Paymentus Holdings, Inc. (PAY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de pagos digitales en rápida evolución, Paymentus Holdings, Inc. (PAY) surge como una fuerza transformadora, revolucionando cómo las empresas administran las transacciones financieras en diversos sectores. Al integrar a la perfección la tecnología avanzada con soluciones de pago integrales, esta innovadora compañía de fintech ha creado un sofisticado lienzo de modelo de negocio que aborda las complejas necesidades de las empresas de servicios públicos, las organizaciones de salud, las agencias gubernamentales y más allá. Su enfoque único combina plataformas de software de vanguardia, medidas de seguridad cibernética robusta y capacidades de integración flexibles para ofrecer una eficiencia incomparable en la facturación digital y el procesamiento de pagos.

Payayus Holdings, Inc. (PAGE) - Modelo de negocio: asociaciones clave

Proveedores de software de tecnología financiera (fintech)

Paymentus colabora con los siguientes proveedores de software fintech clave:

Pareja	Detalles de la asociación	Alcance de integración
Fiserv	Integración de tecnología de pago	Sistemas bancarios centrales
Jack Henry & Asociado	Soluciones de pago digital	Plataformas de software bancario

Instituciones bancarias y de tarjetas de crédito

Las asociaciones bancarias estratégicas incluyen:

• Wells Fargo
• Chase Bank
• Banco de América

Redes de procesamiento de pagos

Red	Volumen de transacción (2023)	Tipo de asociación
Visa	$ 3.2 billones	Procesamiento de pagos
Tarjeta MasterCard	$ 2.8 billones	Integración de red

Proveedores de servicios en la nube e infraestructura

Asociaciones de infraestructura en la nube:

• Servicios web de Amazon (AWS)
• Microsoft Azure
• Plataforma en la nube de Google

Socios de integración de software empresarial

Pareja	Enfoque de integración	Escala de implementación
Salesforce	Integración de pagos de CRM	Soluciones de nivel empresarial
SAVIA	Integración de software financiero	Plataformas empresariales globales

Payolus Holdings, Inc. (PAGE) - Modelo de negocio: actividades clave

Desarrollo de plataformas de tecnología de pago digital

Paymentus invirtió $ 23.4 millones en I + D en 2022 para el desarrollo de la plataforma de pago digital. La Compañía procesó 1,2 mil millones de transacciones digitales en 2023, lo que representa un crecimiento año tras año.

Inversión de plataforma	Volumen de transacción	Transformación digital
$ 23.4M ESCUERTO DE I + D (2022)	1.200 millones de transacciones (2023)	27% de crecimiento interanual

Proporcionar soluciones de pago de facturas y cuentas por cobrar

Paymentus gestiona las cuentas por cobrar en múltiples sectores con soluciones integrales.

• Gestión de facturación de atención médica: más de 350 clientes de atención médica
• Procesamiento de pagos de servicios públicos: más de 200 proveedores de servicios de servicios públicos
• Cuentas por cobrar del gobierno: más de 75 plataformas de pago municipales

Creación de software innovador de procesamiento de pagos

La Compañía desarrolló tecnologías de integración de pagos patentadas con gastos de desarrollo de software de $ 18.7 millones en 2023.

Desarrollo de software	Capacidades de integración	Inversión tecnológica
Desarrollo de software de $ 18.7M	Más de 50 protocolos de integración de API	4 nuevas plataformas de software lanzadas

Apoyo a las integraciones de pago en tiempo real

Paymentus admite redes de pago en tiempo real con tiempo de actividad del sistema 99.99% y capacidades instantáneas de procesamiento de transacciones.

• Velocidad de procesamiento de transacciones en tiempo real: 0.3 segundos promedio
• Cobertura de integración de red: 95% de las principales instituciones financieras
• Soporte del método de pago: 12 canales de pago diferentes

Mantener los estándares de ciberseguridad y cumplimiento

La inversión de ciberseguridad alcanzó los $ 12.5 millones en 2023, asegurando mecanismos sólidos de protección de pagos.

