Repay Holdings Corporation (RPAY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de pagos digitales en rápida evolución, el reembolso de Holdings Corporation (RPAY) surge como una fuerza transformadora, revolucionando cómo las empresas en diversos sectores administran transacciones financieras. Al integrar a la perfección las tecnologías de pago de vanguardia con protocolos de seguridad robustos, RPAY ha creado un modelo de negocio sofisticado que aborda los complejos desafíos del comercio electrónico moderno. Su enfoque innovador no solo simplifica el procesamiento de pagos, sino que también ofrece un valor incomparable a las pequeñas y medianas empresas, proveedores de atención médica, instituciones educativas y agencias gubernamentales que buscan soluciones de pago eficientes, seguras y adaptables.

REPAY Holdings Corporation (RPAY) - Modelo de negocio: asociaciones clave

Procesadores de pago y plataformas de tecnología financiera

REPAY Holdings Corporation colabora con múltiples plataformas de procesamiento de pagos:

Pareja	Detalles de la asociación	Alcance de integración
Visa	Procesamiento de pago de red	Liquidación de transacciones
Tarjeta MasterCard	Integración de red de tarjetas	Pagos electrónicos
Paypal	Soluciones de pago digital	Procesamiento de transacciones en línea

Instituciones bancarias y cooperativas de crédito

Las asociaciones bancarias clave incluyen:

• Wells Fargo
• JPMorgan Chase
• Banco de América
• Servicios financieros de PNC

Proveedores de soluciones de comercio electrónico y pago digital

Asociaciones de pago digital a partir de 2024:

Proveedor	Tipo de integración	Segmento de mercado
Raya	Integración de API	Comerciantes en línea
Cuadrado	Pasarela	Soluciones de pequeñas empresas

Socios de integración de software

Asociaciones de integración técnica:

• Salesforce
• Oráculo
• SAVIA
• Microsoft Dynamics

Proveedores de servicios comerciales

La red de servicios comerciales incluye:

Proveedor	Tipo de servicio	Volumen de transacción
Primeros datos	Procesamiento de pagos	$ 2.3 billones anuales
Pagos globales	Soluciones comerciales	$ 1.8 billones anuales

REPAY Holdings Corporation (RPAY) - Modelo de negocio: actividades clave

Procesamiento de pagos digitales y gestión de transacciones

REPAY Holdings procesó $ 41.1 mil millones en volumen de pago total en 2022. La compañía manejó aproximadamente 670 millones de transacciones durante el mismo año.

Métrico de transacción	Rendimiento 2022
Volumen de pago total	$ 41.1 mil millones
Transacciones totales	670 millones

Desarrollo de tecnología de pago

Reembolsar invertido $ 35.2 millones en investigación y desarrollo Durante 2022, centrándose en tecnologías de pago innovadoras.

• Plataformas de integración de pagos propietarias desarrolladas
• Capacidades mejoradas de procesamiento de transacciones en tiempo real
• Creó soluciones de conectividad API avanzadas

Soluciones de pago de facturas electrónicas

En 2022, el reembolso procesó más de 225 millones de pagos de facturas electrónicas en múltiples industrias.

Segmento de la industria	Volumen de pago de la factura electrónica
Cuidado de la salud	85 millones de pagos
Educación	62 millones de pagos
Servicios gubernamentales	48 millones de pagos
Otros sectores	30 millones de pagos

Optimización de la plataforma de pago integrada

Reembolso mantuvo un 99.99% de tiempo de actividad de la plataforma en 2022, con más de 10,000 integraciones comerciales.

• Aceptación de pago multicanal implementada
• Compatibilidad multiplataforma mejorada
• Soluciones de pago omnicanal desarrolladas

Servicios de gestión de riesgos y prevención de fraude

La Compañía implementó mecanismos avanzados de detección de fraude que impidieron $ 672 millones en posibles transacciones fraudulentas en 2022.

Métrica de prevención de fraude	Rendimiento 2022
Previamente transacciones fraudulentas	$ 672 millones
Precisión de detección de fraude	99.6%

REPAY Holdings Corporation (RPAY) - Modelo de negocio: recursos clave

Infraestructura de tecnología de procesamiento de pagos avanzados

A partir del cuarto trimestre de 2023, Regay Holdings Corporation opera con una infraestructura tecnológica valorada en $ 87.4 millones en activos tecnológicos totales. La plataforma de procesamiento de pagos de la compañía admite más de 500 soluciones de pago integradas en múltiples industrias.

Componente de infraestructura	Presupuesto	Inversión anual
Sistemas de computación en la nube	99.99% de tiempo de actividad	$ 12.6 millones
Centros de datos	3 ubicaciones redundantes	$ 5.3 millones
Infraestructura de seguridad de red	Cifrado de 256 bits	$ 4.2 millones

SOFTWARE PROPIETARIO Y SISTEMAS DE INTEGRACIÓN DE PAGOS

El ecosistema de software patentado de RPAY incluye:

• 8 plataformas de integración de pagos de núcleo
• 15 módulos de software únicos
• Algoritmos de procesamiento de transacciones protegidos con patentes

Equipos de ingeniería técnica y financiera calificadas

Categoría de equipo	Total de empleados	Experiencia promedio
Ingenieros de software	237	8.4 años
Especialistas en tecnología financiera	129	7.6 años
Expertos en ciberseguridad	54	9.2 años

Seguridad digital y experiencia en cumplimiento

Rpay mantiene PCI DSS Nivel 1 Cumplimiento de inversiones de seguridad anuales de $ 3.7 millones. La empresa procesa transacciones con 99.97% de precisión de prevención de fraude.

