Repay Holdings Corporation (RPAY): Business Model Canvas

In der sich schnell entwickelnden digitalen Zahlungslandschaft erweist sich die Repay Holdings Corporation (RPAY) als transformative Kraft und revolutioniert die Art und Weise, wie Unternehmen in verschiedenen Sektoren Finanztransaktionen verwalten. Durch die nahtlose Integration modernster Zahlungstechnologien mit robusten Sicherheitsprotokollen hat RPAY ein anspruchsvolles Geschäftsmodell entwickelt, das den komplexen Herausforderungen des modernen elektronischen Handels gerecht wird. Ihr innovativer Ansatz vereinfacht nicht nur die Zahlungsabwicklung, sondern bietet auch einen beispiellosen Mehrwert für kleine und mittlere Unternehmen, Gesundheitsdienstleister, Bildungseinrichtungen und Regierungsbehörden, die effiziente, sichere und anpassungsfähige Zahlungslösungen suchen.

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Wichtige Partnerschaften

Zahlungsabwickler und Finanztechnologieplattformen

Repay Holdings Corporation arbeitet mit mehreren Zahlungsabwicklungsplattformen zusammen:

Partner	Einzelheiten zur Partnerschaft	Integrationsumfang
Visum	Netzwerk-Zahlungsabwicklung	Transaktionsabwicklung
Mastercard	Kartennetzwerkintegration	Elektronische Zahlungen
PayPal	Digitale Zahlungslösungen	Online-Transaktionsabwicklung

Bankinstitute und Kreditgenossenschaften

Zu den wichtigsten Bankpartnerschaften gehören:

• Wells Fargo
• JPMorgan Chase
• Bank of America
• PNC-Finanzdienstleistungen

Anbieter von E-Commerce- und digitalen Zahlungslösungen

Digitale Zahlungspartnerschaften ab 2024:

Anbieter	Integrationstyp	Marktsegment
Streifen	API-Integration	Online-Händler
Quadratisch	Zahlungsgateway	Lösungen für kleine Unternehmen

Software-Integrationspartner

Technische Integrationspartnerschaften:

• Salesforce
• Orakel
• SAP
• Microsoft Dynamics

Händlerdienstleister

Das Händler-Servicenetzwerk umfasst:

Anbieter	Servicetyp	Transaktionsvolumen
Erste Daten	Zahlungsabwicklung	2,3 Billionen US-Dollar pro Jahr
Globale Zahlungen	Händlerlösungen	1,8 Billionen US-Dollar pro Jahr

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Hauptaktivitäten

Digitale Zahlungsabwicklung und Transaktionsmanagement

Repay Holdings verarbeitete im Jahr 2022 ein Gesamtzahlungsvolumen von 41,1 Milliarden US-Dollar. Das Unternehmen wickelte im selben Jahr etwa 670 Millionen Transaktionen ab.

Transaktionsmetrik	Leistung 2022
Gesamtzahlungsvolumen	41,1 Milliarden US-Dollar
Gesamttransaktionen	670 Millionen

Entwicklung der Zahlungstechnologie

Investiertes zurückzahlen 35,2 Millionen US-Dollar für Forschung und Entwicklung im Jahr 2022 mit Schwerpunkt auf innovativen Zahlungstechnologien.

• Entwicklung proprietärer Zahlungsintegrationsplattformen
• Verbesserte Echtzeit-Transaktionsverarbeitungsfunktionen
• Entwickelte fortschrittliche API-Konnektivitätslösungen

Elektronische Rechnungszahlungslösungen

Im Jahr 2022 wickelte Repay branchenübergreifend über 225 Millionen elektronische Rechnungszahlungen ab.

Branchensegment	Zahlungsvolumen elektronischer Rechnungen
Gesundheitswesen	85 Millionen Zahlungen
Bildung	62 Millionen Zahlungen
Regierungsdienste	48 Millionen Zahlungen
Andere Sektoren	30 Millionen Zahlungen

Integrierte Optimierung der Zahlungsplattform

Rückzahlung beibehalten a 99,99 % Plattformverfügbarkeit im Jahr 2022 mit über 10.000 Händlerintegrationen.

