Versapay – Creating Stronger Customer Connections Through Collaboration
Is the first AR solution designed to empower the genius of teams through a Collaborative AR Network that connects millions of companies, thus empowering AR teams to work beautifully and efficiently.
Versapay is a cloud-based accounts receivable (AR) platform designed to bring the supplier and buyer together through seamless, end-to-end account receivable experiences. Since its inception in 2006, the company has grown into a global network of 8,000+ clients and 500,000+ users, driving $10 billion in payment volume annually.
Its mission: to create a collaborative AR network that connects millions of companies with each other, transforming AR in a way that dramatically improves business outcomes for employees, partners, and customers alike.
“Companies are increasingly looking to address issues that hold up payments and drive inefficiencies when it comes to AR,” said CEO Craig O’Neill. “We solve these problems differently than traditional AR automation. We focus on fostering collaboration between buyers and seller. The result is not only significant cost savings, massive efficiency gains, and accelerated cash flow but also a vastly improved customer experience.”
On average, Versapay’s integrated payments customers reduce manual AR processing time by more than 30 percent, lower payment fees by 20 percent, and accelerate payment collections by 25 percent.
Additionally, Versapay’s Collaborative AR Network regularly reduces time spent managing receivables by 50 percent, increases peed of payment by 25 percent, and decreases past-due invoices by 30 percent.
Products
With its Versapay Collaborative AR Network, the company helps clients connect with customers over the cloud, where AR teams can share data in real time and collaborate on questions, payments, and issues.
The Versapay Advanced Cash Application add-on seamlessly integrates with the Versapay Collaborative AR Network to help companies automate the cash application process using machine learning to match any payment with open receivables, significantly reducing manual effort, and speeding up cash flow.
Versapay ChargeLogic Payments for Microsoft Dynamics 365 Business Central and Finance & Supply Chain Management delivers a secure and straightforward way to accept payments across eCommerce, point-of-sale, and accounts receivable channels directly in the ERP.
Versapay Solupay Payments for NetSuite delivers a secure and straightforward way to accept payments across eCommerce, point of sale, and accounts receivable channels directly in NetSuite, enabling NetSuite customers to manage all payments operations in one place.
Versapay 2CP Payments for Sage Intacct delivers a secure and straightforward way to accept payments across eCommerce, point of sale, and accounts receivable channels and manage all payments operations in Sage Intacct.
Awards
- NetSuite SuiteCloud Partner of the Year 2021
- CRN’s Channel Chiefs 2021
- Named to Deloitte’s 2020 Technology Fast 500 and 2020 Technology Fast 50 lists
Certifications
- System and Organization Controls (SOC) 1 Type II System and Organization Controls (SOC) 2
- Type II PCI DSS Level 1 Service Provider (multiple, individually certified by product) PCI
- Payment Application (PA-DSS) Pending: PCI Software Security Framework (SSF) System and Organization Controls (SOC) 3
Leadership Team
Craig O’Neill – Chief Executive Officer
Craig O’Neill was appointed Versapay’s Chief Executive Officer and Director in 2013. He led the company’s pivot to accounts receivable (AR) software, resulting in unprecedented revenue growth and an expanding workforce that has added more than 250 new employees since the beginning of the COVID-19 pandemic.
Craig’s 20-plus years of delivering enterprise software has taught him that success lies in developing a business strategy focused on optimizing the customer, partner, and employee experience. Craig holds a B.Sc. from the University of Toronto in Computer Science and Mathematics.
Supporting Craig in his endeavour to make Verspay a global leader in collaborative AR are:
- Ward Shultz – Chief Financial Officer
- Philip Pettinato – Chief Technology Officer
- Nancy Sansom – Chief Marketing Officer
- Jason Read – Chief Strategy Officer
- Keith Reed – Chief Customer Officer
- Chris Wassenaar – Chief Risk Officer
- Alex Hoffman – EVP Payments
People Meter
“At Versapay, embracing diversity, equality, and inclusion are part of our core values,” said Craig O’Neill. “We believe that hiring people from different backgrounds helps us create superior products, deliver exceptional solutions, and provide higher quality customer experiences. We strive to create a workplace where all employees bring an equal voice to the table. Our goal is that our VEEPs feel a strong sense of belonging, enabling them to bring their full authentic selves so they can do their best work.”
Giving Back to Society
Versapay has partnered with the Toronto-based CEE Centre for Young Black Professionals to provide educational sessions and workshops for students to address the social and economic barriers affecting Black youth and play a positive role in the community.
Versapay also regularly gives back to local communities and provides all employees with two days off throughout the year for volunteering, social activism, and giving back to their community, fully paid.
Future Outlook
Versapay is changing the way companies do business together and aims to capture significant growth and adoption in the North American market. Its goal is to facilitate continued connectivity between payments sources in a way that allows both buyers and suppliers to conduct seamless transactions whenever they want, wherever they happen to be.
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