Saturday, June 15, 2024

Five Million Businesses Now Transacting on Versapay’s B2B Payment Network

Versapay, the leading Accounts Receivable Efficiency Suite, today announced that 5 million businesses now transact on the Versapay payments network, amounting to a 5X growth in the network since hitting the one million milestone 18 months ago. Companies on the Versapay network process more than 110 million transactions and over $170 billion in payments volume annually. Versapay’s Accounts Receivable Efficiency Suite simplifies the invoice-to-cash process by automating invoicing, facilitating B2B payments, and streamlining cash application with AI.

“In a market where cost of capital is high and fraud is surging, companies are looking to established networks that demonstrate secure, reliable transactions,” said Carey O’Connor Kolaja, Versapay’s CEO. “We believe the future of midmarket business growth hinges on technology partners that have proven confidence and fidelity in moving money. Five million businesses on our network speaks volumes to trust, security, and especially efficiency in transacting with Versapay.”

The middle market makes up roughly one-third of private sector GDP and employment, according to Harvard Business Review, yet midmarket businesses tend to be underserved when it comes to digitization of back-office functions like Accounts Receivable. Through Versapay’s Accounts Receivable Efficiency Suite, over 5 million midmarket buyers and sellers come together to streamline how accounts receivable and accounts payable teams work together to deliver faster, more efficient settlement across payment channels.

“Midmarket businesses that have traditionally relied on low-tech or even no-tech solutions to manage accounts receivable workflows—especially in verticals such as manufacturing, wholesale and distribution, and commercial real estate—face buyers who expect modern options in payments,” said Barrett Smith, Chief Payments and Customer Operations Officer at Versapay. “We help these businesses modernize their account receivable process while meeting evolving customer expectations for convenience and choice in the invoice-to-cash process.”

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