations, increase visibility on payment trends and satisfy their customers’ desire to receive and pay invoices electronically.”

About VersaPay

VersaPay is a financial technology company that delivers payment solutions for businesses. Serving more than 2,500 customers, VersaPay, together with its partners, provides the hardware, technology, infrastructure and support services to enable businesses of all types to … Read more