Inversión de ciberseguridad	Certificaciones de cumplimiento	Métricas de seguridad
$ 12.5M Gasto de seguridad (2023)	PCI DSS Nivel 1 certificado	Cero infracciones de seguridad importantes

Payolus Holdings, Inc. (PAGE) - Modelo de negocio: recursos clave

Infraestructura de tecnología de pago avanzada

Paymentus mantiene una infraestructura tecnológica robusta con las siguientes especificaciones:

Componente de infraestructura	Especificación
Inversión tecnológica anual	$ 27.4 millones (2023 año fiscal)
Capacidad de procesamiento de nubes	99.99% de tiempo de actividad
Velocidad de procesamiento de transacciones	3.2 millones de transacciones por hora

Software patentado y propiedad intelectual

Activos clave de propiedad intelectual:

• 14 patentes de software registradas
• 8 solicitudes de patentes pendientes
• Algoritmos de enrutamiento de pagos propietarios

Equipos de ingeniería técnica y desarrollo de productos

Métricas de equipo	Datos
Fuerza laboral de ingeniería total	237 empleados
Experiencia de ingeniería promedio	8.6 años
Gastos anuales de I + D	$ 42.1 millones

Seguridad de datos y experiencia en cumplimiento

• Certificación de cumplimiento de PCI DSS Nivel 1
• SOC 2 Tipo II Certificado de seguridad
• ISO 27001 Gestión de seguridad de la información

Plataformas de tecnología basadas en la nube

Característica de la plataforma	Especificación
Proveedor de infraestructura en la nube	Servicios web de Amazon (AWS)
Implementación de múltiples regiones	3 zonas de redundancia geográfica
Gasto anual de infraestructura en la nube	$ 16.3 millones

Payayus Holdings, Inc. (PAGE) - Modelo de negocio: propuestas de valor

Soluciones de pago de facturas digitales simplificadas para empresas

Paymentus procesó $ 40.5 mil millones en volumen de pago en 2022, con 1.100 millones de transacciones totales procesadas a través de su plataforma de pago digital.

Volumen de pago	Transacciones totales	Alcance de la plataforma de pago digital
$ 40.5 mil millones	1.100 millones	Más de 1.300 clientes empresariales

Eficiencia mejorada de procesamiento de pagos

La tecnología de la compañía permite el procesamiento de pagos en tiempo real con un tiempo de finalización promedio de transacción de 2.3 segundos.

• 99.99% de tiempo de actividad de la plataforma
• Procesamiento de transacciones sub-segundo
• Aceptación de pago multicanal

Tecnología integral de gestión de cuentas por cobrar

Paymentus generó $ 251.8 millones en ingresos para el año fiscal 2022, con un crecimiento anual de 32% en ingresos recurrentes.

Ingresos anuales	Crecimiento recurrente de los ingresos	Clientes empresariales
$ 251.8 millones	32%	1,300+

Integración perfecta con los sistemas financieros existentes

La plataforma admite la integración con más de 200 sistemas diferentes de facturación y gestión financiera.

• Arquitectura impulsada por la API
• Infraestructura nativa de nube
• Admite múltiples métodos de pago

Costos de transacción reducidos para clientes empresariales

Los clientes experimentan una reducción de costos promedio del 22% en los gastos de procesamiento de pagos a través de la tecnología de pago.

Reducción de costos promedio	Eficiencia del método de pago	Ahorro de costos de transacción
22%	Múltiples canales	$ 3.50 por transacción ahorrada

Payolus Holdings, Inc. (PAGE) - Modelo de negocio: relaciones con los clientes

Plataformas de soporte digital de autoservicio

Paymentus ofrece plataformas de autoservicio digital con las siguientes métricas clave:

Usuarios de plataforma digital	Más de 2.5 millones de usuarios activos
Transacciones digitales anuales	Aproximadamente 180 millones de transacciones digitales
Disponibilidad de aplicaciones móviles	plataformas de iOS y Android

Gestión de cuentas empresariales dedicadas

La gestión empresarial del cliente incluye:

