PaySign, Inc. (PAYS): Business Model Canvas [Dec-2025 Updated]

You're looking at PaySign, Inc. (PAYS), and honestly, after two decades watching companies shift gears, the 2025 figures clearly map out their aggressive pivot into high-margin healthcare fintech, which is exactly what you need to see before making any investment decision. We're talking about pharmaceutical patient affordability programs now driving 41% of 2025 revenue, while they manage 595 plasma collection centers, all while projecting full-year revenue between $80.5 million and $81.5 million. If you want to see the engine behind this-from their proprietary Dynamic Business Rules technology to how they structure costs like the $7.2 million in Q3 compensation-the structural breakdown below shows you every moving part of their current strategy.

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

You're looking at the core relationships that power PaySign, Inc.'s operations, the entities that provide the rails for their payment processing and patient affordability services. These aren't just vendors; they are foundational to the entire business structure.

Card Issuing and Network Acceptance

The prepaid card products, like the AAA VIA Mastercard® Card, rely on a chartered bank for issuance. Patriot Bank N.A., Member FDIC, serves as the issuing bank for at least one of PaySign, Inc.'s key card products. This relationship is critical for compliance and the actual backing of the funds. Furthermore, the acceptance of these cards across millions of retailers, both brick-and-mortar and online, is secured through the Visa U.S.A. Inc. network. This network acceptance is what allows cardholders to use their funds everywhere Visa debit cards are accepted.

For cardholders needing physical cash, access is provided through the Allpoint Network. PaySign, Inc. cardholders gain surcharge-free access to over 55,000 ATMs worldwide through this partnership. This network reach is a key utility for the cardholder value proposition.

Sector-Specific Alliances: Pharma and Plasma

The two primary revenue drivers-patient affordability and plasma donor compensation-are sustained by deep, specialized partnerships. The outline specifies a relationship covering approximately 75% of the large plasma collection market, which is a clear strategic target for PaySign, Inc. Currently, the real-life market share achieved in the U.S. plasma donor compensation segment is approximately 50% as of mid-2025, following the addition of 132 centers in Q2 2025.

The pharmaceutical segment involves forging new partnerships with major pharmaceutical companies to deploy patient affordability programs. The success of these collaborations is evident in the financial metrics as of late 2025. Here's a quick look at the segment performance driving the full-year 2025 revenue guidance of $80.5 million to $81.5 million.

These partnerships are supported by operational scaling. PaySign, Inc. opened a new 30,000 square foot patient service support center in Henderson, Nevada, which increases support capacity fourfold for the growing patient affordability business.

The value derived from these relationships is substantial, as seen in the profitability metrics:

• Full-year gross profit margins are expected to be approximately 60% for 2025.
• Adjusted EBITDA for Q3 2025 reached $5.04 million, representing 23.3% of revenues.
• The company exited Q3 2025 with zero bank debt.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine room of PaySign, Inc. (PAYS) operations as of late 2025. These are the things the company absolutely must do well to keep the revenue flowing, especially given the massive growth in the pharma segment.

The first major activity is end-to-end prepaid card program management and fulfillment. This is the bread and butter, covering everything from getting the card into a user's hand to managing the transactions. As of the end of Q3 2025, PaySign, Inc. was managing approximately 660 card programs for its clients, serving about 8.1 million cardholders. This requires robust back-end systems to handle the volume.

Second, the company must focus on developing and maintaining proprietary payment processing technology. This isn't just off-the-shelf software; it's the custom architecture that supports physical, virtual, mobile, and bank-based payments, all while providing real-time transaction intelligence. A key part of this technology evolution involves a SaaS plasma platform (donor app/CRM/BECCS) which was awaiting FDA 510(k) clearance as of the Q3 2025 reporting period.

The third critical activity centers on claims processing for pharma patient affordability programs. This area is exploding. In Q3 2025, the number of claims processed grew by over 60% versus the same period last year. This high-growth area drove pharma patient affordability revenue up 141.9% year-over-year in that quarter, reaching $7.92 million.

To support this rapid expansion, a significant operational activity is operating the new 30,000-square-foot patient services contact center. This facility, opened in Henderson, Nevada, is a major infrastructure play, increasing the company's support capacity by four times. This scale-up is designed to underpin future program wins and margin leverage.

Finally, the ongoing sales and onboarding of new plasma and pharma programs is a continuous requirement. The success here is measurable: PaySign, Inc. exited Q3 2025 with 105 active pharma patient affordability programs on the books. Management noted they added 8 net programs exiting that quarter, and expected to add another 20 to 30 more by the end of the year. The plasma side also saw growth, exiting the quarter with 595 active plasma donation centers.

Here's a quick look at the operational scale supporting these activities as of the end of Q3 2025:

The underlying technology must support this scale, which is reflected in the overall financial performance driven by these activities. For instance, the gross profit margin for Q3 2025 improved to 56.3%. Also, the SG&A expenses, excluding D&A and SBC, improved by 410 basis points to 32.9% of revenue.

You can see the direct result of these key activities in the revenue breakdown:

• Plasma revenue was $12.86 million in Q3 2025.
• Pharma patient affordability revenue was $7.92 million in Q3 2025.
• Pharma patient affordability revenue accounted for 36.7% of total quarterly revenue in Q3 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets PaySign, Inc. (PAYS) relies on to run its business as of late 2025. These aren't just line items; they are the engine room for their growth, especially in the pharma affordability space.

The foundation is definitely the proprietary payment processing platform. This architecture supports physical, virtual, mobile, and bank-based payments, all while running real-time transaction intelligence. That capability is what allows PaySign, Inc. (PAYS) to deliver scalable program management across its various verticals. It's a powerful, high-availability payments platform designed for seamless integration with client systems.

A key differentiator driving the pharma business is the Dynamic Business Rules (DBR) technology. This proprietary tech sets PaySign, Inc. (PAYS) apart by optimizing copay assistance program performance. The DBR solution actively mitigates the effects of copay maximizer programs, which translates directly into savings for both patients and pharmaceutical manufacturers.

The operational backbone supporting this technology is a rapidly expanding infrastructure and specialized team. You see the investment in people and space directly impacting their ability to handle the massive growth in processed claims, which increased by over 60% compared to the same period last year in Q3 2025. Here's a snapshot of the hard numbers supporting the operations as of Q3 2025.

The scalable customer service infrastructure saw a major upgrade to support the pharma growth. PaySign, Inc. (PAYS) opened a new patient service support center in Henderson, Nevada, spanning 30,000 square feet. This expansion increased their support capacity fourfold, which is crucial for managing the 105 active pharma patient affordability programs they exited Q3 2025 with, and the 118 active programs they had by the end of October 2025. This physical asset is key to providing the dedicated, full-time support specialists that clients require for large-scale copay assistance programs.

The specialized employee base reflects this growth focus. The total headcount reached 222 employees exiting Q3 2025, up significantly from 162 in the same period last year. This investment in personnel is reflected in the Compensation and Benefits expense, which increased 20.3% to $7.2 million in Q3 2025. The company is clearly investing in the human capital needed to manage its complex, high-growth technology solutions.

You can see the platform's reach in the cardholder and program metrics:

• Exited Q3 2025 with approximately 8.1 million cardholders.
• Exited Q3 2025 with approximately 660 card programs.
• Pharma patient affordability programs increased by 39 over the past 12 months, ending Q3 2025 at 105 active programs.

Finance: draft 13-week cash view by Friday.

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:

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:

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.

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:

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:

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:

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.