QuickFee launches payments platform, improves profitability
QuickFee Limited has announced the completion and launch of its proprietary payments platform, QUBE, and subsequent improvement to operating profitability.
"We began development of QUBE in October 2020 as part of our Buy Now, Pay Later (BNPL) partnership announcement and subsequent capital raise," QuickFee managing director and chief executive officer Eric Lookhoff says.
"In the year and a half since, we have expanded the system to not only include our BNPL offering, but to also consolidate and modernise our ACH, card, and lending systems.
"This now includes a fully integrated front-end merchant application platform with automated underwriting, risk management, and onboarding processes.
"QUBE provides our merchants with a seamless point-of-purchase check out gateway, connected to multiple back-end processors and sponsor banks.
"Merchants benefit by having a single interface to accept and manage payments while providing their customers with multiple easy-to-use secure payment options.
"QuickFee benefits from the flexibility, stability, and redundancy of multiple integrated partners, and the improved economics which come with market price competition and scale.
Lookhoff adds that the company's legacy platform began its move to QUBE in February, and the company expects this to be complete by the end of May 2022.
"As a result, we are now able to step down certain operating and technology investments which supported this development since its inception eighteen months ago."
The QUBE platform's features include:
- Fully automated online merchant application platform
- Automated merchant underwriting and risk management
- Integrated merchant onboarding
- Merchant branding and white-label configuration options
- Consolidated multi-payment option checkout gateway
- Accepts ACH/EFT, card, lending, BNPL, and recurring payments
- Accepts Visa, Mastercard, American Express, and Discover card networks
- Multiple back-end ACH and card processing integrations
- Connect – intelligent invoicing and digital delivery platform
- API integrations with leading practice management systems, dealer management systems and online bank bill pay services
- Modernised merchant administration portal
- Advanced security – including multi-factor authentication, PCI compliance, tokenisation, and end-to-end encryption
"QuickFee's merchant acquiring and payments model has proven exceptionally valuable in the marketplace," Lookhoff says.
According to the company's recently released H1 FY22 results, its active merchants increased by 24% in the US, while active clients grew 38%, and total transaction values rose 48%.
Lookhoff say this highlights growing customer usage and a solid organic increase.
"Our professional services focused portfolio has a perfect combination of fast growth, high retention, high yield, and low risk.
"The launch of QUBE means our cost-basis for scaling all network volume immediately improves.
"With the rebound in lending in both US and AU regions, the continued strong growth in payments, and our BNPL merchant portfolio continuing to build momentum, this means our growth not only accelerates but we can now more efficiently yield increased margins and profit," Lookhoff says.