• Equipos de gestión de cuentas dedicados
• Soluciones de facturación personalizadas
• Soporte técnico 24/7

Clientes empresariales	Más de 1.200 clientes empresariales activos
Tasa de retención de cliente promedio	92.5%

Innovación tecnológica continua

Inversiones de innovación tecnológica:

Gasto de I + D (2023)	$ 18.3 millones
Nuevos lanzamientos de productos	3 actualizaciones de plataforma principales anualmente

Programas personalizados de éxito del cliente

Métricas de éxito del cliente:

Puntuación de satisfacción del cliente	4.7/5
Programas de incorporación personalizados	Personalizado para cada segmento de clientes

Implementación técnica y soporte de incorporación

Detalles de soporte de implementación:

Tiempo de incorporación promedio	45-60 días
Tamaño del equipo de soporte de implementación	87 profesionales dedicados

Payayus Holdings, Inc. (PAGE) - Modelo de negocio: canales

Equipo de ventas directas

Paymentus mantiene un equipo de ventas directo dirigido a clientes de nivel empresarial en sectores de servicios públicos, gubernamentales y de servicios financieros.

Métricas de canales de ventas	2023 datos
Representantes de ventas empresariales	47
Valor de contrato promedio	$375,000
Tasa de conversión del equipo de ventas	22%

Mercado de software en línea

Paymentus utiliza plataformas de software digital para la adquisición de clientes y la implementación de servicios.

• Integración del mercado de software basado en la nube
• Plataforma de incorporación del cliente de autoservicio
• Capacidades de integración impulsadas por la API

Plataformas de marketing digital

Canal de marketing digital	2023 rendimiento
Marketing de LinkedIn	3.200 clientes potenciales calificados
Gasto de Google AdWords	$ 1.2 millones
Campañas de correo electrónico dirigidas	42% de tasa de apertura

Redes de referencia de socios tecnológicos

Paymentus aprovecha las asociaciones de tecnología estratégica para el alcance del mercado ampliado.

• Red de asociación fintech
• Integraciones del procesador de pagos
• Colaboraciones de ecosistemas de software empresarial

Conferencias de la industria y presentaciones de ferias comerciales

Categoría de eventos	2023 Participación
Conferencias de tecnología financiera	7 eventos importantes
Los asistentes al evento total alcanzaron	4.500 clientes potenciales
Generación de leads a partir de conferencias	218 perspectivas calificadas

Paymentus Holdings, Inc. (Pay) - Modelo de negocio: segmentos de clientes

Compañías de servicios públicos

Paymentus atiende a más de 550 compañías de servicios públicos en todo Estados Unidos.

Característica de segmento	Datos estadísticos
Clientes de servicios públicos totales	550+ proveedores de servicios públicos
Volumen de pago anual	$ 15.2 mil millones en pagos de servicios públicos procesados

Organizaciones de facturación de atención médica

Paymentus respalda más de 250 organizaciones de facturación de atención médica en todo el país.

Característica de segmento	Datos estadísticos
Clientes de atención médica	Más de 250 organizaciones de facturación de atención médica
Volumen anual de pago de salud	$ 3.7 mil millones en pagos de facturación médica

Agencias gubernamentales

Paymentus proporciona soluciones de pago para más de 125 agencias gubernamentales.

Característica de segmento	Datos estadísticos
Clientes de agencia gubernamental	Más de 125 entidades gubernamentales
Volumen anual de pago del gobierno	$ 2.4 mil millones en pagos relacionados con el gobierno

Instituciones educativas

Paymentus apoya más de 200 instituciones educativas en múltiples estados.

Característica de segmento	Datos estadísticos
Clientes de institución educativa	Más de 200 escuelas y universidades
Volumen de pago de educación anual	$ 1.8 mil millones en pagos de matrícula y tarifas

Empresas de administración de propiedades

Paymentus atiende más de 350 compañías de administración de propiedades.

