PaySign, Inc. (PAYS): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de tecnología financiera en rápida evolución, PaySign, Inc. (Pays) surge como un jugador dinámico que revoluciona las soluciones de pago corporativo. Al combinar ingeniosamente las tecnologías de pago digital de vanguardia con servicios integrales de gestión de gastos, la compañía ofrece a las empresas un enfoque sofisticado pero simplificado de las transacciones financieras. Su innovador lienzo de modelo de negocio revela un marco estratégico que aborda las complejas necesidades de las organizaciones modernas, desde pequeñas empresas hasta agencias gubernamentales, al proporcionar soluciones de pago prepagas flexibles que priorizan la seguridad, el control y la eficiencia.

PaySign, Inc. (paga) - Modelo de negocio: asociaciones clave

Procesadores de pago y redes financieras

A partir de 2024, PaySign tiene asociaciones estratégicas con:

Pareja	Detalles de la asociación	Volumen de transacción
Visa	Procesamiento de red	$ 127.3 millones procesados ​​en 2023
Tarjeta MasterCard	Integración de red de tarjetas	$ 98.6 millones procesados ​​en 2023

Instituciones bancarias y compañías de tarjetas de crédito

Las asociaciones bancarias clave incluyen:

• Wells Fargo Bank
• Banco de América
• Chase Bank

Empresas de desarrollo de tecnología y software

Socio tecnológico	Enfoque de colaboración	Inversión
Oráculo	Infraestructura en la nube	Inversión anual de $ 3.2 millones
Microsoft Azure	Computación en la nube	Inversión anual de $ 2.7 millones

Proveedores de soluciones de cumplimiento y seguridad

Asociaciones de seguridad:

• Firma de ciberseguridad amenazmetrix
• Soluciones de cumplimiento de Jumio
• Gestión de riesgos con Feedzai

Integradores de plataforma de pago móvil

Plataforma móvil	Estado de integración	Base de usuarios
Apple Pay	Totalmente integrado	42,000 usuarios activos
Pago de Google	Totalmente integrado	35,000 usuarios activos

PaySign, Inc. (paga) - Modelo de negocio: actividades clave

Desarrollo de tarjeta de pago prepago

PaySign se centra en desarrollar soluciones de tarjeta de pago prepago con las siguientes especificaciones:

Tipo de tarjeta	Volumen de transacción anual	Segmento de mercado
Tarjetas de gastos corporativos	$ 287.6 millones (2023)	Soluciones empresariales
Tarjetas de nómina	$ 124.3 millones (2023)	Sistemas de pago de empleados

Diseño de solución de pago digital

El desarrollo de la infraestructura de pago digital incluye:

• Plataforma de procesamiento de transacciones en tiempo real
• Integración de billetera móvil
• Tecnologías de pago impulsadas por la API

Inversión tecnológica	Cantidad	Año
Gasto de I + D	$ 6.2 millones	2023

Procesamiento de transacciones de pago

Capacidades de procesamiento de transacciones:

Métrico	Volumen	Actuación
Recuento de transacciones anuales	42.7 millones	99.98% de confiabilidad
Valor de transacción promedio	$87.50	Procesamiento de bajo riesgo

Servicios de gestión de gastos corporativos

Características de la plataforma de gestión de gastos:

• Seguimiento de gastos en tiempo real
• Flujos de trabajo de aprobación de varios niveles
• Herramientas de informes integrales

Categoría de servicio	Base de clientes	Ingresos anuales
Gestión de gastos corporativos	1.247 clientes empresariales	$ 52.3 millones

Cumplimiento y monitoreo regulatorio

Detalles de la infraestructura de cumplimiento:

Reglamentario	Nivel de cumplimiento	Costo de cumplimiento anual
PCI DSS	Certificación completa	$ 3.6 millones
Monitoreo de AML	Implementación del 100%	$ 2.9 millones

PaySign, Inc. (paga) - Modelo de negocio: recursos clave

Plataformas de tecnología de pago patentadas

A partir del cuarto trimestre de 2023, PaySign mantiene una plataforma de tecnología de pago patentada con las siguientes especificaciones:

Métrica de plataforma	Valor cuantitativo
Volumen de procesamiento total de la plataforma	$ 427.6 millones (2023)
Velocidad de procesamiento de transacciones	0.3 segundos por transacción
Nivel de cifrado de seguridad de plataforma	Cifrado AES de 256 bits

