VPay, a leading turnkey payment platform, today announced a successful close to 2019 that included significant growth in revenue, customers and employees. Three-year customer growth of more than 180 percent fueled a 30 percent increase in revenue from 2018 to 2019 as well as ongoing employee growth that will extend into 2020, with an expected 45 additional new hires in the Plano headquarters.
This growth underscores growing demand for easy-to-use and secure digital payment solutions by workers’ compensation, property and auto insurers, health plans, dental plans and third-party administrators across various insurance verticals. In 2019, VPay realized a 225 percent increase in dollars processed across these industries, which represented 195 percent growth in transactions across more than 970,000 unique service providers. Notably, two-year volume growth for epayments, including automated clearinghouse (ACH) and virtual cards, reached 170 percent.
“The digital payment revolution is here, and insurers must respond by using innovative tools that streamline claim processing while addressing market demands for faster, secure payment,” said Jeffrey Brown, president for VPay. “Our continued growth is a testament to our ability to position clients for sustainable success as they strive to keep up with the changing needs of their policyholders and members, as well as the service providers we pay on their behalf.”
In addition to the strong company growth in 2019, VPay continued to elevate its position in the market by introducing new, mobile-friendly functionality for policyholder, claimant and multiparty payment. The added functionality expands the company’s platform by providing a B2B and B2C solution that addresses rising demand for easier, faster and customizable payment options.
VPay was named a Preferred Partner for ACH disbursements by the National Automated Clearing House Association (Nacha) in 2019. Through this designation, the company joins a select group of industry innovators that contribute to Nacha’s strategic efforts to remove friction, increase quality, improve cash flow accessibility and support sound risk management and security for ACH payments. VPay also was named to the “Top 100 Places to Work in 2019,” a ranking of the best work environment in the Dallas-Fort Worth metropolitan area by Dallas Morning News. Additionally, VPay is a finalist for the 14th annual Stevie® Awards for Sales & Customer Service, marking the third year in a row VPay has been named a Stevie® Awards finalist.
“We are well-positioned to continue our current momentum in 2020 following a banner year that allowed us to expand both our team and platform, ensuring our clients have the most advanced claim-payment solutions on the market,” said Andy Roberts, CEO for VPay. “Our success is a direct reflection of the company’s ability to attract the best and brightest employees, and I am grateful for the ongoing efforts of our hardworking, creative team of innovators and problem solvers.”
VPay® is today’s total payment solution for claim payments for workers’ compensation and auto insurers, health plans, dental plans and third-party administrators. By reducing checks with fast secure electronic payments that simplify the reconciliation process while also eliminating processing and management costs, VPay helps companies realize unexpected and unprecedented returns. For more information, visit www.vpayusa.com.