Company increases revenue by 200%, increases enterprise customer base by 80% and unveils the markets first fraud indemnification program
Waltham, MA – January 19, 2021 – The impact of the global pandemic on the way we conduct business significantly accelerated the market shift to digital payments, especially among enterprises which still predominantly rely on check based payments. Moreover, the massive disruption to the workplace as organizations transitioned to virtual operations exposed them to unprecedented cyber threats, most notably business payments fraud which according to the FBI saw a dramatic uptick in 2020. PaymentWorks unique business identity platform automates the complex payee management process and eliminates the risk of business payments fraud. By helping organizations make the critical shift to digital payments and secure their operations from external threats, PaymentWorks was able to achieve rapid growth in 2020. To learn more about our unique business identity platform, visit HERE.
2020 highlights include:
- Accelerated Growth - Increased revenue by 200%
- Revolutionary Product Innovation - Introduced the market's first fraud indemnification program, enabling enterprises to secure EFT payments.
- Burgeoning Enterprise Customer Roster – Grew customer roster by 80% and registered user base by 84%, as organizations across industries trusted PaymentWorks to protect their digital payments. Highlights include:
- Higher Education - Continued strong foothold in higher education, bolstered by the addition of marquee research universities including Dartmouth, University of Chicago, University of California Irvine and University of Virginia.
- University System Implementations- An increase in system implementations as The South Dakota Board of Regents System implemented PaymentWorks via shared services across six campuses, two special schools and the Board Office, and the University of North Texas System rolled out PaymentWorks to all four campuses.
- Government - City and county governments, including North Carolina’s Cabarrus County and the City of North Little Rock, turned to the PaymentWorks platform to protect their digital payments.
- Strategic Industry Partnership - Secured Preferred Partner status with Nacha, joining a select group of vendors whose offerings align with Nacha’s goal to advance the ACH network.
- Personnel Momentum – Grew staff by 50%, underscoring the company’s commitment to delivering the highest level of customer service.
“The pandemic has accelerated the shift to digital payments and distributed work by 3-5 years, and the world is not going back,” said Thayer Stewart, CEO, PaymentWorks. “Enterprises need solutions that can help them adapt to these new realities quickly and with confidence, and we are proud of the fact that we are well positioned to help them do that.”
PaymentWorks and our company’s Business Identity Platform eliminates the risk of business-payments fraud, which costs U.S. businesses more than $20 billion a year. By automating a complex, manual, people-intensive, and error-prone payment process, PaymentWorks protects organizations such as Hackensack Meridian Health, Johns Hopkins and University of Kentucky from business payments fraud and ensures regulatory compliance. To learn more about how we do it and the partners we work with, visit our website, check out our blog or listen to our podcast series, “PaymentWorks Presents Risky Business”.