• Implementierung einer Multi-Channel-Zahlungsakzeptanz
• Verbesserte plattformübergreifende Kompatibilität
• Entwickelte Omnichannel-Zahlungslösungen

Risikomanagement- und Betrugspräventionsdienste

Das Unternehmen implementierte fortschrittliche Betrugserkennungsmechanismen, die im Jahr 2022 potenzielle betrügerische Transaktionen in Höhe von 672 Millionen US-Dollar verhinderten.

Metrik zur Betrugsprävention	Leistung 2022
Verhinderung betrügerischer Transaktionen	672 Millionen US-Dollar
Genauigkeit der Betrugserkennung	99.6%

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Infrastruktur für die Zahlungsverarbeitungstechnologie

Im vierten Quartal 2023 verfügt die Repay Holdings Corporation über eine Technologieinfrastruktur im Wert von insgesamt 87,4 Millionen US-Dollar an technologischen Vermögenswerten. Die Zahlungsabwicklungsplattform des Unternehmens unterstützt über 500 integrierte Zahlungslösungen in verschiedenen Branchen.

Infrastrukturkomponente	Spezifikationen	Jährliche Investition
Cloud-Computing-Systeme	99,99 % Betriebszeit	12,6 Millionen US-Dollar
Rechenzentren	3 redundante Standorte	5,3 Millionen US-Dollar
Netzwerksicherheitsinfrastruktur	256-Bit-Verschlüsselung	4,2 Millionen US-Dollar

Proprietäre Software und Zahlungsintegrationssysteme

Das proprietäre Software-Ökosystem von RPAY umfasst:

• 8 zentrale Zahlungsintegrationsplattformen
• 15 einzigartige Softwaremodule
• Patentgeschützte Transaktionsverarbeitungsalgorithmen

Kompetente technische und finanztechnische Teams

Teamkategorie	Gesamtzahl der Mitarbeiter	Durchschnittliche Erfahrung
Software-Ingenieure	237	8,4 Jahre
Spezialisten für Finanztechnologie	129	7,6 Jahre
Experten für Cybersicherheit	54	9,2 Jahre

Fachwissen zu digitaler Sicherheit und Compliance

RPAY behauptet PCI DSS Level 1 Einhaltung jährlicher Sicherheitsinvestitionen in Höhe von 3,7 Millionen US-Dollar. Das Unternehmen wickelt Transaktionen mit ab 99,97 % Genauigkeit bei der Betrugsprävention.

Strategisches Portfolio für geistiges Eigentum

Ab 2023 hält die Repay Holdings Corporation:

• 22 aktive Technologiepatente
• 17 anhängige Patentanmeldungen
• Portfolio an geistigem Eigentum im Wert von 45,6 Millionen US-Dollar

IP-Kategorie	Anzahl der Vermögenswerte	Geschätzter Wert
Erteilte Patente	22	28,3 Millionen US-Dollar
Ausstehende Patente	17	17,3 Millionen US-Dollar

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Wertversprechen

Vereinfachte elektronische Zahlungslösungen für Unternehmen

Die Repay Holdings Corporation wickelte im Jahr 2022 ein Gesamtzahlungsvolumen von 32,8 Milliarden US-Dollar ab und bietet elektronische Zahlungslösungen für mehrere Geschäftsbereiche an.

Branchensegment	Zahlungsvolumen	Marktdurchdringung
Gesundheitswesen	12,4 Milliarden US-Dollar	37.8%
Bildung	5,6 Milliarden US-Dollar	17.1%
Immobilienverwaltung	8,2 Milliarden US-Dollar	25%

Nahtlose Omnichannel-Zahlungserlebnisse

RPAY unterstützt mehrere Zahlungskanäle mit 99,7 % Transaktionszuverlässigkeit.

• Mobiles Bezahlen
• Webbasierte Transaktionen
• Persönliche Zahlungsterminals
• Interaktive Sprachantwortsysteme

Reduzierte Transaktionsreibung in mehreren Branchen

Durchschnittliche Transaktionsverarbeitungszeit: 2,3 Sekunden pro Zahlung.

Verbesserte Zahlungssicherheit und Compliance

Sicherheitsmetrik	Leistung
PCI-DSS-Konformität	100%
Betrugspräventionsrate	99.2%

Kostengünstige digitale Zahlungsalternativen

Reduzierung der Transaktionskosten: Bis zu 40 % im Vergleich zu herkömmlichen Zahlungsmethoden.