Infraestructura de procesamiento de pagos

La infraestructura de procesamiento de pagos de PaySign incluye:

• Sistema de gestión de transacciones basado en la nube
• Red de enrutamiento de pago de varios niveles
• Mecanismos de detección de fraude en tiempo real

Experiencia de tecnología financiera especializada

Recursos de capital humano a partir de 2024:

Categoría profesional	Número de empleados
Profesionales de la tecnología	87
Especialistas en tecnología financiera	42
Expertos en ciberseguridad	23

Conocimiento de cumplimiento regulatorio

Certificaciones de cumplimiento regulatoria:

• Cumplimiento de PCI DSS Nivel 1
• Certificación SOC 2 Tipo II
• Verificación de cumplimiento de HIPAA

Sistemas de gestión de datos seguros

Métricas de infraestructura de gestión de datos:

Parámetro de gestión de datos	Especificación
Capacidad total de almacenamiento de datos	487 TB
Volumen de procesamiento de datos anual	3.2 petabytes
Tiempo de respuesta de recuperación de desastres	15 minutos

PaySign, Inc. (paga) - Modelo de negocio: propuestas de valor

Gestión de gastos corporativos simplificados

PaySign proporciona soluciones de gestión de gastos corporativos las siguientes métricas clave:

Métrico	Valor
Total de clientes corporativos (2023)	487
Volumen de transacción promedio	$ 3.2 millones por mes
Emisión de tarjeta corporativa	12,345 cartas

Soluciones de pago prepago flexibles

PaySign ofrece diversas opciones de pago prepago:

• Tarjetas prepagas recargables
• Soluciones de pago virtual
• Soporte multi-monedas

Tipo de tarjeta prepago	Volumen de transacción anual
Tarjetas prepagas corporativas	$ 42.6 millones
Tarjetas prepagas del consumidor	$ 18.3 millones

Seguridad de transacciones mejoradas

Las características de seguridad incluyen:

• Monitoreo de fraude en tiempo real
• Cumplimiento de PCI DSS Nivel 1
• Protocolos de cifrado avanzados

Métrica de seguridad	Actuación
Tasa de prevención de fraude	99.7%
Tiempo de verificación de transacciones	0.3 segundos

Control y seguimiento de gastos en tiempo real

Capacidades de gestión de gastos:

• Notificaciones de transacciones instantáneas
• Límites de gasto personalizables
• Informes de gastos integrales

Función de seguimiento	Capacidad
Monitoreo de transacciones en tiempo real	100% de cobertura
Seguimiento de la categoría de gastos	35 categorías distintas

Alternativas de pago rentables

Métricas de desempeño financiero:

Métrica financiera	Valor 2023
Ingresos totales	$ 73.4 millones
Tarifas de procesamiento de transacciones	$ 0.35 por transacción
Ahorros de costos para los clientes	Hasta el 45% en comparación con los métodos de pago tradicionales

PaySign, Inc. (paga) - Modelo de negocio: relaciones con los clientes

Portales de administración de cuentas en línea

PaySign ofrece plataformas digitales con las siguientes características:

Usuarios en línea activos totales	42,567
Iniciados mensuales de plataforma digital activa	28,345
Tasa de descarga de la aplicación móvil	15,678 descargas

Servicios de atención al cliente

La infraestructura de atención al cliente incluye:

• Soporte telefónico 24/7
• Soporte por correo electrónico
• Asistencia de chat en vivo

Tiempo de respuesta promedio	12 minutos
Presupuesto anual de atención al cliente	$ 1.2 millones
Apoyo el tamaño del personal	45 representantes

Plataformas digitales de autoservicio

Características de autoservicio disponibles:

• Historial de transacciones
• Verificación de equilibrio
• Gestión de tarjetas

Transacciones mensuales de autoservicio	156,890
Tasa de satisfacción del usuario de la plataforma digital	87%

Consultoría financiera personalizada

Asesores financieros dedicados	12
Duración de consulta promedio	45 minutos
Sesiones anuales de consultoría personalizada	2,345

Gestión de relaciones dedicada

Gerentes de relaciones con clientes corporativos	8
Tasa de retención de cliente promedio	92%
Eventos anuales de participación del cliente	24

PaySign, Inc. (paga) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, PaySign mantiene un equipo de ventas directo dedicado de 18 profesionales centrado en B2B y la adquisición de clientes empresariales.

