Sunday , September 20, 2020

Small-Business Payments Provider Logs Double-Digit Gains in Volumes

Payments volumes for small and mid-size businesses are growing at a quick pace, if the latest information from cloud-based payments-technology company Inc. is any indication. The 14-year-old Palo Alto, Calif.-based company processed $25.4 billion in payment volume in the June quarter, fully 26% above the volume handled in the same period last year, according to an earnings report released late Thursday.

Payment volume for the full year ended June 30 totaled $96.5 billion, up 35% over the prior fiscal year. By the end of the quarter, the company’s client base had reached 98,000, up 28% compared to the same time last year., which works with banks and other financial-services providers to gain new small-business clients, is redoubling its efforts in that channel. “We saw continued success in strengthening our partnerships with both new and existing financial institutions, accounting software companies, and accounting firms,” said chief executive René Lacerte, in a statement.

On the financial side, revenue totaled $157.6 million for the year, up 45%. Subscription and transaction revenue accounted for $136.4 million of that total, up 59%. The company logged a net loss of $31.1 million for the year.

Wall Street apparently had mixed feelings about what it heard.’s share price rose nearly 3% to $106.06, for the day Thursday, but dropped $5 a share during pre-market action before Friday’s open. The stock has soared since opening the year at $38.05.

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