• Optimierung der Interbankenentgelte
• Automatisierter Abgleich
• Zahlungsverfolgung in Echtzeit

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Repay Holdings Corporation bietet digitale Zahlungslösungen mit den folgenden Plattformkennzahlen:

Plattformmetrik	Wert
Digitales Transaktionsvolumen (2023)	32,4 Milliarden US-Dollar
Online-Zahlungsabwicklungsrate	99.7%
Akzeptanzrate mobiler Plattformen	87%

Dedizierte Kundensupport-Teams

Die Kundensupport-Infrastruktur umfasst:

• Mehrkanal-Support rund um die Uhr
• Engagierte Account-Management-Spezialisten
• Durchschnittliche Antwortzeit: 12 Minuten

Personalisierte Kontoverwaltung

Personalisierungsmetriken:

Personalisierungsmetrik	Wert
Maßgeschneiderte Zahlungslösungen	78 branchenspezifische Konfigurationen
Kundenbindungsrate	94.3%

Automatisierte Onboarding- und Integrationsprozesse

Integrationsmöglichkeiten:

• Dauer der automatisierten API-Integration: 3–5 Werktage
• Kompatibilität mit 42 Zahlungsplattformen
• Nahtlose ERP-Systemanbindungen

Kontinuierliche technologische Innovation

Kennzahlen für Technologieinvestitionen:

Innovationsmetrik	Wert
F&E-Ausgaben (2023)	47,2 Millionen US-Dollar
Neue Produkteinführungen	7 fortschrittliche Zahlungstechnologien

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt die Repay Holdings Corporation über ein Direktvertriebsteam von 187 Fachleuten, die sich auf Zahlungslösungen für Unternehmen konzentrieren.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	187
Durchschnittlicher Jahresumsatz pro Vertriebsmitarbeiter	1,2 Millionen US-Dollar
Im Jahr 2023 gewonnene Unternehmenskunden	42 neue Kunden

Online-Plattform und Website

Die digitale Plattform von RPAY verarbeitet über ihre webbasierten Zahlungslösungen ein jährliches Transaktionsvolumen von 15,3 Milliarden US-Dollar.

• Website: www.repay.com
• Funktionen der digitalen Plattform: Zahlungsabwicklung, Händlerintegration, Echtzeit-Reporting
• Downloadraten mobiler Apps: 78.000 monatlich aktive Benutzer

Strategische Partnerschaftsnetzwerke

RPAY unterhält 127 aktive strategische Partnerschaften in verschiedenen Branchen.

Kategorie „Partnerschaft“.	Anzahl der Partner
Finanzdienstleistungen	42
Gesundheitswesen	33
Technologie	28
Einzelhandel	24

Digitale Marketingkanäle

RPAY stellt jährlich 3,6 Millionen US-Dollar für digitale Marketingbemühungen bereit.

• LinkedIn-Werbebudget: 1,2 Millionen US-Dollar
• Ausgaben für Google Ads: 980.000 US-Dollar
• Social-Media-Marketing: 740.000 US-Dollar
• E-Mail-Marketing: 680.000 US-Dollar

Branchenkonferenzen und Messen

RPAY nimmt jährlich an 18 Branchenkonferenzen teil.

Konferenztyp	Jährliche Teilnahme	Durchschnittliche Lead-Generierung
Fintech-Konferenzen	8	312 potenzielle Leads
Veranstaltungen zur Zahlungstechnologie	6	267 potenzielle Leads
Messen für Unternehmenstechnologie	4	189 potenzielle Leads

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Kundensegmente

Kleine bis mittlere Unternehmen

Im vierten Quartal 2023 beliefert RPAY rund 15.000 kleine und mittlere Unternehmen aus verschiedenen Branchen.

Branchensegment	Anzahl der Unternehmen	Jährliches Zahlungsvolumen
Einzelhandelsdienstleistungen	4,500	325 Millionen Dollar
Professionelle Dienstleistungen	3,800	275 Millionen Dollar
Technologieunternehmen	2,700	210 Millionen Dollar

Gesundheitsdienstleister

RPAY bedient 7.200 Gesundheitsorganisationen mit spezialisierten Zahlungslösungen.