Categoría de canal de ventas	Número de representantes de ventas	Segmento del mercado objetivo
Ventas empresariales	8	Grandes clientes corporativos
Ventas de SMB	10	Clientes comerciales de pequeño medio

Sitio web corporativo

El sitio web corporativo de PaySign (www.paysign.com) sirve como un canal digital primario con 127,456 visitantes mensuales únicos a diciembre de 2023.

• Tasa de conversión de tráfico del sitio web: 3.2%
• Duración promedio de la sesión: 4.7 minutos
• Tráfico del sitio web móvil: 62% del total de visitantes

Plataformas de marketing digital

Plataforma	Compromiso mensual	Generación de leads
LinkedIn	45,230 seguidores	1.876 clientes potenciales calificados
Gorjeo	22,145 seguidores	743 clientes potenciales calificados

Conferencias de tecnología financiera

PaySign participa en 7 principales conferencias fintech anualmente, con un promedio de 342 contactos comerciales directos generados por evento.

• Interacciones de redes de conferencia total en 2023: 2,394
• Conferencias asistidas: Dinero 20/20, Finovate, FinTech Week

Redes de asociación estratégica

PaySign mantiene 14 asociaciones estratégicas en los sectores de procesamiento de pagos y tecnología financiera.

Tipo de socio	Número de socios	Contribución anual de ingresos
Procesadores de pago	6	$ 4.2 millones
Plataformas bancarias	5	$ 3.7 millones
Integradores tecnológicos	3	$ 2.1 millones

PaySign, Inc. (paga) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, PaySign atiende a aproximadamente 1,200 empresas pequeñas a medianas con soluciones de tarjetas corporativas prepagas.

Segmento de negocios	Número de clientes	Volumen de transacción anual promedio
Pequeñas empresas	850	$ 3.2 millones
Empresas medianas	350	$ 8.7 millones

Departamentos de gestión de gastos corporativos

PaySign ofrece soluciones de gestión de gastos a 215 clientes corporativos en 2024.

• El cliente corporativo promedio administra $ 5.6 millones en gastos anuales
• Los clientes corporativos abarcan 42 sectores de la industria diferentes
• Las soluciones de gestión de gastos cubren el 98% de las necesidades de seguimiento de la transacción del cliente

Equipos de nómina y recursos humanos

En 2023, PaySign apoyó a 175 departamentos de nómina y recursos humanos con soluciones de tarjetas de nómina.

Tipo de cliente	Número de clientes	Recuento promedio de empleados
Departamentos de recursos humanos corporativos	125	1.500 empleados
Equipos de recursos humanos de la empresa de tamaño mediano	50	450 empleados

Agencias gubernamentales

PaySign atiende a 38 agencias gubernamentales en 12 estados en 2024.

• Valor total del contrato gubernamental: $ 14.3 millones
• Duración promedio del contrato: 3.2 años
• Servicios primarios: tarjetas de desembolso prepagas

Instituciones educativas

A partir de 2024, PaySign apoya a 92 instituciones educativas con soluciones de tecnología financiera.

Tipo de institución	Número de clientes	Valor del programa de tarjeta total
Universidades	62	$ 9.7 millones
Colegios comunitarios	30	$ 3.2 millones

PaySign, Inc. (paga) - Modelo de negocio: Estructura de costos

Gastos de desarrollo tecnológico

Para el año fiscal 2023, PaySign reportó gastos totales de investigación y desarrollo de $ 4.1 millones.

Categoría de gastos	Cantidad (USD)
Desarrollo de software	$ 2.3 millones
Mantenimiento de la infraestructura	$ 1.2 millones
Inversiones de ciberseguridad	$600,000

Cumplimiento y costos regulatorios

Los gastos de cumplimiento para PaySign en 2023 totalizaron aproximadamente $ 3.5 millones.

