REPAGY HOLDINGS CORPORATION (RPAY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário de pagamentos digitais em rápida evolução, a Rpay Corporation (RPAY) surge como uma força transformadora, revolucionando como as empresas em diversos setores gerenciam transações financeiras. Ao integrar perfeitamente tecnologias de pagamento de ponta com protocolos de segurança robustos, a RPAY criou um modelo de negócios sofisticado que aborda os complexos desafios do comércio eletrônico moderno. Sua abordagem inovadora não apenas simplifica o processamento de pagamentos, mas também oferece valor incomparável a pequenas e médias empresas, profissionais de saúde, instituições educacionais e agências governamentais que buscam soluções de pagamento eficientes, seguras e adaptáveis.

REPAGY HOLDINGS CORPORATION (RPAY) - Modelo de negócios: Parcerias -chave

Processadores de pagamento e plataformas de tecnologia financeira

A REPAGY Holdings Corporation colabora com várias plataformas de processamento de pagamentos:

Parceiro	Detalhes da parceria	Escopo de integração
Visa	Processamento de pagamento da rede	Liquidação de transações
MasterCard	Integração da rede de cartões	Pagamentos eletrônicos
PayPal	Soluções de pagamento digital	Processamento de transações online

Instituições bancárias e cooperativas de crédito

As principais parcerias bancárias incluem:

• Wells Fargo
• JPMorgan Chase
• Bank of America
• PNC Financial Services

Provedores de soluções de comércio eletrônico e de pagamento digital

Parcerias de pagamento digital a partir de 2024:

Provedor	Tipo de integração	Segmento de mercado
Listra	Integração da API	Comerciantes online
Quadrado	Gateway de pagamento	Soluções de pequenas empresas

Parceiros de integração de software

Parcerias de integração técnica:

• Salesforce
• Oráculo
• SEIVA
• Microsoft Dynamics

Provedores de serviços comerciais

A rede de serviços comerciais inclui:

Provedor	Tipo de serviço	Volume de transação
Primeiros dados	Processamento de pagamento	US $ 2,3 trilhões anualmente
Pagamentos globais	Soluções comerciais	US $ 1,8 trilhão anualmente

REPAGY Holdings Corporation (RPAY) - Modelo de negócios: Atividades -chave

Processamento de pagamento digital e gerenciamento de transações

A reembolso de Holdings processou US $ 41,1 bilhões em volume total de pagamento em 2022. A Companhia lidou com aproximadamente 670 milhões de transações durante o mesmo ano.

Métrica de transação	2022 Performance
Volume total de pagamento	US $ 41,1 bilhões
Total de transações	670 milhões

Desenvolvimento de Tecnologia de Pagamento

Reembolso investido US $ 35,2 milhões em pesquisa e desenvolvimento Durante 2022, concentrando -se em tecnologias inovadoras de pagamento.

• Plataformas de integração de pagamento proprietárias desenvolvidas
• Recursos aprimorados de processamento de transações em tempo real
• Criou soluções avançadas de conectividade da API

Soluções de pagamento de faturas eletrônicas

Em 2022, o reembolso processou mais de 225 milhões de pagamentos de contas eletrônicas em vários setores.

Segmento da indústria	Volume de pagamento da conta eletrônica
Assistência médica	85 milhões de pagamentos
Educação	62 milhões de pagamentos
Serviços do governo	48 milhões de pagamentos
Outros setores	30 milhões de pagamentos

Otimização da plataforma de pagamento integrada

Reembolso manteve a 99,99% de tempo de atividade da plataforma em 2022, com mais de 10.000 integrações comerciais.

• Aceitação de pagamento multicanal implementada
• Compatibilidade aprimorada de plataforma cruzada
• Soluções de pagamento omnichannel desenvolvidas

Gerenciamento de riscos e serviços de prevenção de fraudes

A empresa implementou mecanismos avançados de detecção de fraude que impediram US $ 672 milhões em possíveis transações fraudulentas em 2022.