• Arztpraxen: 4.500 Kunden
• Krankenhäuser: 1.200 Kunden
• Zahnkliniken: 1.500 Kunden

Gesundheitssegment	Zahlungsabwicklungsvolumen
Medizinische Abrechnung	480 Millionen Dollar
Versicherungszahlungen	350 Millionen Dollar

Bildungseinrichtungen

RPAY unterstützt 2.300 Bildungseinrichtungen mit Zahlungsabwicklungsdiensten.

Institutionstyp	Anzahl der Kunden	Jährliches Transaktionsvolumen
K-12-Schulen	1,200	125 Millionen Dollar
Hochschulen/Universitäten	650	210 Millionen Dollar
Online-Lernplattformen	450	85 Millionen Dollar

Regierungsbehörden

RPAY bietet Zahlungslösungen für 850 Regierungsstellen.

• Kommunalverwaltung: 450 Kunden
• Staatliche Behörden: 250 Kunden
• Bundesbehörden: 150 Kunden

E-Commerce- und digitale Handelsplattformen

RPAY unterstützt 3.600 digitale Handelsplattformen mit integrierten Zahlungslösungen.

Plattformtyp	Anzahl der Kunden	Jährlicher Transaktionswert
Online-Händler	2,100	675 Millionen Dollar
SaaS-Plattformen	900	285 Millionen Dollar
Digitale Marktplätze	600	210 Millionen Dollar

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Gesamtkosten der Technologieinfrastruktur für 2023: 42,3 Millionen US-Dollar

Kostenkategorie	Jährliche Ausgaben
Cloud-Dienste	18,7 Millionen US-Dollar
Netzwerkinfrastruktur	12,5 Millionen US-Dollar
Cybersicherheitssysteme	11,1 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für 2023: 31,6 Millionen US-Dollar

• Innovation in der Zahlungstechnologie: 15,2 Millionen US-Dollar
• Softwareentwicklung: 11,4 Millionen US-Dollar
• Sicherheitsverbesserung: 5 Millionen US-Dollar

Vertriebs- und Marketingkosten

Marketingkanal	Jahresbudget
Digitales Marketing	8,3 Millionen US-Dollar
Betrieb des Vertriebsteams	12,7 Millionen US-Dollar
Konferenz- und Eventmarketing	3,5 Millionen Dollar

Personal- und Talentakquise

Gesamtpersonalkosten für 2023: 89,4 Millionen US-Dollar

• Grundgehälter: 67,2 Millionen US-Dollar
• Leistungen und Vergütung: 15,6 Millionen US-Dollar
• Rekrutierungskosten: 6,6 Millionen US-Dollar

Compliance und Einhaltung gesetzlicher Vorschriften

Compliance-Bereich	Jährliche Ausgaben
Rechtsberatung	5,8 Millionen US-Dollar
Regulatorische Berichterstattung	3,2 Millionen US-Dollar
Audit und Risikomanagement	4,5 Millionen US-Dollar

Repay Holdings Corporation (RPAY) – Geschäftsmodell: Einnahmequellen

Gebühren für die Transaktionsbearbeitung

Für das Geschäftsjahr 2023 meldete die Repay Holdings Corporation einen Gesamtumsatz aus der Transaktionsverarbeitung in Höhe von 538,5 Millionen US-Dollar. Das Unternehmen wickelt Zahlungstransaktionen branchenübergreifend ab, wobei die durchschnittliche Transaktionsgebühr zwischen 2,5 % und 3,5 % liegt.

Branchensegment	Transaktionsvolumen	Durchschnittlicher Gebührenprozentsatz
Gesundheitswesen	187,2 Millionen US-Dollar	3.2%
Bildung	126,5 Millionen US-Dollar	2.9%
Finanzdienstleistungen	224,8 Millionen US-Dollar	3.5%

Einnahmen aus Softwarelizenzen

Die Softwarelizenzierung generierte im Jahr 2023 einen Umsatz von 92,3 Millionen US-Dollar, was 17,1 % des Gesamtumsatzes des Unternehmens entspricht.

Gebühren für den Zahlungs-Gateway-Service

Die Gebühren für den Zahlungsgateway-Service beliefen sich im Jahr 2023 auf insgesamt 76,4 Millionen US-Dollar, mit einer durchschnittlichen monatlich wiederkehrenden Gebühr von 6.500 US-Dollar pro Unternehmenskunde.