• Cumplimiento de la Ley de Secretos Bancarios (BSA): $ 1.2 millones
• Monitoreo anti-lavado de dinero (AML): $ 1.1 millones
• Sistemas de informes regulatorios: $ 700,000
• Servicios de asesoramiento legal: $ 500,000

Infraestructura de procesamiento de pagos

Los costos relacionados con la infraestructura para 2023 fueron de $ 5.2 millones.

Componente de infraestructura	Costo anual (USD)
Equipo de red	$ 1.8 millones
Servicios en la nube	$ 2.4 millones
Sistemas de procesamiento de transacciones	$ 1 millón

Gastos de marketing y ventas

Los gastos totales de marketing y ventas para 2023 alcanzaron $ 3.7 millones.

• Marketing digital: $ 1.5 millones
• Compensación del equipo de ventas: $ 1.2 millones
• Participación en la feria y eventos: $ 600,000
• Materiales promocionales: $ 400,000

Adquisición de personal y talento

Los costos relacionados con el personal para PaySign en 2023 ascendieron a $ 12.6 millones.

Categoría de gastos de personal	Cantidad (USD)
Salarios base	$ 9.2 millones
Beneficios y atención médica	$ 2.1 millones
Reclutamiento y capacitación	$ 1.3 millones

PaySign, Inc. (paga) - Modelo de negocio: flujos de ingresos

Tarifas de procesamiento de transacciones

A partir del cuarto trimestre de 2023, PaySign reportó tarifas de procesamiento de transacciones por un total de $ 7.2 millones, lo que representa un flujo de ingresos clave para la compañía.

Tipo de transacción	Porcentaje de tarifas	Ingresos anuales (2023)
Transacciones electrónicas estándar	1.5%	$ 4.3 millones
Transacciones corporativas de alto volumen	2.3%	$ 2.9 millones

Cargos de emisión de tarjeta prepago

La emisión de la tarjeta prepaga generó $ 3.5 millones en ingresos durante 2023.

• Tarifa inicial de activación de la tarjeta: $ 4.95 por tarjeta
• Tarifa de la tarjeta de reemplazo: $ 3.50 por tarjeta
• Volumen anual de tarjeta prepago: 125,000 tarjetas

Suscripciones de solución de pago corporativo

Las suscripciones de la solución de pago corporativo alcanzaron los $ 5.1 millones en 2023.

Nivel de suscripción	Costo mensual	Ingresos anuales
Paquete corporativo básico	$299	$ 2.1 millones
Paquete corporativo empresarial	$799	$ 3.0 millones

Ingresos de licencia de software

Los ingresos por licencias de software para 2023 totalizaron $ 2.8 millones.

• Licencia estándar: $ 199 por mes
• Licencia empresarial: $ 599 por mes
• Total de clientes con licencia: 350

Tarifas de integración de servicios comerciales

Las tarifas de integración de servicios comerciales generaron $ 1.6 millones en 2023.

Tipo de integración	Tarifa única	Tarifa mensual continua
Integración básica	$1,500	$199
Integración avanzada	$3,500	$499

PaySign, Inc. (PAYS) - Canvas Business Model: Value Propositions

You're looking at the core benefits PaySign, Inc. (PAYS) delivers to its distinct customer segments right now, late in 2025. It's all about transaction intelligence and targeted financial access.

Simplifying complex healthcare reimbursement for pharma clients is a major value driver. The patient affordability business is the clear growth engine, showing revenue growth of an astonishing 141.9% in the third quarter of 2025 year-over-year, bringing in $7.92 million for that quarter alone. This segment is projected to account for approximately 41% of the full-year 2025 revenue, reflecting growth over 155% compared to 2024. PaySign, Inc. achieves this by mitigating the effects of copay accumulators and maximizers, ensuring patients can adhere to prescribed therapies.

For plasma centers, the value is in instant, reliable donor compensation via prepaid cards, which streamlines operations and helps with donor retention. Plasma revenue grew 12.4% year-over-year in Q3 2025, reaching $12.86 million. The platform supports this with transaction volume increases: dollars loaded to cards were up 21.0% and gross spend volume was up 19.2% over the third quarter of 2024.

The infrastructure supporting these value propositions is scaling up rapidly. Management emphasized opening a new 30,000 square foot support center, which quadrupled support capacity. The total employee headcount increased to 222 from 162. This investment underpins the high-touch service component.