Característica de segmento	Datos estadísticos
Clientes de administración de propiedades	350+ compañías de administración de propiedades
Volumen anual de pago inmobiliario	$ 4.6 mil millones en pagos relacionados con el alquiler y la propiedad

Cobertura total de segmentos de clientes: Más de 1,475 organizaciones en cinco verticales de la industria principales.

Payayus Holdings, Inc. (PAGO) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2022, el pago reportó gastos de I + D de $ 21.4 millones, lo que representa el 20.3% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 21.4 millones	20.3%

Mantenimiento de la infraestructura tecnológica

Los costos anuales de infraestructura de tecnología para el pago fueron de aproximadamente $ 15.6 millones en 2022, que incluyen:

• Gastos de alojamiento en la nube: $ 7.2 millones
• Infraestructura de red: $ 4.8 millones
• Sistemas de seguridad y cumplimiento: $ 3.6 millones

Gastos de ventas y marketing

Paymentus asignó $ 33.7 millones a ventas y marketing en 2022, que representaba el 31.9% de los ingresos totales.

Categoría de gastos	Cantidad
Compensación del equipo de ventas	$ 18.2 millones
Campañas de marketing	$ 9.5 millones
Adquisición de clientes	$ 6.0 millones

Compensación de empleados

La compensación total de los empleados para el pago en 2022 fue de $ 62.5 millones, desglosado de la siguiente manera:

• Salarios base: $ 42.3 millones
• Bonos: $ 11.8 millones
• Compensación basada en acciones: $ 8.4 millones

Computación en la nube y licencias de software

Los gastos de computación en la nube y licencia de software totalizaron $ 12.3 millones en 2022.

Tipo de licencia	Costo anual
Servicios en la nube	$ 7.6 millones
Licencias de software	$ 4.7 millones

Paymentus Holdings, Inc. (PAGE) - Modelo de negocio: flujos de ingresos

Suscripciones de software como servicio (SaaS)

Para el año fiscal 2023, Paymentus reportó ingresos por suscripción de SaaS de $ 228.3 millones, lo que representa un crecimiento anual del 22%.

Año	Ingresos de suscripción SaaS	Índice de crecimiento
2022	$ 187.1 millones	18.5%
2023	$ 228.3 millones	22%

Tarifas de procesamiento de transacciones

Las tarifas de procesamiento de transacciones generaron $ 156.7 millones en ingresos para 2023, con una tarifa promedio de $ 0.35 por transacción.

• Transacciones totales procesadas en 2023: 447.7 millones
• Valor de transacción promedio: $ 89.43
• Margen de ingresos de procesamiento de transacciones: 68.2%

Servicios de implementación e integración

Los ingresos por servicios de implementación para 2023 fueron de $ 42.5 millones, con un costo promedio del proyecto de $ 87,500.

Tipo de servicio	Ganancia	Costo promedio del proyecto
Implementación estándar	$ 29.3 millones	$62,500
Integración compleja	$ 13.2 millones	$125,000

Licencias de software empresarial

Los ingresos por licencia de software empresarial alcanzaron los $ 67.4 millones en 2023, con una tarifa de licencia promedio de $ 215,000 por cliente empresarial.

• Número de clientes empresariales: 313
• Tasa de renovación de la licencia: 92.5%
• Duración promedio del contrato: 3.2 años

Contratos de solución de pago personalizados

Los contratos de solución de pago personalizados generaron $ 54.6 millones en ingresos para 2023.

Tipo de contrato	Ganancia	Número de contratos
Pagos de atención médica	$ 22.3 millones	87
Pagos del gobierno	$ 16.5 millones	45
Pagos de servicios públicos	$ 15.8 millones	62

Paymentus Holdings, Inc. (PAY) - Canvas Business Model: Value Propositions

You're looking at the hard numbers that back up Paymentus Holdings, Inc.'s value proposition as of late 2025. Forget the marketing speak; here is the data showing what they actually deliver.