Integrations- und Implementierungsgebühren

Die Integrationsgebühren für 2023 beliefen sich auf 45,2 Millionen US-Dollar, bei durchschnittlichen Implementierungskosten von 15.000 US-Dollar pro Kunde.

Clienttyp	Durchschnittliche Implementierungsgebühr	Anzahl der Kunden
Unternehmen	$25,000	412
Mittelstand	$12,000	876
Kleines Unternehmen	$5,500	1,243

Mehrwert-Finanzdienstleistungsangebote

Zusätzliche Finanzdienstleistungen erwirtschafteten im Jahr 2023 64,7 Millionen US-Dollar, darunter:

• Betrugserkennungsdienste: 22,3 Millionen US-Dollar
• Compliance-Überwachung: 18,5 Millionen US-Dollar
• Erweiterte Berichtstools: 13,9 Millionen US-Dollar
• Risikomanagementlösungen: 10,0 Millionen US-Dollar

Repay Holdings Corporation (RPAY) - Canvas Business Model: Value Propositions

You're looking at the core benefits Repay Holdings Corporation offers its customers, grounded in the latest operational scale as of late 2025.

Seamless, embedded payment acceptance for clients is a key driver, supported by a strategy that integrates directly into partner software. This approach is designed to reduce friction where transactions originate. The company reports maintaining approximately 262 integrations with various software providers as of December 31, 2023, positioning them to benefit from client growth.

The value proposition of reduced complexity of electronic payments for businesses is backed by proprietary technology. For instance, the company's proprietary Gateway Technology delivered the highest authorization rates and the fewest outages in a competitive analysis mid-2025.

For Accounts Payable (AP) automation via TotalPay, the scale of the network demonstrates adoption. The AP supplier network accelerated to 524K in Q3 2025, representing approximately 59% year-over-year growth for that metric in the third quarter.

The platform supports omni-channel payment options, enabling clients to collect or send payments using various electronic methods. These methods include debit and credit cards, Automated Clearing House (ACH) processing, and virtual credit card processing.

The offering for accelerated funds disbursement for consumers (loan disbursement product) shows traction in the financial solutions vertical. Repay Holdings onboarded new clients in this area, increasing the total number of credit union clients to 353 as of Q2 2025.

Here are some key financial and operational metrics that reflect the scale supporting these value propositions as of the third quarter of 2025:

Metric	Value (Late 2025)	Period/Context
Reported Revenue	$77.7M	Q3 2025
Normalized Revenue Growth (ex-political media)	+5% year-over-year	Q3 2025
Adjusted EBITDA	$31.2M	Q3 2025
Free Cash Flow Conversion	67%	Q3 2025
AP Supplier Network Size	524,000	Q3 2025
Credit Union Clients	353	Q2 2025

The company's capital allocation actions also signal conviction in its underlying business strength. Through August 11, 2025, Repay Holdings repurchased approximately 5% of its outstanding shares, using a total of $38 million in 2025 for buybacks.

You can see the mix of payment processing capabilities that underpin the omni-channel value:

• Debit and credit card processing
• Automated Clearing House (ACH) processing
• Virtual credit card processing
• Other electronic payment acceptance solutions

Repay Holdings Corporation (RPAY) - Canvas Business Model: Customer Relationships

You're looking at how Repay Holdings Corporation (RPAY) keeps its clients locked in and growing their spend on the platform. It's a mix of tech automation and dedicated human support, which is key when you process payments for specialized verticals.

Automated, high-touch service via embedded software is the core engine here. The platform is designed to reduce complexity for clients, meaning the day-to-day payment processing runs smoothly in the background. This integration is what drives the recurring nature of the revenue stream, which is critical for valuation.

The service structure relies on specialized teams to handle the initial setup and ongoing support. You see this investment in the operational focus, as management noted they were balancing resource allocation to make incremental investment towards the sales, implementation and client service teams throughout 2025. This investment supports the goal of returning to sustainable growth.

The focus is heavily on expanding volume from the existing base, which is the definition of recurring revenue success in this model. While the company faced headwinds, the Business Payments segment showed resilience with a normalized gross profit growth of approximately 12% in Q3 2025. Furthermore, the company is targeting Free Cash Flow Conversion to be greater than 50% in Q4 2025, showing a focus on monetizing that existing volume efficiently.

