VersaPay http://www.versapay.com Simplify Payment Processing Fri, 22 Aug 2014 03:55:46 +0000 en-US hourly 1 Art Mesher Appointed Chairman of VersaPay’s Board of Directors http://www.versapay.com/press-releases/art-mesher-appointed-chairman-of-versapays-board-of-directors/ http://www.versapay.com/press-releases/art-mesher-appointed-chairman-of-versapays-board-of-directors/#comments Thu, 21 Aug 2014 21:36:08 +0000 http://www.versapay.com/?p=10976
August 21, 2014 -  VersaPay Corporation (“VersaPay” or the “Company”), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, announces the appointment of Art Mesher as Chairman of the Board of Directors (the “Board”), replacing Jason Gurandiano, who is stepping off the Board, effective August 20, 2014. Mr. Gurandiano was the longest serving member of VersaPay’s Board, having been appointed in October of 2007, and played an instrumental role in building the Company.  The Board wishes to thank Mr. Gurandiano for his contributions to the Company’s development and wishes him every success in the future.

About VersaPay
VersaPay is a leading cloud-based invoice presentment and payment provider for businesses of all sizes.  VersaPay’s Arc and ArcPay software-as-a-service offerings allow businesses to easily deliver customized electronic invoices to their customers, to accept credit card or bank account payments and reconcile payments in real time using their current accounting software.
     

VersaPay’s head office is located in Toronto, Canada, and also offers traditional credit and debit card acceptance services through its Merchant Services division in Montreal, Quebec.  VersaPay’s U.S. division is headquartered in New York.

Forward Looking and Other Cautionary Statements
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this news release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking Read more

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VersaPay Announces AGM Results http://www.versapay.com/press-releases/versapay-announces-agm-results/ http://www.versapay.com/press-releases/versapay-announces-agm-results/#comments Fri, 06 Jun 2014 17:42:31 +0000 http://www.versapay.com/?p=10875 Toronto, ON – May 29, 2014 – VersaPay Corporation (TSXV: VPY) (“VersaPay” or the “Company”), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, is pleased to announce the election of its board of directors from its Annual General and Special Meeting of Shareholders, held on May 28, 2014.

Shareholders elected Jason Gurandiano (Chairman), Wendy Porter, the Honourable David Peterson, Eleanor Chiu, Brian Kyle, Arthur Mesher, and Craig O’Neill (CEO).

“I would like to thank our shareholders and other attendees for their show of support at this year’s AGM,” said Jason Gurandiano, Chairman of the Board of VersaPay. “I would also like to officially welcome Art Mesher to VersaPay’s Board. Art’s business and cloud-computing acumen make him a valuable addition to the Board, especially as VersaPay grows into a leading cloud- based payment technology company.”

Officers

The Company also announces the re-appointment of its current senior officer team, consisting of:

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Committees

The Board of Directors appointed its Audit Committee for the coming year, consisting of Brian Kyle (Chair), Wendy Porter, Eleanor Chiu and Art Mesher.

The Company also constituted a new Corporate Governance, Compensation and Nominating Committee for the coming year, consisting of Art Mesher (Chair), Jason Gurandiano, David Peterson and Wendy Porter.

Options

The Company also announces the grant of incentive stock options to various employees of the Company to purchase up to 500,000 common shares in the capital stock of the Company under its share option plan. The options are exercisable at a price of … Read more

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VersaPay Reports Q1 2014 Results http://www.versapay.com/press-releases/versapay-reports-q1-2014-results/ http://www.versapay.com/press-releases/versapay-reports-q1-2014-results/#comments Fri, 06 Jun 2014 17:32:10 +0000 http://www.versapay.com/?p=10863 Toronto, ON – May 28, 2014 – VersaPay Corporation (TSXV: VPY) (“VersaPay” or the “Company”), a leading provider of cloud-based payment solutions, is pleased to report financial results for the first quarter of 2014. Revenue for Q1 2014 grew to $4.3 million from $4.1 million in the previous year. Revenue growth occurred across both of the company’s operating units, the POS Merchant Services business and the VersaPay Solutions business.

Q1 2014 Highlights:

• Completed a $5 million bought-deal financing in order to further develop and market its Arc™
electronic invoice presentment and payment software and its ArcPay™ electronic payments
service
• WinPak Ltd.’s Winnipeg manufacturing division became a VersaPay Solutions customer,
selecting the Arc™ platform to automate its accounts receivable processes
• Grew total credit card processing volume to $220 million for Q1 2014 versus $208 million in Q1
2013
• Launched an Arc™ direct marketing campaign in Canada and the United States that is
generating higher than expected levels of interest from VersaPay’s target market.
Subsequent to Q1 2014 Highlights:
• Heartland Payment Systems, the fifth largest payment processor in the United States
completes integration with Arc™ and rolls out reseller program to its world class sales distribution network.

