REPAY Partners with Maxyfi to Modernize the Collection of Payments
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The recent partnership between Repay Holdings Corporation and Maxyfi represents a strategic move in the financial technology sector, particularly within the niche of accounts receivable management. From a financial perspective, this integration is poised to streamline the collection process, which can directly impact a company's cash flow and liquidity. By offering omni-channel payment solutions, REPAY is not only expanding its market reach but also potentially reducing the days sales outstanding (DSO) for its clients, a critical metric that measures the average number of days that it takes a company to collect payment after a sale has been made.
Moreover, the ability to offer a variety of secure payment options can enhance customer satisfaction and retention rates, leading to a more stable revenue stream. As businesses increasingly seek efficiency in their financial operations, solutions like the one provided by REPAY could become more integral to their financial infrastructure, potentially boosting REPAY's revenue growth and market share in the long term.
The collaboration between REPAY and Maxyfi taps into the growing demand for user-friendly and flexible payment systems. According to market research, the global digital payment market size is expected to grow significantly, driven by technological advancements and changing consumer behavior. By integrating with Maxyfi's collections and accounts receivable management software, REPAY is leveraging this trend to position itself as a key player in the omni-channel payment solutions space.
This move could also signal a competitive advantage for REPAY as businesses look for partners that can offer comprehensive payment ecosystems. The ability to cater to various consumer preferences, including online, text, mobile and IVR payments, not only caters to a wider demographic but also aligns with the shift towards digital and mobile-first consumer experiences. This strategic partnership could set a precedent in the industry, prompting competitors to seek similar integrations to remain relevant.
In an era where data breaches and cyber-attacks are increasingly common, the aspect of secure payment processing cannot be overstated. The partnership emphasizes the security of omni-channel payment methods, which is of paramount importance to both consumers and businesses. From a legal standpoint, ensuring compliance with various financial regulations, such as the Payment Card Industry Data Security Standard (PCI DSS), is crucial for maintaining consumer trust and avoiding potential legal and financial repercussions.
The integration between REPAY and Maxyfi must adhere to strict data protection laws and industry standards to safeguard sensitive financial information. This focus on security not only mitigates risk but also strengthens the value proposition of REPAY's offerings to its clients, who must navigate an increasingly complex regulatory landscape.
Technology integration enables secure omni-channel payment options, simplifying accounts receivable management
REPAY’s integration enables businesses utilizing the Maxyfi software to streamline payment collections, while optimizing internal workflows and reconciliation through real-time data exchange. The integration with REPAY also provides easily accessible and secure omni-channel payment methods, including online, text, mobile and IVR, enhancing collection efforts by empowering consumers to pay through the method that is most convenient for them.
“When consumers are able to make payments through their preferred payment channel and method, the collections process improves significantly,” said Jake Moore, EVP, Consumer Payments, REPAY. “Our partnership with Maxyfi enhances operations for collectors and modernizes accounts receivable management for consumers by empowering both parties to manage transactions without the hassle of outdated processes.”
“Enhancing our clients' experiences with our platform is at the forefront of our priorities,” said Ashraf Ali, Co-Founder & CSO of Maxyfi. “By leveraging REPAY's payment expertise and our seamless integration with their platform, we look forward to further supporting our clients’ collections processes by simplifying payments.”
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
About MaxyFi
Maxyfi is a SaaS-based automated debt collection software that is designed in such a way that it can be easily operated by collection agencies. Maxyfi's vision is to enable collection agencies and businesses with the right insights, strategies, and intelligent tools that will assist them in recovering debts and generating more revenue very quickly. Learn more at maxyfi.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222946215/en/
Investor Relations Contact for REPAY:
IR@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
khoyman@repay.com
Source: Repay Holdings Corporation
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