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Accelerating the Next Generation of Digital Payments: Why We’ve Merged With Solupay

Published on 4 min read

Last week we announced our merger with Solupay. We’re excited about what this means for improving on our ability to make billing and payment easy for buyers and sellers. Read about our expanded vision in this blog.

It’s been an exciting few months here at Versapay. Since our acquisition by Great Hill Partners early this year we’ve been working on a number of both big and small company developments, one of which we announced last week. We merged with Solupay, a leading US-based payment solutions provider, and its affiliated companies ChargeLogic and 2CP.

As a combined company, we can now:

  • Help every single buyer and supplier get online to simplify doing business together – no matter the size of their business, complexity of their processes, or share of tasks currently performed manually
  • Digitize AR processes to deliver a better customer experience and improve working capital for any sized organization
  • Transform offline payments into ‘smart’ transactions that support automation
  • Simplify acceptance of payments, optimizing cost and settlement times

So why the new focus on payments? Well, it’s not new.

Those that have been following the Versapay journey know that we’ve had a hand in payments for a long time. Versapay was founded in 2006 as an electronic payments company before launching our AR Automation and Customer Centric AR software solutions, so enhancing our integrated payments capabilities is a full-circle moment for us.

Our mission

We have our sights set on transforming the way companies do business together by making billing and payment easy for buyers and sellers.

Our merger with Solupay has propelled us to become a payment facilitator. As a Payfac, we can process significant payment volumes at scale, reducing costs and slashing onboarding times for our clients. This also allows us to offer quicker and easier underwriting and better connectivity to payment processors, banks, and AP systems.

What this means for you is that we can speed up settlement times and optimize costs incurred when accepting payments, including interchange and merchant fees.

But perhaps the best part is that we can make these payments ‘smart’, meaning we can couple dollars with data to support automation and back office processing.

“We want to simplify the entire lifecycle of a payment – how it’s invoiced, processed, and accounted for. Too often these workflows are time-consuming and not at all focused on the customer. Eliminating friction between buyer and supplier means your customers will pay you faster—and it’ll cost you less to process that payment,”

- Bob Stark, Chief Marketing Officer at Versapay

Another pivotal aspect to how we make billing and payment easy for buyers and sellers is by providing a portal that customers will actually want to use. Most AR software focuses on automating manual processes but stops short of helping businesses deliver an excellent customer experience and becoming truly customer-centric.

We know that providing a great customer experience throughout the order-to-cash cycle is the key to long-term success. We see it firsthand every day. Over 80% of our clients’ customers are actively using our platform, an adoption rate that’s virtually unheard of with other AR solutions.

“Simplifying invoice presentment and reducing the cost of accepting digital payments are the building blocks for a customer-centric order-to-cash process,”

- Craig O’Neill, CEO of Versapay

Growing our team

Following the merger, Versapay has grown from a team of 80 to almost 200 employees—and we’re just getting started. To support our product and Go-To-Market goals, we’ll be bringing on a lot of new talent.

“We’re taking the business to new levels,” says Michelle Riddell, who is our Human Resources Manager based out of the US and has spent 16 years with 2CP and Solupay. “We’ve often talked about how it would be great to grow in this or that area, and to see us being able to go into different markets and have opportunities within our jobs and in the industry to do bigger and better things has been really exciting.”

If you’re interested in taking on a new challenge and making your mark in the rapidly growing world of FinTech, you can view our open roles here.

Next steps

This merger is one of many steps we’re taking to help tackle the challenges preventing B2B companies from delivering exceptional customer experiences, while decreasing costs and driving growth.

Now more than ever, in the age of remote working and social distancing, business buyers want to interact and pay digitally. Businesses are taking note of this shift in buyer behavior, with 70% of firms planning to digitize their AR processes within the next 3 years.

With the addition of Solupay, ChargeLogic, and 2CP’s people, processes, and platforms, we can help organizations navigate the transition to digital payments successfully—from start to finish.

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