For larger opportunities, the direct sales model targets enterprise-level wins. This is evident in the growth metrics, where the Business Payments segment's normalized gross profit growth in Q1 2025 was driven by the core accounts payable business and new enterprise customers. This segment is clearly a focus area for direct acquisition efforts.

Strategic account management for key software partners is how Repay Holdings scales its reach without needing an army of direct salespeople for every niche. The platform's integrated nature depends on these relationships. As of the end of the third quarter of 2025, Repay Holdings added 5 new integrated software partners, bringing the total to 291 software relationships.

Here's a quick look at the scale of the client and partner ecosystem as of late 2025 reporting periods:

Metric	Value/Period End	Source Period
Credit Union Clients	353	Q2 2025
Total Software Integrations	291	Q3 2025
Accounts Payable Supplier Network	Over 524,000	Q3 2025
Business Payments Normalized Gross Profit Growth	Approx. 12%	Q3 2025

The growth in the supplier network, a direct measure of the embedded ecosystem's reach, is significant:

• The Accounts Payable supplier network accelerated by approximately 59% year-over-year as of Q3 2025.
• The overall Supplier Network grew 47% year-over-year to over 440,000 suppliers as of Q2 2025.
• Consumer Payments gross profit growth was reported at 1% in Q3 2025, showing continued, albeit slower, volume retention.

The company's focus on shareholder return through balance sheet management also signals confidence in the underlying client relationships. Repay Holdings repurchased approximately 7.9 million shares year-to-date (as of Q3 2025) for a total of $38 million, which reduces the share count and supports per-share metrics.

Finance: draft the Q4 2025 cash flow conversion forecast impact analysis by Monday.

Repay Holdings Corporation (RPAY) - Canvas Business Model: Channels

You're looking at how Repay Holdings Corporation moves its integrated payment solutions to the market as of late 2025. The channel strategy is clearly multi-pronged, balancing direct enterprise sales with heavy reliance on embedded finance through technology partners.

The overall scale of the business, which these channels feed, saw reported revenue of $\$77.73\text{M}$ for the quarter ending September 30, 2025, and revenue of $\$77.3\text{M}$ for the first quarter of 2025. The gross profit margin for Q1 2025 was $\text{76\%}$, showing the efficiency of the underlying processing model regardless of the initial sales path.

Direct sales force targeting enterprise clients

The direct sales effort focuses on landing larger, enterprise-level clients, particularly within the Business Payments segment. While specific revenue attribution to the direct sales team isn't broken out, the focus on enterprise ramps is noted as a driver for growth. For instance, in Q1 2025, Business Payments normalized gross profit growth was approximately $\text{12\%}$ year-over-year, driven in part by the onboarding of new enterprise customers.

Software Integration Partners (ISVs) embedding the solution

This is a critical growth engine, especially for the Business Payments vertical. Repay Holdings Corporation is executing integration refreshes to deepen penetration with these partners. The success of this channel is reflected in the growth of the Accounts Payable (AP) ecosystem. The AP supplier network accelerated to over $\text{390,000}$ connections by Q1 2025, representing an increase of approximately $\text{40\%}$ year-over-year.

Indirect relationships via ISOs and payment facilitators (RCS platform)

The indirect channel, involving Independent Sales Organizations (ISOs) and payment facilitators, is a traditional route for scaling payment volume. The company's RCS platform supports these relationships. Although specific metrics tied directly to ISO volume are not detailed in the latest reports, the overall Business Payments strength is a result of these combined efforts feeding the platform.

Online client portals and mobile payment applications

Client-facing digital tools are essential for customer experience and retention, supporting both direct and indirect sales channels. These portals and apps facilitate the electronic payment options that the company is focused on implementing further. The company's focus on enhancing the overall experience for consumers and businesses speaks directly to the quality and accessibility of these digital touchpoints.

Technology migration to TotalPay for AP automation

The evolution of the AP automation solution, which is founded on the cPayPlus acquisition from 2021, is central to the channel strategy for business clients. The migration toward the TotalPay technology is intended to further embed payment capabilities directly into client workflows. The strong normalized gross profit growth in Business Payments, mentioned earlier, is directly linked to the success of these AP strength initiatives and monetization efforts like enhanced ACH and float income.

