VersaPay Unveils Its Q3 Performance

Canada-based B2B payments and financial services firm VersaPay unleashed its third quarter results this week, and the company is highlighting an 80 percent year-over-year revenue increase.

In its Tuesday (Nov. 24) announcement, VersaPay pointed to new investments in marketing and its sales team and attributed those efforts to 25 suppliers now signed up to the platform using its payment, accounts receivables and invoicing services.

So far, VersaPay said it has processed more than $8 million worth of invoices.

VersaPay CEO Craig O’Neill noted that the company also launched the latest version of its ARC platform. Debuted last month, the upgrades provide faster speeds and enhanced capabilities for users of the AR management and automation platform.

“At VersaPay, our strategy is to continuously drive innovation and offer the best solution for our supportive clients and to continue being a driving force within the accounts receivable automation market,” he said in a statement.

In a breakdown of the numbers, the firm reported a 66 percent revenue increase for the first three quarters of 2015 compared with the same period a year prior. Total revenue saw a 2 percent rise compared to Q3 2014, reaching $1.39 million, the company said.

However, VersaPay did report a more than $125,000 payment to partner Chase Paymentech following an administrative glitch that led to Chase overcharging some of its client accounts.

PYMNTS recently spoke with VersaPay’s John McLeod, VP of marketing, about meeting the needs of B2B companies when it comes to finance and payments. McLeod reflected on what the company is anticipating for next year, noting that business adoption of corporate payment solutions will be key.

“S0, in the world of B2B, to look more to the consumer side,” he elaborated. “Often, though, in the business environment, the same thing is not applied. There’s going to be more companies looking to have that kind of convenience in a B2B application as they do on the consumer side.”