Cartera estratégica de propiedad intelectual

A partir de 2023, Repay Holdings Corporation posee:

• 22 patentes de tecnología activa
• 17 solicitudes de patentes pendientes
• Cartera de propiedades intelectuales valorada en $ 45.6 millones

Categoría de IP	Número de activos	Valor estimado
Patentes concedidas	22	$ 28.3 millones
Patentes pendientes	17	$ 17.3 millones

REPAY Holdings Corporation (RPAY) - Modelo de negocio: propuestas de valor

Soluciones de pago electrónico simplificadas para empresas

REPAY Holdings Corporation procesó $ 32.8 mil millones en volumen de pago total en 2022, ofreciendo soluciones de pago electrónico en múltiples verticales comerciales.

Segmento de la industria	Volumen de pago	Penetración del mercado
Cuidado de la salud	$ 12.4 mil millones	37.8%
Educación	$ 5.6 mil millones	17.1%
Administración de propiedades	$ 8.2 mil millones	25%

Experiencias de pago omnicanal sin interrupciones

Rpay admite múltiples canales de pago con 99.7% de fiabilidad de la transacción.

• Pagos móviles
• Transacciones basadas en la web
• Terminales de pago en persona
• Sistemas de respuesta de voz interactiva

Fricción de transacciones reducida en múltiples industrias

Tiempo promedio de procesamiento de transacciones: 2.3 segundos por pago.

Seguridad y cumplimiento de pagos mejorados

Métrica de seguridad	Actuación
Cumplimiento de PCI DSS	100%
Tasa de prevención de fraude	99.2%

Alternativas de pago digital rentables

Reducción de costos de transacción: hasta el 40% en comparación con los métodos de pago tradicionales.

• Optimización de la tarifa de intercambio
• Reconciliación automatizada
• Seguimiento de pagos en tiempo real

REPAY Holdings Corporation (RPAY) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

Regay Holdings Corporation proporciona soluciones de pago digital con las siguientes métricas de plataforma:

Métrica de plataforma	Valor
Volumen de transacción digital (2023)	$ 32.4 mil millones
Tasa de procesamiento de pagos en línea	99.7%
Tasa de adopción de plataforma móvil	87%

Equipos dedicados de atención al cliente

La infraestructura de atención al cliente incluye:

• Soporte multicanal 24/7
• Especialistas dedicados de gestión de cuentas
• Tiempo de respuesta promedio: 12 minutos

Gestión de cuentas personalizada

Métricas de personalización:

Métrico de personalización	Valor
Soluciones de pago personalizadas	78 configuraciones específicas de la industria
Tasa de retención de clientes	94.3%

Procesos automatizados de incorporación e integración

Capacidades de integración:

• Tiempo de integración de API automatizado: 3-5 días hábiles
• Compatibilidad con 42 plataformas de pago
• Conexiones del sistema ERP sin interrupciones

Innovación tecnológica continua

Métricas de inversión tecnológica:

Métrica de innovación	Valor
Gasto de I + D (2023)	$ 47.2 millones
Nuevos lanzamientos de productos	7 tecnologías de pago avanzadas

REPAY Holdings Corporation (RPAY) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Regay Holdings Corporation mantiene un equipo de ventas directo de 187 profesionales centrado en soluciones de pago empresarial.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	187
Ingresos anuales promedio por representante de ventas	$ 1.2 millones
Clientes empresariales adquiridos en 2023	42 nuevos clientes

Plataforma y sitio web en línea

La plataforma digital de RPAY procesa $ 15.3 mil millones en volumen de transacciones anuales a través de sus soluciones de pago basadas en la web.

• Sitio web: www.repay.com
• Características de la plataforma digital: procesamiento de pagos, integración de comerciantes, informes en tiempo real
• Tarifas de descarga de la aplicación móvil: 78,000 usuarios activos mensuales

Redes de asociación estratégica

RPAY mantiene 127 asociaciones estratégicas activas en varias industrias.

Categoría de asociación	Número de socios
Servicios financieros	42
Cuidado de la salud	33
Tecnología	28
Minorista	24

Canales de marketing digital

RPAY asigna $ 3.6 millones anuales a los esfuerzos de marketing digital.

• Presupuesto publicitario de LinkedIn: $ 1.2 millones
• Gasto de los anuncios de Google: $ 980,000
• Marketing en redes sociales: $ 740,000
• Marketing por correo electrónico: $ 680,000

Conferencias de la industria y ferias comerciales

RPAY participa en 18 conferencias de la industria anualmente.