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“Q1 saw the realization of several key milestones for the company,” commented Craig O’Neill,
VersaPay’s CEO. “In launching our go-to-market plan for Arc™, securing financing to fund our
growth plans, significantly strengthening our R&D team, and implementing our first major Arc™
partnership with Heartland, we have made solid progress … Read more

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VersaPay Nominates Art Mesher as New Board Member http://www.versapay.com/press-releases/versapay-nominates-art-mesher-as-new-board-member/ http://www.versapay.com/press-releases/versapay-nominates-art-mesher-as-new-board-member/#comments Mon, 12 May 2014 20:00:44 +0000 http://www.versapay.com/?p=10786 Toronto, ON – May 5, 2014 – VersaPay Corporation (TSXV: VPY) (“VersaPay” or the “Company”), a leading provider of cloud-based payment solutions, is pleased to announce that Arthur (“Art”) Mesher has been nominated to stand for election to VersaPay’s Board of Directors at the Company’s upcoming Annual General and Special Meeting of Shareholders, to be held on May 28, 2014.

Art Mesher is a pioneer in harnessing the integration of business communities and is considered one of the founders of SaaS networks and cloud computing. Mesher began building SaaS-based technology to automate freight processes in the 1980s and helped start and grow Vocam Systems, a logistics network software company which went public before being acquired by Pitney Bowes in 1990. Subsequently, Mesher was President of Advanced Logistics Research, where he helped leading companies such as AMR (Sabre), CSX and Caterpillar develop and deploy emerging technology-based supply-chain strategies. He also launched the Integrated Logistics Strategies Services practice at Gartner Group Inc., a leading technology research and advisory firm, and built it into one of the premiere advisors to major global corporations. Art is currently the Chancellor of CleanSL8.DNA and the Chairman of the Board of The Core Group. He also sits on the Board of Directors for QHR Corporation, Nulogy, and Difference Capital Financial Inc. More recently, Art was the CEO and Chairman of the board of The Descartes Systems Group Inc., leading the creation of the first on-demand logistics network that provides application and communication capabilities. Appointed CEO in 2004, … Read more

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VersaPay Signs Referral Agreement with The INC Society http://www.versapay.com/press-releases/versapay-signs-referral-agreement-with-the-inc-society/ http://www.versapay.com/press-releases/versapay-signs-referral-agreement-with-the-inc-society/#comments Mon, 12 May 2014 19:59:46 +0000 http://www.versapay.com/?p=10784  

Toronto, ON – May 5, 2014 – VersaPay Corporation (TSXV: VPY) (“VersaPay” or the “Company”), a leading provider of cloud-based payment solutions, is pleased to announce that Arthur (“Art”) Mesher has been nominated to stand for election to VersaPay’s Board of Directors at the Company’s upcoming Annual General and Special Meeting of Shareholders, to be held on May 28, 2014.

Art Mesher is a pioneer in harnessing the integration of business communities and is considered one of the founders of SaaS networks and cloud computing. Mesher began building SaaS-based technology to automate freight processes in the 1980s and helped start and grow Vocam Systems, a logistics network software company which went public before being acquired by Pitney Bowes in 1990. Subsequently, Mesher was President of Advanced Logistics Research, where he helped leading companies such as AMR (Sabre), CSX and Caterpillar develop and deploy emerging technology-based supply-chain strategies. He also launched the Integrated Logistics Strategies Services practice at Gartner Group Inc., a leading technology research and advisory firm, and built it into one of the premiere advisors to major global corporations. Art is currently the Chancellor of CleanSL8.DNA and the Chairman of the Board of The Core Group. He also sits on the Board of Directors for QHR Corporation, Nulogy, and Difference Capital Financial Inc. More recently, Art was the CEO and Chairman of the board of The Descartes Systems Group Inc., leading the creation of the first on-demand logistics network that provides application and communication capabilities. Appointed CEO in … Read more

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Heartland Now Offering U.S. Customers Innovative, Cloud-Based Paperless Invoicing and Payment Solution under Reseller Agreement with VersaPay http://www.versapay.com/press-releases/heartland-now-offering-u-s-customers-innovative-cloud-based-paperless-invoicing-and-payment-solution-under-reseller-agreement-with-versapay/ http://www.versapay.com/press-releases/heartland-now-offering-u-s-customers-innovative-cloud-based-paperless-invoicing-and-payment-solution-under-reseller-agreement-with-versapay/#comments Tue, 29 Apr 2014 20:22:01 +0000 http://www.versapay.com/?p=10774 PRINCETON, N.J., Apr 28, 2014 (BUSINESS WIRE) — Heartland Payment Systems HPY +0.03% , one of the nation’s largest payments processors, is now offering its customers the innovative, cost-effective VersaPay ARC eInvoicing system as a means of eliminating the time, cost and cash flow challenges associated with paper invoices delivered by mail. Under a reseller agreement between Heartland and VersaPay Corporation’s CA:VPY +3.33% U.S. subsidiary, Heartland is providing U.S. small and mid-size businesses with the capability to transform their manual invoicing operations into an efficient electronic system that delivers invoices online in a secure merchant-branded portal and provides their customers with the option to pay using credit or debit cards.