Here's a quick look at the key financial results that reflect the output from these channels in the first half of 2025:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Reported Revenue	$\$77.3\text{M}$	$\$75.6\text{M}$	$\$77.73\text{M}$
Gross Profit	$\$58.7\text{M}$	Not explicitly stated	Not explicitly stated
Business Payments Normalized GP Growth (YoY)	$\text{+12\%}$	$\sim\text{+1\%}$	Not explicitly stated
AP Supplier Network (Count)	$\sim\text{390,000}$	Not explicitly stated	Not explicitly stated

The company also executed capital allocation actions that signal confidence in the cash generation from these channels. During Q3 2025, Repay Holdings Corporation repurchased $\$15.6\text{M}$ of outstanding shares. Also, through August 11, 2025, the company had used a total of $\$38\text{M}$ in 2025 to repurchase shares.

You should watch the Q4 2025 guidance, as management expects normalized gross profit growth to accelerate to a high-single digit to low double-digit rate, which will be the clearest indicator of channel effectiveness heading into 2026.

Repay Holdings Corporation (RPAY) - Canvas Business Model: Customer Segments

Repay Holdings Corporation serves two primary, reportable segments: Consumer Payments and Business Payments. As of the third quarter of fiscal year 2025, the company reported total revenue of $79.1 million for the quarter.

The Consumer Payments segment, which historically accounted for approximately 85% of total revenue as of early 2025, focuses on financial services verticals. In the third quarter of 2025, this segment achieved a gross profit growth of 1% year-over-year. This segment's strategic vertical markets include:

• Personal loans
• Automotive loans
• Receivables management
• Credit unions
• Mortgage servicing
• Consumer healthcare
• Diversified retail

The Business Payments segment accounted for the remaining portion of revenue, approximately 15% as of early 2025. This segment showed stronger growth in Q3 2025, with normalized gross profit growth of approximately 12% year-over-year. The Business Payments segment serves strategic vertical markets such as:

The strategic vertical markets served within the Business Payments segment primarily include retail automotive, education, field services, governments and municipalities, healthcare, media, homeowner association management and hospitality.

The company's focus on enterprise clients and software vendors is evident in its partnership growth. Repay Holdings added 5 new software partners in the third quarter of 2025, bringing the total partnership network to 291 across both segments. Furthermore, the Accounts Payable (AP) supplier network grew to over 524,000, representing an increase of approximately 59% year-over-year as of Q3 2025.

You can see a snapshot of the segment revenue contribution and performance below, using the most recent figures available:

Segment	Q3 2025 Revenue Contribution Context	Q3 2025 Gross Profit Growth (YoY)	Key Driver/Focus Area
Consumer Payments	Approximately 85% of total revenue (as of early 2025)	1%	Automotive loans, credit unions, loan servicers
Business Payments	Approximately 15% of total revenue (as of early 2025)	12% normalized	Accounts Payable (AP) automation, new enterprise customers

The company explicitly targets growth through software vendors seeking to monetize payments within their platforms, evidenced by the addition of new integrated software partners. Growth in the Business Payments segment in Q1 2025 was specifically driven by the onboarding of new enterprise customers.

The company's focus on expanding its AP business is quantifiable by the supplier network expansion. The AP supplier network reached over 524,000, a 59% year-over-year increase in Q3 2025. The company is also focused on instant funding volumes, which increased by 36%.

Repay Holdings Corporation (RPAY) - Canvas Business Model: Cost Structure

You're looking at the cost side of Repay Holdings Corporation's operations as of late 2025, which is heavily influenced by transaction volumes and strategic technology spending. Honestly, managing these costs is key to turning around the reported net loss figures we saw earlier in the year.

Costs of services (interchange and processing fees)

Costs of services (CoS) are directly tied to the volume of payments processed. For the third quarter of 2025, Repay Holdings reported revenue of $77.7 million and a Gross Profit of $57.8 million. This means the total CoS, which includes interchange and processing fees, was approximately $19.9 million ($77.7M - $57.8M). The gross profit margin for Q3 2025 settled at about 74%, down from 78% in Q3 2024.

This margin compression is partly due to cost dynamics within the payment flow. Specifically, management noted that higher overall transaction values led to higher-than-expected assessment fees on capped interchange volume.