Métrica de prevenção de fraudes	2022 Performance
Transações fraudulentas impedidas	US $ 672 milhões
Precisão da detecção de fraude	99.6%

REPAGY Holdings Corporation (RPay) - Modelo de Negócios: Recursos -Principais

Infraestrutura de tecnologia de processamento de pagamento avançado

A partir do quarto trimestre 2023, a Repany Holdings Corporation opera com uma infraestrutura tecnológica avaliada em US $ 87,4 milhões em ativos tecnológicos totais. A plataforma de processamento de pagamento da empresa suporta mais de 500 soluções de pagamento integradas em vários setores.

Componente de infraestrutura	Especificações	Investimento anual
Sistemas de computação em nuvem	99,99% de tempo de atividade	US $ 12,6 milhões
Data centers	3 locais redundantes	US $ 5,3 milhões
Infraestrutura de segurança de rede	Criptografia de 256 bits	US $ 4,2 milhões

Sistemas proprietários de software e integração de pagamento

O ecossistema de software proprietário da RPay inclui:

• 8 plataformas de integração de pagamento central
• 15 módulos de software exclusivos
• Algoritmos de processamento de transações protegidas por patentes

Equipes de engenharia técnica e financeira qualificadas

Categoria de equipe	Total de funcionários	Experiência média
Engenheiros de software	237	8,4 anos
Especialistas em tecnologia financeira	129	7,6 anos
Especialistas em segurança cibernética	54	9,2 anos

Especialização em segurança e conformidade digital

Rpay mantém PCI DSS Nível 1 conformidade com investimentos anuais de segurança de US $ 3,7 milhões. A empresa processa transações com 99,97% de precisão de prevenção de fraudes.

Portfólio de propriedade intelectual estratégica

A partir de 2023, a Repany Holdings Corporation possui:

• 22 patentes de tecnologia ativa
• 17 pedidos de patente pendente
• Portfólio de propriedade intelectual avaliada em US $ 45,6 milhões

Categoria IP	Número de ativos	Valor estimado
Patentes concedidas	22	US $ 28,3 milhões
Patentes pendentes	17	US $ 17,3 milhões

REPAGY HOLDINGS CORPORATION (RPAY) - Modelo de negócios: proposições de valor

Soluções de pagamento eletrônicas simplificadas para empresas

A REPAGY Holdings Corporation processou US $ 32,8 bilhões em volume total de pagamento em 2022, oferecendo soluções de pagamento eletrônico em vários negócios verticais.

Segmento da indústria	Volume de pagamento	Penetração de mercado
Assistência médica	US $ 12,4 bilhões	37.8%
Educação	US $ 5,6 bilhões	17.1%
Gerenciamento de propriedades	US $ 8,2 bilhões	25%

Experiências de pagamento omnichannel sem costura

RPay suporta vários canais de pagamento com 99,7% de confiabilidade da transação.

• Pagamentos móveis
• Transações baseadas na Web
• Terminais de pagamento pessoalmente
• Sistemas de resposta de voz interativos

Redução do atrito da transação em vários setores

Tempo médio de processamento da transação: 2,3 segundos por pagamento.

Segurança de pagamento aprimorada e conformidade

Métrica de segurança	Desempenho
Conformidade do PCI DSS	100%
Taxa de prevenção de fraudes	99.2%

Alternativas de pagamento digital econômicas

Redução do custo da transação: até 40% em comparação com os métodos de pagamento tradicionais.