“The VersaPay ARC eInvoicing platform is a particularly useful solution for any business that traditionally sends customers paper invoices, especially small to mid-size businesses such as accounting, law, insurance, manufacturing, distribution and many others,” said Kris Herrin, chief of emerging products, Heartland Payment Systems. “Paper invoices typically cost a few dollars to process from end to end, and it can take thirty to ninety days to receive payment. With VersaPay ARC eInvoicing, each invoice costs less than a postage stamp to process and payments are received days or even weeks earlier.”

Accessible through Heartland’s Portico ecommerce gateway with enterprise-grade security, the VersaPay ARC eInvoicing platform enables merchants to either import invoices through their accounting software or create them using VersaPay’s software. Merchant-branded invoices are delivered instantly to the portal and customers are notified via email. Fully integrated with a merchant’s … Read more

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VersaPay Reports Fiscal 2013 Results http://www.versapay.com/press-releases/versapay-reports-fiscal-2013-results/ http://www.versapay.com/press-releases/versapay-reports-fiscal-2013-results/#comments Tue, 29 Apr 2014 20:18:32 +0000 http://www.versapay.com/?p=10756

Toronto, ON – April 23, 2014 – VersaPay Corporation (TSXV: VPY) (“VersaPay” or the “Company”), a leading provider of cloud-based payment solutions, is pleased to report financial results for fiscal 2013.  Top-line revenue for fiscal 2013 was $17.5 million compared to $16.9 million the previous fiscal year.  Revenue growth occurred across both of the company’s operating units, the POS Merchant Services business and the emerging cloud-based VersaPay Solutions business.

Fiscal 2013 Highlights:

  • Grew total processing volume to $1.1 billion for fiscal 2013 versus $1 billion in fiscal 2013
  • Entered into a payment processing and referral agreement with TD Merchant Services, an operating division of The Toronto Dominion Bank
  • Hired a successful cloud-based software entrepreneur, Craig O’Neill, as CEO
  • Entered into a U.S. reseller agreement with Heartland Payment Systems
  • Loss per share declined to $0.07 per share compared to $0.10 per share in fiscal 2012

Subsequent to Fiscal 2013 Highlights:

  • WinPak Ltd.’s Winnipeg manufacturing division became a VersaPay Solutions customer, selecting VersaPay’s cloud-based eInvoicing solution to automate its accounts receivable processes
  • Completed a $5 million bought-deal financing

Q4 and Fiscal 2013 Financial Summary1Screen Shot 2014-04-29 at 3.43.59 PM

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“I am very pleased to report another year of revenue growth for VersaPay,” commented Craig O’Neill, VersaPay’s CEO.  “Although the lion’s share of revenue continues to derive from our POS business, we see momentum building with VersaPay Solutions.  Our pipeline is building nicely, and will only increase as our partners, Heartland Payment Systems in the U.S. and TD Merchant Services in Canada, come on-line.  We are very

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Is e-invoicing fully automating the A/R process? http://www.versapay.com/product-blog/is-e-invoicing-fully-automating-the-a_r-process/ http://www.versapay.com/product-blog/is-e-invoicing-fully-automating-the-a_r-process/#comments Thu, 03 Apr 2014 19:16:00 +0000 http://www.versapay.com/?p=10745 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

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How quickly can an unprofitable customer become profitable? http://www.versapay.com/product-blog/how-quickly-can-an-unprofitable-customer-become-profitable/ http://www.versapay.com/product-blog/how-quickly-can-an-unprofitable-customer-become-profitable/#comments Wed, 12 Feb 2014 00:48:21 +0000 http://www.versapay.com/?p=10662 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

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VersaPay Corporation Announces $5 Million Bought-Deal Financing http://www.versapay.com/press-releases/versapay-corporation-announces-5-million-bought-deal-financing/ http://www.versapay.com/press-releases/versapay-corporation-announces-5-million-bought-deal-financing/#comments Mon, 13 Jan 2014 16:00:38 +0000 http://www.versapay.com/?p=10330  

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

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