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Versapay Adds J.J. Haines, the Largest Flooring Distribution Company in the U.S., as New Client

Published on 4 min read

Baltimore, MD ; Toronto, ON – November 1, 2018 – Versapay Corporation (TSXV: VPY) ("Versapay"), a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, is pleased to announce that J.J. Haines & Company, LLC., the largest flooring distribution company in the United States has become the latest ARC client, making it the third new distribution client in the past few months.

The client was seeking a solution that would transform their day-to-day receivables process through automation while creating a better and more efficient customer experience.

“Versapay ARC quickly became the clear cut answer to help us reshape our invoice-to-cash operations including a simplified payment and cash application process as well as automated dispute resolution,” said Reid McCarthy, CFO for J.J. Haines. “As our business continues to grow, having a trusted partner in Versapay that offers the flexibility and scalability with its ARC solution is critical to ensuring a seamless and modern payment process for our customers.”

“The distribution vertical continues to garner significant attention as there is a very unique and logical fit for ARC,” stated Craig O’Neill, CEO of Versapay. “We are thrilled to welcome J.J. Haines to our growing list of distribution clients. We look forward to helping them advance their AR and collections processes to pull ahead of their competition by offering an intuitive and easy-to-use approach to transact with their customers.”

About J.J. Haines

Founded in 1874 on the company’s core values of providing customers with superior service and products, J.J. Haines is among the oldest privately held companies in America. It is also the largest floor covering distribution company in the country with operations covering the Northeast, Mid-Atlantic and Southeast.

About Versapay

Versapay is a Fintech company and leading provider of cloud-based invoice-to-cash solutions, enabling businesses to provide a superior customer experience, get paid faster, streamline financial operations, and dramatically reduce DSO and costs. Versapay ARC is the new standard in accounts receivable and collections management with a customer self-service environment to view invoices online, collaborate on inquiries and disputes, and facilitate secure online payments (EFT/ACH and credit card). Businesses gain access to a suite of powerful tools that enable efficient collections, cash application and real-time insight into accounts receivable. Versapay ARC automatically reconciles payments and account information through integrations with a wide range of ERPs and accounting software providers.

Forward-looking and other cautionary statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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