Its PayFac platform, designed for independent software vendors reported accelerated adoption in utility and healthcare industries.
Usio (NASDAQ:USIO), an electronic payments firm announced a record US$915 million in transaction processing volume, rising just three percent compared to the third quarter of 2018. Driving its growth was its PayFac platform division, following increased adoption among software vendors. In addition, its prepaid card volume leaped over 100 percent over the same time period.
As quoted in the press release:
“Record processing volumes are driven by the continued adoption of our various electronic payment solutions. For instance, our PayFac platform has increased the number of Independent Software Vendors (ISVs) under contract, especially in the targeted healthcare, utility and similar bill-centric industries. The implementation of our unique PayFac technology is in various stages of development with these various ISVs. As we work through these implementations, we expect revenues to be flat in the third quarter before resuming their growth in the fourth quarter. We expect to end the year with organic revenue growth of at least 12% to 13%, which could be higher if the rate of PayFac adoption accelerates in the fourth quarter.”
Hoch concluded, “We are investing in our PayFac and Prepaid businesses, where we see tremendous potential for rapid growth. Our ability to generate transaction processing growth quarter after quarter supports these efforts and provides the momentum needed for these operations to achieve their potential.”