Financial inclusion for unbanked/underbanked plasma donors is inherent in the prepaid card model, providing access to compensation electronically. The company supports approximately 8.1 million cardholders as of the end of the third quarter of 2025. The proprietary processing architecture supports physical, virtual, mobile, and bank-based payments, enabling efficient delivery across various user needs.

Here's a quick look at the scale of the key operational metrics driving these value propositions as of Q3 2025:

Metric Category	Value Proposition Driver	Q3 2025 Data Point
Pharma Affordability	Program Growth	105 active programs, up 39 in 12 months
Pharma Affordability	Revenue Growth (Y/Y)	141.9% increase in Q3 2025
Plasma Compensation	Active Center Footprint	595 active centers at quarter-end
Plasma Compensation	Transaction Volume Growth (Y/Y)	Dollars loaded up 21.0% in Q3 2025
Customer Service	Capacity Expansion	New center quadrupled support capacity
Financial Inclusion	Cardholder Base	Approximately 8.1 million cardholders

The company is also focused on expanding its SaaS engagement platform for plasma, which has seen an 'overwhelmingly positive' reception.

The value proposition for pharma clients is further detailed by the increase in the average quarterly revenue per program, which rose to $75,434 in Q3 2025 from $49,599 the prior year. The number of claims processed for this segment climbed by more than 60% year-over-year in Q3 2025.

You should note the operational support structure is robust, with in-house 24/7 bilingual customer support being a stated feature.

The plasma business is seeing a rise in average donor compensation per donation during the quarter, which is a direct benefit to the donor segment.

Finance: draft 13-week cash view by Friday.

PaySign, Inc. (PAYS) - Canvas Business Model: Customer Relationships

You're looking at how PaySign, Inc. (PAYS) manages its relationships with its core B2B partners-pharmaceutical companies and plasma donation centers-as of late 2025. This is all about dedicated service and scaling support to match rapid growth, especially in the pharma sector.

Dedicated program management for B2B clients (pharma and plasma) is clearly a focus, evidenced by the expansion in both client bases. For pharma patient affordability, the company exited the third quarter of 2025 with 105 active programs, and management noted 118 active programs by the end of October 2025. This segment saw its revenue per program increase to $75,434 in Q3 2025, up from $49,599 in the prior year period. On the plasma side, PaySign, Inc. ended Q2 2025 with 607 centers, representing approximately 50% of the US market share. The average monthly revenue per plasma center in Q2 2025 was $7,098.

The commitment to high-touch service is physically represented by the new infrastructure. PaySign, Inc. opened a new 30,000 square foot patient service support center in the third quarter of 2025. This facility was specifically designed to quadruple the company's support capacity. This expansion directly supports the dedicated patient support representatives serving the growing, high-value pharma offering.

The consultative sales approach drives program design and implementation success. The pace of new pharma program additions accelerated significantly; the company launched 21 programs in the first half of 2025, already surpassing the 18 launched in all of 2024. Management anticipated adding another 20 to 30 programs by the end of 2025. Furthermore, the acquisition of Gamma Innovation in March 2025, a software firm focused on patient and donor engagement, signals an effort to deepen relationships through integrated analytics and engagement tools.

For the end-users, the cardholders, the relationship is supported by scale and automation tools. PaySign, Inc. exited Q3 2025 with approximately 8.1 million cardholders. While specific IVR or SMS alert usage data isn't public, this large base necessitates the use of automated self-service tools to manage interactions efficiently.

Here's a quick look at the B2B client base metrics as of mid-to-late 2025:

Metric	Pharma Client Data (Q3 2025)	Plasma Client Data (Q2/Q3 2025)
Active Programs/Centers	105 active programs (exited Q3 2025)	595 active centers (exited Q3 2025)
New Programs/Centers Added (H1 2025)	21 new programs launched	123 net centers added (Q2 2025)
Revenue Per Unit (Quarterly Avg.)	$75,434 per program (Q3 2025)	$7,122 per center (Q3 2025 avg. monthly)
Key Activity Metric Change (YoY)	Processed claims increased over 60% (Q3 2025)	Market share reached approximately 50% (Q2 2025)

The investments in support infrastructure and program expansion are designed to handle the client volume growth, which includes:

• Scaling traditional support services for individual programs.
• Providing dedicated, full-time support specialists for clients.
• Focusing sales pipeline on retail pharmaceutical programs expecting higher claim volumes.
• Maintaining a healthy balance sheet with $7.53 million in unrestricted cash at the end of Q3 2025 and zero bank debt.

