Using New Technologies To Transform Payment Processing — Are Companies Like This One Leading The Way?

For more than two decades, big names like PayPal Holdings Inc. PYPL, Visa Inc. V and Mastercard Inc. MA have defined and fueled the growth of the commerce and digital payment industry.

Electronic payments, for example, have trumped traditional methods of payments such as cash or checks. Besides being much faster, they also provide higher payment security, better customer convenience and lowered processing costs.

These overwhelming benefits continue to propel the growth of the industry. In 2020, over two billion people purchased goods or services online, and during the same year, e-retail sales surpassed $4.2 trillion worldwide.

With an ever-growing customer base coupled with the entry of more players, the industry is expected to expand further, offering more innovative ways for people to transact and do business.

Changing The Industry?

Such bright prospects could be the driving force behind companies like California-based AppTech Payments Corp. APCX’s business approach. The publicly listed fintech company says it is powering commerce experiences, and it could be onto something that can set it apart from the competition.

Already, AppTech boasts of using innovative payment processing and digital banking technologies to complement core merchant services capabilities.

A cursory look at the company’s website, www.apptechcorp.com, highlights its patented and proprietary software, which aims to provide progressive and adaptable products that are available through a suite of synergistic offerings directly to merchants, banking institutions and business enterprises.

The company says it is developing an embedded, highly secure digital payments and banking platform that powers commerce experiences for clients and their customers.

AppTech reports that it will offer standalone products and fully integrated solutions that deliver innovative, unparalleled payments, banking and financial services experiences based on industry standards for payment and banking protocols.

The California-based company states it has been preparing to launch its patented, highly secure fintech platform to empower banks and other large commerce players with leading technology.

As part of its expansion drive, AppTech, on May 24, announced the closing of its acquisition of Hothand Inc. This patent-holding company owns the intellectual property rights to a wide array of mobile credit and debit transactions and mobile search, location, offer and payment fields.

This newly acquired patent portfolio is focused on the delivery, purchase and request of products or services within specific geolocation and time parameters provided by a consumer’s mobile phone anywhere in the United States.

Bites By Numbers

• Revenue in 1Q22 was approximately $104,000, a 3% increase compared to 1Q21, driven primarily by increased residual payouts from more processing revenue.
• A cash balance as of March 31, 2022, was $10.3 million, reflecting the company’s public offering on Jan. 7, 2022, which netted $13.4 million.
• Onboarded a development team of experts who have expedited the platform launch date. In addition, the company onboarded its new sales director and head of business development, who will be tasked with building the foundation for the company’s planned expansion.
• An inaugural strategic summit was held on March 22-23, 2022, where the management team gathered to discuss the fintech platform architecture and go-to-market plan. The initial demos were also showcased.
• Developed key system functions, including continuous integration and continuous delivery or continuous deployment (CI/CD) pipelines, go-forward scalable and secure Amazon Web Services (AWS) infrastructure, proof of concept (POC) for the Text2Pay Invoice System and POC for Crypto Payments Invoice System.
• Researched, identified and vetted partnerships with digital asset platform partners for blockchain and cryptocurrency use cases.
• Co-developed end-to-end, automated product and opportunity intake process to streamline, categorize and prioritize new products/features and business development opportunities.
• Successfully uplisted to the Nasdaq exchange on Jan. 7, 2022.

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Featured Photo by AppTech Payments