• Otimização de taxas de intercâmbio
• Reconciliação automatizada
• Rastreamento de pagamento em tempo real

REPAGY Holdings Corporation (RPay) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

A REPAGY Holdings Corporation fornece soluções de pagamento digital com as seguintes métricas de plataforma:

Métrica da plataforma	Valor
Volume de transação digital (2023)	US $ 32,4 bilhões
Taxa de processamento de pagamento online	99.7%
Taxa de adoção de plataforma móvel	87%

Equipes de suporte ao cliente dedicados

A infraestrutura de suporte ao cliente inclui:

• Suporte de vários canais 24/7
• Especialistas em gerenciamento de contas dedicados
• Tempo médio de resposta: 12 minutos

Gerenciamento de contas personalizado

Métricas de personalização:

Métrica de personalização	Valor
Soluções de pagamento personalizadas	78 configurações específicas do setor
Taxa de retenção de clientes	94.3%

Processos automatizados de integração e integração

Recursos de integração:

• Tempo de integração da API automatizado: 3-5 dias úteis
• Compatibilidade com 42 plataformas de pagamento
• Conexões de sistema ERP sem costura

Inovação tecnológica contínua

Métricas de investimento em tecnologia:

Métrica de inovação	Valor
Despesas de P&D (2023)	US $ 47,2 milhões
Novos lançamentos de produtos	7 tecnologias avançadas de pagamento

REPAGY Holdings Corporation (RPay) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a RAPAY Holdings Corporation mantém uma equipe de vendas direta de 187 profissionais focados nas soluções de pagamento corporativo.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	187
Receita anual média por representante de vendas	US $ 1,2 milhão
Clientes corporativos adquiridos em 2023	42 novos clientes

Plataforma e site online

A plataforma digital da RPay processa US $ 15,3 bilhões em volume anual de transações por meio de suas soluções de pagamento baseadas na Web.

• Site: www.repay.com
• Recursos da plataforma digital: processamento de pagamentos, integração de comerciantes, relatórios em tempo real
• Taxas de download de aplicativos móveis: 78.000 usuários ativos mensais

Redes de parceria estratégica

O RPAY mantém 127 parcerias estratégicas ativas em vários setores.

Categoria de parceria	Número de parceiros
Serviços financeiros	42
Assistência médica	33
Tecnologia	28
Varejo	24

Canais de marketing digital

A RPAY aloca US $ 3,6 milhões anualmente para os esforços de marketing digital.

• Orçamento de publicidade do LinkedIn: US $ 1,2 milhão
• Gastos do Google anúncios: US $ 980.000
• Marketing de mídia social: US $ 740.000
• Marketing por e -mail: US $ 680.000

Conferências e feiras do setor

O RPAY participa de 18 conferências do setor anualmente.

Tipo de conferência	Participação anual	Geração média de chumbo
Conferências de fintech	8	312 leads potenciais
Eventos de tecnologia de pagamento	6	267 leads potenciais
A tecnologia corporativa mostra	4	189 leads potenciais

REPAGY HOLDINGS CORPORATION (RPAY) - Modelo de negócios: segmentos de clientes

Pequenas e médias empresas

A partir do quarto trimestre 2023, o RPAY atende a aproximadamente 15.000 empresas pequenas e médias em vários setores.

Segmento da indústria	Número de negócios	Volume de pagamento anual
Serviços de varejo	4,500	US $ 325 milhões
Serviços profissionais	3,800	US $ 275 milhões
Empresas de tecnologia	2,700	US $ 210 milhões

Provedores de saúde

O RPAY atende a 7.200 organizações de saúde com soluções de pagamento especializadas.

• Práticas médicas: 4.500 clientes
• Hospitais: 1.200 clientes
• Clínicas odontológicas: 1.500 clientes

Segmento de saúde	Volume de processamento de pagamento
Cobrança médica	US $ 480 milhões
Pagamentos de seguro	US $ 350 milhões

Instituições educacionais

O RPAY suporta 2.300 instituições educacionais com serviços de processamento de pagamentos.

Tipo de instituição	Número de clientes	Volume anual de transações
Escolas K-12	1,200	US $ 125 milhões
Faculdades/universidades	650	US $ 210 milhões
Plataformas de aprendizado on -line	450	US $ 85 milhões

Agências governamentais

O RPAY fornece soluções de pagamento a 850 entidades governamentais.