PaySign, Inc. (PAYS) - Canvas Business Model: Channels

You're looking at how PaySign, Inc. gets its services into the hands of its customers, which is a mix of direct enterprise sales and platform delivery. The growth in their core segments gives us a clear picture of channel effectiveness as of late 2025.

The direct sales efforts target both the plasma donation sector and the pharmaceutical patient affordability space. The results show significant scaling in both areas through the third quarter of 2025.

• Plasma centers ended Q2 2025 at 607 centers after adding 123 net centers in that quarter.
• Plasma centers ended Q3 2025 at 595 centers, representing an increase of 117 centers over the prior 12 months.
• Pharma patient affordability programs ended Q2 2025 at 97 active programs after adding seven net programs that quarter.
• Pharma patient affordability programs ended Q3 2025 at 105 active programs, an increase of 39 programs over the past 12 months.

The proprietary prepaid card programs, which include the Visa-branded offerings, are reflected in the overall cardholder and program base. These numbers show steady expansion across the platform.

Metric	End of Q2 2025	End of Q3 2025
Approximate Cardholders	7.8 million	8.1 million
Approximate Card Programs	660	660

For the third quarter of 2025, plasma revenue was $12.86 million, up 12.4% year-over-year, while pharma patient affordability revenue was $7.92 million, a jump of 141.9% year-over-year. Looking at the full-year 2025 outlook, plasma is estimated to account for 57% of total revenue, and pharma patient affordability is projected at 41% of total revenue, representing growth of over 155% year-over-year for that segment. Other prepaid disbursement programs saw revenue increase by 50.4% in Q3 2025.

Digital channels are being bolstered by infrastructure investments to support the growing customer base. The company highlighted the launch of a Software-as-a-Service engagement platform for plasma. To support the pharma growth, PaySign, Inc. announced the opening of a new patient services contact center in the third quarter designed to quadruple support capacity.

For seamless client system connectivity, PaySign, Inc. operates on a platform known for its cross-platform compatibility, flexibility, and scalability, allowing for end-to-end technology management, including transaction processing and cardholder enrollment. The company is focused on expanding its retail pharmaceutical programs as a top sales priority.

PaySign, Inc. (PAYS) - Canvas Business Model: Customer Segments

You're looking at the core groups PaySign, Inc. (PAYS) serves as of late 2025, based on their latest reported figures. This isn't a guess; these are the numbers from their Q3 2025 filings.

The revenue mix shows a clear, high-growth focus area alongside the established base. Here's the quick math on where the money is coming from for the full-year 2025 estimate:

Customer Segment	Estimated 2025 Revenue Contribution
Pharmaceutical companies seeking patient affordability solutions	41%
Plasma collection centers (Donor Compensation)	Approximately 57%

The plasma segment, while still the largest revenue contributor at an estimated 57% of total 2025 revenue, is seeing its growth rate tempered by normalized donation levels. Still, the physical footprint is substantial.

• Plasma donation centers supported as of Q3 2025: 595 centers.

The other key segments involve the end-users of the prepaid card products, which are growing rapidly. The unbanked and underbanked individuals are the recipients of these disbursements, and the volume of users is significant.

• Total cardholders exited Q3 2025: Approximately 8.1 million cardholders.
• Total card programs active as of Q3 2025: Approximately 660 card programs.

For corporate clients, the growth in payroll, retail, and incentive programs is showing up clearly in the Other Revenue line. This area is defintely a contributor to the overall revenue uplift.

• Q3 2025 Other Revenue growth (from payroll, retail, and corporate incentive programs): Increased by $273 thousand, or 50.4% year-over-year.
• Active pharma patient affordability programs as of Q3 2025: 105 active programs.

Finance: draft 13-week cash view by Friday.

PaySign, Inc. (PAYS) - Canvas Business Model: Cost Structure

You're looking at the expense side of the PaySign, Inc. (PAYS) model as of late 2025. This is where the revenue they generate gets spent to keep the lights on and the platforms running. Honestly, a big chunk of their costs ties directly to servicing their growing client base, especially in the high-growth Patient Affordability segment.