Single, omni-channel platform for all payment types and channels

Paymentus Holdings, Inc. provides a platform that supports omni-channel and multi-dimensional electronic billing and payments. The platform's reach extends through its proprietary Instant Payment Network (IPN), which connects partners' platforms to integrated billing, payment, and reconciliation capabilities. The company's platform was used by approximately 46 million consumers and businesses globally as of December 2024.

Integrated billing, payment, and reconciliation for billers

The integrated capabilities serve a broad base of clients. Paymentus Holdings, Inc. serves over 2,500 biller business and financial institution clients across North America. This integration is key to streamlining operations for these billers in verticals like utilities, government, and telecommunications.

Secure, flexible, and easy-to-use electronic bill payment for consumers

For the consumer, the value is in the secure, flexible experience across their preferred channel. The platform supports features like pay-by-phone or text, where live agents transfer calls to Secure Service IVR or SMS, allowing callers to enter payment information that is concealed from agents. This focus on security is underpinned by the fact that Paymentus Holdings, Inc. is a Level 1 PCI certified service provider, meeting the 12 PCI DSS Control requirements.

Reduced operating costs and improved customer engagement for billers

The platform helps billers reduce their cost to serve by offloading compliance burdens. For instance, the global average cost of a data breach in 2024 rose to $4.88M. By offloading liability for storing and protecting sensitive payment card information, Paymentus Holdings, Inc. eliminates this risk for clients. Furthermore, for a Level 1 processor, the annual cost of a Qualified Security Assessor (QSA) Audit alone generally starts around $40,000, a cost Paymentus absorbs. Improved efficiency is also reflected in the per-transaction economics.

Metric	Q2 2025 Value	Q3 2025 Value
Contribution Profit Per Transaction	Not specified	$0.54
Incremental Adjusted EBITDA Margin	53.8% (Q2 2025)	Not specified

High-volume transaction processing with strong security and compliance

Paymentus Holdings, Inc. demonstrates its high-volume capability through consistent transaction growth, which fuels its revenue. The company processed 182.3 million transactions during the third quarter of 2025, which was a 17.4% year-over-year increase. This high volume is managed on a platform that prioritizes security, evidenced by its Level 1 PCI certification and its focus on compliance with regulations like Nacha and HIPAA.

The scale of the business is reflected in the top-line figures for the third quarter of 2025:

• Revenue: $310.7 million, up 34.2% year-over-year.
• Adjusted EBITDA: $35.9 million, up 45.9% year-over-year.
• Full Year 2025 Revenue Guidance Midpoint: Approximately $1.1755 billion.

The company's financial health also supports this high-volume processing, as it ended Q3 2025 with $291.5 million in cash and cash equivalents and operates with zero debt.

Paymentus Holdings, Inc. (PAY) - Canvas Business Model: Customer Relationships

You're looking at how Paymentus Holdings, Inc. keeps its biggest clients locked in and happy, which is key since their growth story hinges on landing and keeping large billers. The relationship strategy is clearly bifurcated: one track for the giants, another for the end-user consumer.

For the large enterprise clients, the relationship starts with dedicated sales and implementation teams. This isn't a one-size-fits-all software sale; it's about deep integration. Management noted growing demand from new clients in utilities, government agencies, telecommunications, banking, and insurance, all sectors requiring robust, secure data handling. The financial payoff from this high-touch approach is evident in the operating leverage: the incremental adjusted EBITDA margin on these large client onboarding efforts was reported in excess of 50%, with some commentary pointing to an incremental margin exceeding 60% in Q3 2025. That's the financial proof that the bespoke service is scalable.

The contracts themselves are designed to be long-term, sticky contracts with high-volume billers. Paymentus Holdings, Inc. currently serves more than 2,500 billers and financial institutions across North America. Because the services cover non-discretionary bill payments-think utilities and essential services-the relationship is inherently sticky. The company processed 182.3 million transactions in Q3 2025 alone, showing the sheer volume flowing through these established connections. The full-year 2025 revenue guidance is set between $1.173 billion and $1.178 billion, which reflects the durability of these large-scale agreements.