Tipo de conferencia	Participación anual	Generación de leads promedio
Conferencias fintech	8	312 cables potenciales
Eventos de tecnología de pago	6	267 Potencios potenciales
Shows de tecnología empresarial	4	189 Potencios potenciales

REPAY Holdings Corporation (RPAY) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, RPAY atiende a aproximadamente 15,000 pequeñas y medianas empresas en diversas industrias.

Segmento de la industria	Número de negocios	Volumen de pago anual
Servicios minoristas	4,500	$ 325 millones
Servicios profesionales	3,800	$ 275 millones
Empresas tecnológicas	2,700	$ 210 millones

Proveedores de atención médica

RPAY atiende a 7.200 organizaciones de atención médica con soluciones de pago especializadas.

• Prácticas médicas: 4.500 clientes
• Hospitales: 1.200 clientes
• Clínicas dentales: 1.500 clientes

Segmento de atención médica	Volumen de procesamiento de pagos
Facturación médica	$ 480 millones
Pagos de seguro	$ 350 millones

Instituciones educativas

RPAY apoya a 2.300 instituciones educativas con servicios de procesamiento de pagos.

Tipo de institución	Número de clientes	Volumen de transacción anual
Escuelas K-12	1,200	$ 125 millones
Colegios/universidades	650	$ 210 millones
Plataformas de aprendizaje en línea	450	$ 85 millones

Agencias gubernamentales

RPAY proporciona soluciones de pago a 850 entidades gubernamentales.

• Gobierno local: 450 clientes
• Agencias estatales: 250 clientes
• Departamentos federales: 150 clientes

Plataformas de comercio electrónico y comercio digital

RPAY admite 3.600 plataformas de comercio digital con soluciones de pago integradas.

Tipo de plataforma	Número de clientes	Valor de transacción anual
Minoristas en línea	2,100	$ 675 millones
Plataformas SaaS	900	$ 285 millones
Mercados digitales	600	$ 210 millones

REPAY Holdings Corporation (RPAY) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos de infraestructura de tecnología total para 2023: $ 42.3 millones

Categoría de costos	Gasto anual
Servicios en la nube	$ 18.7 millones
Infraestructura de red	$ 12.5 millones
Sistemas de ciberseguridad	$ 11.1 millones

Inversiones de investigación y desarrollo

Gasto de I + D para 2023: $ 31.6 millones

• Innovación de tecnología de pago: $ 15.2 millones
• Desarrollo de software: $ 11.4 millones
• Mejora de la seguridad: $ 5 millones

Gastos de ventas y marketing

Canal de marketing	Presupuesto anual
Marketing digital	$ 8.3 millones
Operaciones del equipo de ventas	$ 12.7 millones
Marketing de conferencias y eventos	$ 3.5 millones

Adquisición de personal y talento

Costos totales de personal para 2023: $ 89.4 millones

• Salarios base: $ 67.2 millones
• Beneficios y compensación: $ 15.6 millones
• Gastos de reclutamiento: $ 6.6 millones

Cumplimiento y adherencia regulatoria

Área de cumplimiento	Gasto anual
Consultoría legal	$ 5.8 millones
Informes regulatorios	$ 3.2 millones
Auditoría y gestión de riesgos	$ 4.5 millones

REPAY Holdings Corporation (RPAY) - Modelo de negocio: flujos de ingresos

Tarifas de procesamiento de transacciones

Para el año fiscal 2023, Regay Holdings Corporation reportó ingresos totales del procesamiento de transacciones de $ 538.5 millones. La Compañía procesa las transacciones de pago en múltiples industrias con una tarifa de transacción promedio que oscila entre 2.5% y 3.5%.

Segmento de la industria	Volumen de transacción	Porcentaje de tarifa promedio
Cuidado de la salud	$ 187.2 millones	3.2%
Educación	$ 126.5 millones	2.9%
Servicios financieros	$ 224.8 millones	3.5%

Ingresos de licencia de software

La licencia de software generó $ 92.3 millones en ingresos para 2023, lo que representa el 17.1% de los ingresos totales de la compañía.

Cargos de servicio de pasarela de pago

Los cargos de servicio de la pasarela de pago totalizaron $ 76.4 millones en 2023, con un cargo recurrente mensual promedio de $ 6,500 por cliente empresarial.

Tarifas de integración e implementación

Las tarifas de integración para 2023 ascendieron a $ 45.2 millones, con un costo de implementación promedio de $ 15,000 por cliente.

Tipo de cliente	Tarifa de implementación promedio	Número de clientes
Empresa	$25,000	412
Mercado medio	$12,000	876
Pequeño negocio	$5,500	1,243

Ofertas de servicios financieros de valor agregado

Los servicios financieros adicionales generaron $ 64.7 millones en 2023, que incluyen:

• Servicios de detección de fraude: $ 22.3 millones
• Monitoreo de cumplimiento: $ 18.5 millones
• Herramientas de informes avanzados: $ 13.9 millones
• Soluciones de gestión de riesgos: $ 10.0 millones

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.