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Versapay Signs Agreement With Samtec To Provide Customer-Centric AR Solution

Published on 4 min read

New Albany, IN; Toronto, ON – October 30, 2019 – 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 it has signed an agreement with Samtec, a large U.S. electronics manufacturer and distributer, to provide Versapay ARC.

With revenues approaching $1 Billion, Samtec was looking to enhance its receivables process, and improve the payment experience for customers, including self-service functionality. The winning platform had to automate collections and eliminate manually driven processes, significantly reduce aged receivables and enable a proactive approach for managing the invoice-to-cash process. As a result of an exhaustive evaluation process, Samtec selected ARC to realize their vision of providing a truly customer-centric AR solution.

“Excellent customer service is the foundation on which Samtec is built. Automating payment processes for our customers and our associates creates a win/win environment for both to thrive,” stated Brad Johnson, F&A Manager & Product Owner for Samtec. “Deploying the Versapay platform will provide our customers with an easy-to-use platform for payments while further distinguishing Samtec from our competition.”

“We are pleased to have been selected by Samtec to help them realize their vision to offer a seamless billing and payment process for their customers and eliminate menial tasks for their staff,” said Craig O’Neill, Chief Executive Officer at Versapay. “Today’s announcement is a good example of the kinds of opportunities we are seeing more and more of, larger enterprises that are looking for innovative solutions that drive immediate measurable benefits to their operations while improving the experience they provide for their customers.”

About Samtec

Much more than just another connector company, Samtec puts people first with a commitment to exceptional service, quality products, and convenient design tools. We believe that people matter, and taking care of our customers and our employees is paramount in how we approach our business. The belief is deeply ingrained throughout the organization, and means that you can expect exceptional service coupled with technologies that take the industry further faster. More information is available at www.samtec.com.

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.

More information about Versapay is available at www.versapay.com or under the Company's profile on SEDAR at www.sedar.com.

For additional information, please contact:

John McLeod
Vice President, Marketing
Versapay Corporation

Babak Pedram
Investor Relations
Virtus Advisory Group Inc.

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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