On the consumer side, the relationship is managed through self-service options for consumers via the omni-channel platform. This is where the end-user experience matters most for adoption and stickiness at the biller level. The platform is designed to provide easy-to-use, flexible, and secure electronic bill payment experiences through the consumer's preferred channel. The platform's success is measured by transaction growth; the 17.4% year-over-year increase in transactions to 182.3 million in Q3 2025 shows consumers are using the self-service capabilities frequently.

Finally, that focus on the biggest players necessitates high-touch, bespoke service for complex enterprise integrations. The CEO highlighted success in onboarding a large B2B client in a new vertical, which speaks directly to the need for custom engineering and workflow management that the platform offers. This level of service is what secures the large bookings and builds the considerable backlog that management cited as providing strong visibility into 2026. The company ended Q3 2025 with $291.5 million in cash and, importantly, operates with zero debt, giving them the financial runway to support these intensive, high-touch integration projects.

Here's a quick look at the scale of the business supporting these relationships as of the Q3 2025 reporting period:

Metric	Value (Q3 2025)	Context
Total Billers & Financial Institutions Served	Over 2,500	Client Base Size
Quarterly Transactions Processed	182.3 million	Consumer Self-Service Volume
Year-over-Year Revenue Growth	34.2%	Top-Line Impact of Client Success
Adjusted EBITDA Margin	36.5%	Overall Operational Efficiency
Incremental Adjusted EBITDA Margin	In excess of 60%	Efficiency from Large Enterprise Onboarding

The operational focus driving these customer relationships can be summarized by these key metrics:

• $310.7 million in Q3 2025 revenue.
• $98.3 million in Q3 2025 contribution profit.
• Full Year 2025 revenue guidance up to $1.178 billion.
• $35.9 million in Q3 2025 Adjusted EBITDA.
• $291.5 million in cash on hand at quarter end.

Finance: draft 13-week cash view by Friday.

Paymentus Holdings, Inc. (PAY) - Canvas Business Model: Channels

You're looking at how Paymentus Holdings, Inc. gets its platform-the cloud-based bill payment technology-into the hands of billers and, subsequently, their customers. It's an omni-channel approach, meaning they meet the consumer where they already are, which is key to driving volume.

Direct sales force targeting large billers and financial institutions is how Paymentus Holdings, Inc. secures the core contracts. They serve more than 2,500 billers and financial institutions across North America. The strategy clearly involves moving upmarket; management noted they are now able to serve very large clients with bespoke needs, a segment they previously thought was out of reach. This focus on larger enterprise billers is a key driver, contributing to the trailing 12-month revenue of $1.12B as of September 30, 2025. Verticals served include utilities, which is estimated to be 50% of revenues, alongside government services, insurance, property management, and telecommunications.

The Instant Payment Network (IPN) partners are crucial for extending reach beyond direct biller integrations. By connecting IPN partners' platforms, Paymentus extends its capabilities to millions of additional consumers in the United States and globally. Growth in transactions is driven by several factors, and the IPN is explicitly listed as one of the four key revenue growth drivers expected to continue performance. The platform processes payments via credit cards, debit cards, eChecks, and digital wallets across all these integrated channels.

Financial institution platforms (e.g., online banking portals) and consumer-facing channels (web, mobile, IVR, in-person) are where the volume materializes. The platform is used by tens of millions of consumers and businesses in North America to engage with Paymentus Holdings, Inc.'s clients. The sheer scale of activity shows this is working. For the third quarter of 2025, the Company processed 182.3 million transactions, a year-over-year increase of 17.4%. To give you context on the velocity, in the second quarter of 2025, they processed 175.8 million transactions, up 25.2% year-over-year. Back in the full year 2024, they processed over 597 million payments. The average price per transaction in Q2 2025 was $1.59.

Here's a quick look at the scale of activity flowing through these channels in the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue	$275.2 million	$280.1 million	$310.7 million
Transactions (Millions)	173.2 million	175.8 million	182.3 million
YoY Transaction Growth	28.0%	25.2%	17.4%
Adjusted EBITDA Margin	34.2%	33.9%	36.5%

The platform's success relies on this broad accessibility. Consumers use their preferred channel type-be it web, mobile, IVR, or voice assistants-to interact with the billers integrated through Paymentus Holdings, Inc.'s technology stack. The growth in transaction activity is a direct result of both new biller launches and same-store sales from existing clients.