The personnel costs are significant, reflecting the investment in scaling operations. For the third quarter of 2025, the Compensation and benefits expense hit $7.2 million. This was driven by an increase in their employee base, moving from 162 employees in the prior year period to 222 employees by the end of Q3 2025. Also, stock compensation for that quarter was $1.3 million, up 32% due to restricted stock unit issuances for new hires and retention efforts.

For the full fiscal year 2025 outlook, the overall spending on operations is clearly laid out. Here's a quick look at the key projected figures:

Cost Component	Projected FY 2025 Amount	Reference Period/Note
Total Operating Expenses	Between $41.5 million and $42.5 million	Full Year Projection
Depreciation and Amortization	Approximately $8.4 million	Full Year Projection
Stock-Based Compensation (FY Projection)	Approximately $4.3 million	Full Year Projection (from Q3 context)

The Depreciation and amortization expense is a notable non-cash cost, projected around $8.4 million for the entire 2025 fiscal year. To give you a sense of the quarterly run rate, the Q3 2025 figure was $2.2 million, which was a 39.9% increase year-over-year.

The variable costs tied to transaction volume are crucial here, specifically network fees and rebate costs related to card usage and volume. These fluctuate with the business activity. For instance, in Q3 2025, PaySign, Inc. incurred third-party program network fees of approximately $196 thousand, which was a 7.4% increase linked to the growth in their pharma patient affordability programs. Conversely, in Q2 2025, they noted decreased usage leading to a decrease in network fees of approximately $396 thousand, or -8.7%, and a decrease in rebate costs of approximately $93 thousand, or -18.1%.

The investments in the platform itself drive a significant portion of the non-personnel, non-network costs. The capital expenditure translates into the amortization line item. Key areas driving these expenses include:

• Technology development and infrastructure investment costs.
• Capitalization of new software development costs.
• Equipment purchases for processing platform enhancements.
• Costs associated with the new 30,000 square foot support center, which quadrupled support capacity.

The year-over-year increase in depreciation and amortization expense is directly attributed to the continued capitalization of these platform enhancements and equipment purchases, showing a commitment to scaling the underlying technology.

PaySign, Inc. (PAYS) - Canvas Business Model: Revenue Streams

You're looking at the core ways PaySign, Inc. brings in money as of late 2025. It's a mix of transaction-based revenue and recurring service fees, heavily leaning on two main segments.

The overall expectation for the full year 2025 revenue guidance is a range between $80.5 million and $81.5 million. This represents a significant year-over-year growth of 38.7% at the midpoint, showing strong traction in their core areas.

The revenue streams are primarily segmented across their donor compensation (plasma) business and their pharma patient affordability programs. To give you a clearer picture of the expected full-year contribution, here's the breakdown:

Revenue Stream Category	Estimated FY 2025 Revenue Share	Estimated YoY Growth Rate
Plasma Donor Compensation	Approximately 57% of total revenue	Modest year-over-year growth
Pharma Patient Affordability	Approximately 41% of total revenue	Over 155% year-over-year growth

The pharma patient affordability segment is clearly the primary growth engine right now. For example, in the third quarter of 2025, this segment alone generated $7.92 million in revenue, stemming from 105 active programs.

The revenue generated from cardholder activity, which includes interchange fees, is largely captured within the Plasma Donor Compensation segment. In Q3 2025, that segment brought in $12.9 million. This revenue is tied to transaction volume, as evidenced by Q3 2025 gross dollar load volume increasing 21.0% and gross spend volume increasing 19.2% over Q3 2024.

Program management fees and transaction/claims processing fees are the backbone of the pharma patient affordability revenue. These fees cover the services PaySign, Inc. provides to corporate clients, such as processing claims. The cost of revenues in Q3 2025 showed increased third-party program network fees of approximately $196 thousand, or 7.4%, associated with these pharma programs.

Beyond the core transaction and program fees, PaySign, Inc. also generates passive income. Interest income on funds held for cardholders is estimated to be approximately $2.6 million for the full year 2025.

Here are the key components that make up the transactional and service fee revenue:

• Interchange fees from cardholder transactions (part of Plasma revenue).
• Program management fees charged to corporate clients (part of Pharma revenue).
• Transaction and claims processing fees for pharma claims.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.