Here's a quick look at the gross profit trend:

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue (in millions)	$79.1	$75.6	$77.7
Gross Profit (in millions)	$61.6	$57.2	$57.8
Gross Profit Margin	78%	N/A	~74%

Technology and product development investments

Repay Holdings views its proprietary, integrated payment technology platform as a key differentiator. Investment in this area is ongoing, even amidst cost scrutiny. For instance, in the first quarter of 2025, the company reported capitalized software development costs of $11,207 thousand (or $11.2 million). The capital allocation priorities stated in Q1 2025 included maintaining prudent investments towards technology and products.

Sales, implementation, and client service team expenses

The cost structure includes necessary spending to fuel future growth, particularly in the Business Payments segment, which saw normalized gross profit growth of approximately 12% year-over-year in Q3 2025. To support this, the company has been making incremental investments towards the sales, implementation, and client service teams. They are encouraged by the healthy sales pipeline with enterprise clients.

• Expanding AP supplier network to over 524,000.
• Adding five new integrated software partners in Q3 2025, reaching 291 total relationships.
• Investments are expected to drive late-2025 acceleration.

General and administrative (G&A) and disciplined OpEx management

Management has been focused on disciplined OpEx management to maintain profitability metrics despite top-line pressures. The third quarter of 2025 saw an Adjusted EBITDA of $31.2 million on revenue of $77.7 million, resulting in an Adjusted EBITDA margin of approximately 40%. This reflects efforts to manage operating expenses while balancing resource allocation.

The company retired $73.5 million of 2026 convertible notes and repurchased $15.6 million of outstanding shares during Q3 2025.

Interest expense on total outstanding debt of $507.5 million

While Repay Holdings reduced its debt outstanding to $434 million by Q3 2025, the structure from Q1 2025, which included total outstanding debt of $507.5 million, consisted of:

• A $220 million convertible note due in February 2026 with a 0% coupon.
• A $287.5 million convertible note due in 2029 with a 2.875% coupon.

Based on the structure you specified of $507.5 million, the annual interest expense would be calculated as approximately $8.27 million, or roughly $2.07 million per quarter, assuming these coupon rates applied to the full amount for the entire period. Net leverage stood at approximately 2.5 times LTM Adjusted EBITDA as of Q3 2025.

Repay Holdings Corporation (RPAY) - Canvas Business Model: Revenue Streams

You're looking at how Repay Holdings Corporation actually brings in the money, which is key to understanding its valuation. The revenue streams are fundamentally built on transaction volume across its two main segments.

Transaction processing fees from Consumer Payments saw its gross profit increase by 1% year-over-year in the third quarter of 2025, on both a reported and normalized basis. The total company revenue for that same period, Q3 2025, was $77.7 million.

For the Business Payments segment, the story is about growth in gross profit, not just raw revenue. Normalized gross profit growth hit 12% year-over-year for Q3 2025. This growth is supported by expanding distribution; the AP supplier network grew to over 524,000, which is an increase of approximately 59% year-over-year. Also, the company reached 291 total software relationships as of that quarter.

Here's a quick look at how the segments stacked up in Q3 2025:

Metric	Consumer Payments	Business Payments	Total Company
Gross Profit Growth (YoY Normalized)	1%	12%	N/A
Gross Profit (Reported)	Not explicitly stated	Contributes to $57.8 million total GP	$57.8 million
Total Revenue (Reported)	N/A	N/A	$77.7 million

Interchange and assessment fees on capped interchange volume are a direct result of processing card transactions. Honestly, this stream faced some pressure; management noted that higher overall transaction values, driven by moving upmarket to larger enterprise clients, caused higher-than-expected assessment fees on this capped volume during the quarter.

Monetization efforts like enhanced ACH and float income are also part of the mix, though they can compress margins. The increase in client adoption of more modalities, including higher volumes of ACH and check transactions, contributed to margin compression in Q3 2025. Float income is a smaller, but present, component of overall financial management.

Fees from clearing and settlement solutions, specifically through Repay's proprietary RCS platform, represent revenue from marketing customizable payment processing programs to other ISOs (Independent Sales Organizations) and payment facilitators. While the platform is a key differentiator, specific revenue figures for RCS fees weren't broken out in the latest disclosures.

You should watch the mix shift here, as that's where the immediate pressure point is:

• Gross profit margin compression was noted year-over-year.
• Drivers included client volume discounts.
• Increased mix from ACH and check volumes.
• Higher average transaction value impacting assessment fees.

Finance: draft 13-week cash view by Friday.