You can see the channel strategy is working to drive adoption across the board, evidenced by the strong financial results:

• Trailing 12-Month Revenue (as of Sep 30, 2025): $1.12B.
• Full Year 2025 Revenue Guidance (High End): up to $1.178B.
• Total Billers and FIs Served: More than 2,500.
• Q3 2025 Adjusted EBITDA Margin: A record 36.5%.

Finance: draft 13-week cash view by Friday.

Paymentus Holdings, Inc. (PAY) - Canvas Business Model: Customer Segments

You're looking at Paymentus Holdings, Inc. (PAY) and trying to map out exactly who is paying for their digital bill-pay platform as of late 2025. Honestly, the customer base is concentrated, which is both a strength in terms of scale and a near-term risk to watch.

Large Enterprise Billers (Utilities, Telecommunications, Government, Insurance).

This group represents the core of the business, driving significant scale. To be fair, the utility sector alone accounts for roughly 50% of the total revenue as of the third quarter of 2025. Management has noted growing demand and strong bookings from new enterprise clients across utilities, government agencies, telecommunications, banking, and insurance verticals. This segment benefits from Paymentus Holdings, Inc.'s secure data handling and complex workflow management capabilities.

Financial Institutions (Banks and Credit Unions) across North America.

Paymentus Holdings, Inc. serves financial institutions across North America, connecting their platforms to billers via the proprietary Instant Payment Network (IPN). The company supports over 2,500 billers and financial institutions in total as of late 2025. This segment is key for expanding the reach of the IPN, which facilitates real-time payment and reconciliation.

Mid-Market Billers seeking modern, integrated payment solutions.

The company's go-to-market strategy is explicitly focused on capturing both large enterprise and mid-market clients. The strong bookings year-to-date in 2025, which led to a considerable backlog, are attributed to this focus on larger and mid-sized clients. This segment is looking to replace legacy infrastructure with integrated, cloud-based solutions.

Consumers making non-discretionary bill payments.

Consumers are the end-users, and their activity directly translates to Paymentus Holdings, Inc.'s transaction revenue. In the third quarter of 2025, the total number of transactions processed hit 182.3 million, showing a year-over-year increase of 17.4%. These are non-discretionary payments-the bills people absolutely have to pay-which provides a durable revenue base.

Here's the quick math on the financial context supporting these customer segments as of the third quarter of 2025:

Metric	Amount / Rate (Q3 2025)
Total Revenue	$310.7 million
Year-over-Year Revenue Growth	34.2%
Total Transactions Processed	182.3 million
Adjusted EBITDA Margin	36.5%
Cash and Cash Equivalents	$291.5 million

The platform supports a wide array of verticals where these payments occur. What this estimate hides is the exact split between the financial institution channel and the direct biller channel, but the revenue drivers are clear:

• Utility sector revenue concentration: roughly 50%.
• Total billers and financial institutions served: over 2,500.
• Full-year 2025 revenue guidance range: $1.173 billion to $1.178 billion.
• Contribution Margin (Q3 2025): 31.6%.
• Contribution Profit per Transaction (Q3 2025): $0.54.

Finance: draft 13-week cash view by Friday.

Paymentus Holdings, Inc. (PAY) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Paymentus Holdings, Inc.'s operations as of late 2025. For a transaction-based business like Paymentus, the largest cost is directly tied to the volume of payments processed. We'll look at the figures from the third quarter of 2025 (Q3 2025) to get the most current picture, keeping in mind that specific cost breakdowns like interchange fees are often bundled.

