Usio Announces Two New Partnerships As Foundation for a Leadership Position in Legal Software Industry
Usio (Nasdaq: USIO) announced partnerships with major legal software providers, including AppClose and the largest bankruptcy software platform. This move establishes Usio's PayFac-in-a-Box technology as the leading payments solution in the legal sector. The partnerships aim to streamline transactions for hundreds of thousands of clients by integrating Usio's payment facilitation platform, eliminating manual processes and reducing costs. With a projected rise in transaction volume, Usio expresses optimism about its foothold in a fragmented market filled with recurring payments.
- Secured partnerships with major legal software providers, enhancing market presence.
- Integration of PayFac-in-a-Box technology reduces manual processing and operational costs.
- Potential for significant transaction volume from partnerships, particularly in bankruptcy filings averaging $4,500.
- None.
SAN ANTONIO, June 25, 2020 (GLOBE NEWSWIRE) -- Usio (Nasdaq: USIO), a tech-enabled payment solutions provider, announced today that it has signed partnership agreements with a number of large legal software providers, firmly establishing its proprietary PayFac-in-a-Box technology as the preferred payments technology in the legal industry. Amongst the firms adopting the company’s proprietary technology are the leading family law mobile application AppClose®, as well as the country’s largest bankruptcy software application. Both firms intend to leverage Usio’s Payment Facilitation platform to provide an integrated payments experience to the hundreds of thousands of individual clients and law practices they support.
Commenting on the announcement, Greg Carter, SVP of Payment Facilitation at Usio, said, “Implementing Usio’s unique technology will provide these firms with a wealth of advantages, primarily the elimination of manual processes associated with receiving and depositing paper checks, which reduces costs associated with their collection and disbursement functions. Utilizing our proprietary PayFac-in-a-Box technology, both of these organizations will be embedding a comprehensive electronic payments solution inside their technology, thereby increasing the value of their software to their individual law firm clients. Our technology will provide the individual law firm with the ability to accept debit and credit card and ACH payments. Users will be able to more easily and conveniently remit payments that can be easily tracked and characterized by the unique niches they serve, including legal fees payable directly to attorneys, and trustee accounts that are specialties of these firms.”
“AppClose has a growing base of hundreds of thousands navigating the co-parenting landscape, with these users interacting with thousands of family law attorneys who recommend AppClose,” continued Carter. “Additionally, the largest domestic bankruptcy software platform has introduced integrated payments to their base of 15,000 attorneys. With the average cost to file a bankruptcy claim at
Igor Litinsky, CEO and founder of AppClose, commented, “Aligning with Usio allows us to continue to focus our resources on great intuitive products, acquiring customers, and maintaining service excellence. We can leverage Usio’s existing state of the art electronic payments infrastructure for frictionless onboarding of lawyers and law firms to our soon to be launched payment solutions, as well as regulatory compliance. We are built to scale, and our partnership with Usio is an important piece of the scalable infrastructure.”
About AppClose
AppClose was launched in 2016 to create and dominate a multi-sided market that serves the family law ecosystem. AppClose now provides one of the leading co-parenting apps in the United States, with several hundred thousand registered users. Courts and legal professionals throughout the United States recommend AppClose. The App is free to co-parents and to attorneys and other legal professionals who use the App to communicate with their clients. AppClose’ new payment solutions for legal professionals will be powered by the Usio payment infrastructure.
Website: www.appclose.com
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Franklin, Tennessee, just outside of Nashville.
Websites: www.usio.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com, and www.ficentive.com. Find us on Facebook® and Twitter.
Forward-Looking Statements Disclaimer
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule," and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of our stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2019. One or more of these factors have affected, and in the future, could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.
Contact
Investor Relations:
Joe Hassett
Gregory FCA
joeh@gregoryfca.com
484-686-6600
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