Speaker 1 (00:00):
It all comes down to this one thing, sustainable, ambitious earnings growth. And to achieve that by leveraging technology.

Speaker 1 (00:13):
Carrier Enterprise was born 10 years ago, we're a distribution business and sell a full range of HVAC products for residential, commercial and other applications. Our process was very manual intensive, about half our customers were getting invoices and statements through email, but that's all it would be. It was just an attachment, a PDF and then they'd have to print it out if they wanted to use it that way. They had limited utility with just an email and a PDF. The vast majority of our customers pay us with a check, those are handwritten checks. And so while we do have lockboxes and we do have an automation functionality to read and scan these checks to try and automate the cash application, we have a very low hit rate on that. So our cash applications group probably has to manually handle up to 80% of the checks we get to, then apply them. So that's a problem. When you have cash tied up in working capital like inventory and accounts receivable, that means you can't deploy that on value creating investments. And so collecting your cash as quickly as you can is of paramount importance.

Speaker 1 (01:37):
The ARC Platform, I believe it's going to be transformational. And the reason why I say that is while we've only rolled it out to not even a 10th of our total customer base, those customers that are experiencing it right now have just voiced how excited they are about the platform. It gives them tremendous accessibility on their own time to get what they want when they want it. They can transact with us now. They can pay electronically when they couldn't do that before, they really liked that option, so to we. The number of payments we're getting electronically now is double what it was. So there's a whole host of benefits that our customers are now enjoying that they never had before.

Speaker 1 (02:20):
Working with VersaPay has been a very positive experience for us. From the very beginning, going through the sales process, to then completing the transaction, to then starting the implementation, going through the implementation. It's really been a company that's been very proactive and just a lot of good people and it's really shown in the way they've delivered and tried to deliver on their commitments to us. And at the end of the day, it takes a partnership and I think that we've formed a good partnership.