Payment processing costs (interchange and network fees) are captured within the Cost of Revenue. For Q3 2025, Paymentus reported total revenue of \$310.7 million. With a reported Gross Profit of \$74.8 million for the same period, the implied Cost of Revenue-which encompasses interchange, network fees, and other direct costs of processing-was approximately \$235.9 million. This number is the single largest cost element, directly scaling with the 17.4% year-over-year increase in transaction volume to 182.3 million transactions in Q3 2025.

The overall operating expenses, which are reported on a GAAP basis, show disciplined growth relative to revenue. Total Operating Expenses for Q3 2025 were \$54.9 million, a much slower increase than the 34.2% revenue growth seen in the quarter. This efficiency helped drive Operating Income up to \$19.9 million.

To give you a better sense of the components within those operating expenses, we can look at the latest annual figures, as the detailed Q3 2025 breakdown for R&D and SG&A isn't explicitly separated from the total operating expense figure in the latest reports. For context:

Cost Component Category	Latest Available Annual Figure (FY 2024, in Millions USD)	Trailing Twelve Months (TTM, ending Sep '25, in Millions USD)
Research & Development (R&D)	\$51.33	\$59.11
Selling, General & Admin (SG&A)	\$141.98	Data not explicitly available for TTM
Total Operating Expenses (GAAP)	\$193.31	Data not explicitly available for TTM

Technology infrastructure and cloud service provider costs are embedded across the cost structure. A significant portion of this is within the Cost of Revenue, as it relates to the direct processing of transactions. Engineering personnel costs, which are a key part of the R&D spend (TTM of \$59.11 million), also cover the development and maintenance of the cloud platform itself.

Personnel costs for sales, engineering, and implementation teams are primarily captured within the Selling, General & Admin (SG&A) and R&D expense lines. The SG&A for the full year 2024 was \$141.98 million, which covers the sales force and implementation staff needed to onboard the growing client base. Engineering personnel, critical for platform stability and feature development, fall under R&D. The company's focus on operating leverage suggests these personnel costs are growing slower than revenue, which is supported by the Q3 2025 operating expense growth of only 8.6% year-over-year.

Here's a quick look at the key financial metrics that frame the cost structure for the third quarter of 2025:

• Revenue: \$310.7 million
• Gross Profit: \$74.8 million
• Contribution Profit: \$98.3 million
• Total Operating Expenses (GAAP): \$54.9 million
• Operating Income: \$19.9 million
• Adjusted EBITDA Margin (as % of Contribution Profit): 36.5%

If onboarding takes 14+ days, churn risk defintely rises.

Finance: draft 13-week cash view by Friday.

Paymentus Holdings, Inc. (PAY) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Paymentus Holdings, Inc. (PAY)'s financial model, and honestly, it's built on a razor-sharp focus on transaction volume.

The overwhelming majority of Paymentus Holdings, Inc. (PAY)'s top line comes directly from Payment Transaction Processing fees, which accounted for a massive 99.38% of Q3 2025 revenue. That concentration tells you everything about where the value is captured in this business.

The mechanism for capturing this revenue is straightforward, though the scale is what matters. Revenue is generated either through a fixed fee per transaction or calculated as a percentage of transaction value. This model scales directly with customer adoption and usage, meaning every new biller launch and every increased transaction by an existing client flows straight into the revenue line.

Here's the quick math on the full-year expectations Paymentus Holdings, Inc. (PAY) management shared based on Q3 performance:

Metric	Guidance Range (Full Year 2025)
Revenue	$1.173 billion to $1.178 billion
Contribution Profit	$378 million to $380 million

To give you a sense of the recent momentum driving that guidance, Q3 2025 itself showed strong underlying activity, which you should map against the full-year projection. The platform processed 182.3 million transactions in the third quarter of 2025 alone, which was up 17.4% year-over-year.

Also, consider these key Q3 2025 financial results that underpin the confidence in the full-year outlook:

• Q3 2025 Revenue: $310.7 million
• Q3 2025 Contribution Profit: $98.3 million
• Q3 2025 Adjusted EBITDA: $35.9 million
• Q3 2025 Adjusted EBITDA Margin: 36.5%

Finance: draft 13-week cash view by Friday.