• Governo local: 450 clientes
• Agências estaduais: 250 clientes
• Departamentos Federais: 150 clientes

Plataformas de comércio e comércio eletrônico

O RPay suporta 3.600 plataformas de comércio digital com soluções de pagamento integradas.

Tipo de plataforma	Número de clientes	Valor anual da transação
Varejistas on -line	2,100	US $ 675 milhões
Plataformas SaaS	900	US $ 285 milhões
Mercados digitais	600	US $ 210 milhões

REPAGY Holdings Corporation (RPay) - Modelo de Negócios: Estrutura de Custo

Manutenção de infraestrutura de tecnologia

Custos totais de infraestrutura de tecnologia para 2023: US $ 42,3 milhões

Categoria de custo	Despesa anual
Serviços em nuvem	US $ 18,7 milhões
Infraestrutura de rede	US $ 12,5 milhões
Sistemas de segurança cibernética	US $ 11,1 milhões

Investimentos de pesquisa e desenvolvimento

Gastos de P&D para 2023: US $ 31,6 milhões

• Inovação em tecnologia de pagamento: US $ 15,2 milhões
• Desenvolvimento de software: US $ 11,4 milhões
• Melhoria de segurança: US $ 5 milhões

Despesas de vendas e marketing

Canal de marketing	Orçamento anual
Marketing digital	US $ 8,3 milhões
Operações da equipe de vendas	US $ 12,7 milhões
Marketing de conferência e evento	US $ 3,5 milhões

Aquisição de pessoal e talento

Custos totais de pessoal para 2023: US $ 89,4 milhões

• Salários base: US $ 67,2 milhões
• Benefícios e compensação: US $ 15,6 milhões
• Despesas de recrutamento: US $ 6,6 milhões

Conformidade e adesão regulatória

Área de conformidade	Despesas anuais
Consultoria legal	US $ 5,8 milhões
Relatórios regulatórios	US $ 3,2 milhões
Auditoria e gerenciamento de riscos	US $ 4,5 milhões

REPAGY Holdings Corporation (RPAY) - Modelo de negócios: fluxos de receita

Taxas de processamento de transações

Para o ano fiscal de 2023, a Repany Holdings Corporation registrou receitas totais de processamento de transações de US $ 538,5 milhões. A empresa processa transações de pagamento em vários setores, com uma taxa de transação média que varia entre 2,5% e 3,5%.

Segmento da indústria	Volume de transação	Porcentagem de taxa média
Assistência médica	US $ 187,2 milhões	3.2%
Educação	US $ 126,5 milhões	2.9%
Serviços financeiros	US $ 224,8 milhões	3.5%

Receitas de licenciamento de software

O licenciamento de software gerou US $ 92,3 milhões em receita para 2023, representando 17,1% da receita total da empresa.

Cobranças de serviço de gateway de pagamento

As cobranças de serviço de gateway de pagamento totalizaram US $ 76,4 milhões em 2023, com uma taxa média recorrente mensal de US $ 6.500 por cliente corporativo.

Taxas de integração e implementação

As taxas de integração para 2023 totalizaram US $ 45,2 milhões, com um custo médio de implementação de US $ 15.000 por cliente.

Tipo de cliente	Taxa de implementação média	Número de clientes
Empresa	$25,000	412
No meio do mercado	$12,000	876
Pequenas empresas	$5,500	1,243

Ofertas de serviço financeiro de valor agregado

Serviços financeiros adicionais geraram US $ 64,7 milhões em 2023, incluindo:

• Serviços de detecção de fraude: US $ 22,3 milhões
• Monitoramento de conformidade: US $ 18,5 milhões
• Ferramentas de relatórios avançados: US $ 13,9 milhões
• Soluções de gerenciamento de riscos: US $ 10,0 milhões

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.