My guest this week is a Canadian native with a degree in computer science and a lifelong passion for music. In fact, before he decided to go corporate, he was the lead guitarist in a breakthrough band with a passion for clean-cut stardom. Versapay CEO Craig O’Neill started his corporate journey in wealth management before coming to the more pivotal side of payments, but never left his guitar behind.
For those of you who may not know, Versapay is a fintech company with a focus on both software and payments to simplify and automate A/R. They facilitate upwards of $60 billion in payments between participating companies and their mission is to change the way businesses do business together by simplifying the transaction process. How do they do this? By modernizing how companies transact in a wildly untapped market space.
One of the things we talk about in this podcast are the factors that actually drive a company to modernize. According to Craig, this includes:
· Getting paid faster
· Reducing cost of manual labor
· And optimizing the customer experience
As for their competitive advantage, Craig touts Versapay’s ability to solve the disconnect in payments through collaborative A/R. According to him, 50% of the time, customers say they never even received their invoice. And if you then combine this with a lack of visibility and lack of integration, you then land on process friction as the main catalyst to what slows payments collection down. Versapay aims to solve this disconnect through solutions that do more than just automate the A/R process and integrations that allow for time to market in just days.
Tune in this week to hear Craig talk about his journey to CEO and where he sees the industry going in the next 2 to 3 years, including the rapid growth of electronic payments, the pain points that arise, and the need for smarter payments that carry not only dollars but data as well.