Paymentus Discovers Industry Desire for Modern Billing Solutions
Customers in many different industries want modern ways to pay bills.
So said Dushyant Sharma, the founder and CEO of Paymentus Holdings, on the company’s quarterly earnings call on Thursday (Feb. 23).
“We continue to support consumer choice of payment channels and methods and are working to add more and more partners to the network to capture additional payment volume over IPN,” Sharma said, referring to the company’s proprietary Instant Payment Network (IPN) that provides billing, payment and reconciliation capabilities.
To meet this demand, the company released a product for small and medium-sized businesses (SMBs) and made new partnerships during the quarter that ended on December 31.
A presentation released Thursday in conjunction with the call said that the new product for SMBs handles billing and payments, disbursements, accounts payable (AP), expense management, and business cards.
With this product, Paymentus can offer more services, reach a larger market, and make money from interchange. The company already sends payments to more than 1 million SMBs, and the presentation said that each of these payments is now a chance to get them to use the new product.
“As you know, there are over 6 million SMBs and millions more small office and home office businesses in the U.S. alone,” Sharma said during the call.
During the quarter, Paymentus also signed Citizens Financial Group as a large bill center client and will help the bank with consumer bill payment.
“We believe this is a very good sign of things to come for bill payment sales to financial institutions as we have larger and larger institutions evaluating our modern product to replace their legacy solutions,” Sharma said during the call.
Paymentus also grew its reach by working with companies in the retail, real estate, loan payments, and mortgage services verticals to form partnerships and implement their services.
“We partnered with a large real estate platform to be one of its payment offerings for rent payments,” Sharma said of one of the new deals.
Paymentus released these new services in a year when its sales went up by 25.7% over 2021. In a Thursday press statement, the corporation predicted 16% to 21% sales growth in 2023.
