PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
PF Quarterly Earnings
Square reported 44% growth in revenue year over year. The company said it earned total net revenue of $1.38 billion during the first quarter. It processed $25.7 billion in gross payments volume, up 14% from the same quarter last year. “We are focused on supporting our customers with information and resources; adapting our products to changing commerce experiences; and helping our customers access government stimulus programs. While the macroeconomic environment remains uncertain, we believe our long-term strategy of building a diverse ecosystem of products, customers, and use cases adds resilience to our company,” the company said in its letter to shareholders. From Square.
Blackbaud announced its first quarter results. The company reported total GAAP revenue for the quarter of $223.6 million, up 3.6% from the previous year. GAAP recurring revenue represented 91.6% of the total and was up 3.4%. “Our recurring revenue model and strong balance sheet remain stabilizing factors as we navigate the wide array of potential outcomes that could result from COVID-19, and we will continue to implement the necessary near-term measures to make certain Blackbaud remains in a strong position longer-term on behalf of all of our stakeholders,” said Tony Boor, executive vice president and CFO, Blackbaud. From Blackbaud.
The shift of commerce to online sales drove significant growth for Shopify in the first quarter. The company reported that new stores on its platform grew 62% between March 13 and April 24. Its gross payments volume grew to $7.3 billion, up from $4.9 billion for the first quarter last year. “The spread of COVID-19 is going to be a tough time for all entrepreneurs. We are working as fast as we can to support our merchants by re-tooling our products to help them adapt to this new reality. Our goal is that, because Shopify exists, more entrepreneurs and small businesses will get through this.” said Tobi Lütke, Shopify CEO. From Shopify.
Total revenue for RealPage in the first quarter was up 18%. The company reported GAAP total revenue of $276.7 million. Its net income was down by 50% to $5.6 million. “While our range of financial expectations for 2020 includes anticipated headwinds related to lower leasing velocity and delayed new client projects, we remain focused on leading the industry through the storm, including rapidly delivering innovative solutions to optimize rental housing operations such as those that facilitate virtual leasing, living and payments,” said Steve Winn, RealPage chairman and CEO. From RealPage.
Fintech company and PF Flutterwave has launched what it has dubbed Flutterwave Store – a platform for African merchants to create online storefronts. The company is offering the stores for free for now, charging only a payment processing fee. Flutterwave says it has no plans to become an online retailer and will continue to focus on providing payments infrastructure. From TechCrunch.
Classplus raises $9 million for its education platform. The India-based company enables local teachers and coaching centers to deliver classes and accept payment from students online. Classplus describes its service as a “Shopify for coaching center.” From TechCrunch.
The U.K.’s Financial Conduct Authority has pushed back the deadline to implement strong customer authentication (SCA) for ecommerce. The regulatory body said that it would give the payments industry another six months to comply with the new rules, which are intended to improve payments security and reduce fraud. The agency delayed the implementation to avoid disruption to consumers and merchants during the coronavirus crisis, it said. From Financial Conduct Authority.