Segpay Reports Strong Year Despite Global Challenge of COVID-19

FORT LAUDERDALE, Fla. – In a statement issued Tuesday, digital payment processing provider Segpay announced that it finished 2020 “up significantly in overall revenue, capping one of the most successful year in the company’s 15-year history.”

“This growth was fueled by Cam merchants which outperformed all other market niches representing more than half of Segpay’s transaction volume, growing 55% year over year,” Segpay said in its statement. “Subscription-based merchants also powered Segpay’s growth, up 33% year over year.”

Segpay CEO Cathy Beardsley said the company “made Cams our focus five years ago and modified our system, streamlining and simplifying the checkout process to best support this segment.”

“Our risk tools are configurable by merchant, country and user level bringing flexibility to serve each merchant’s unique needs and requirements,” Beardsley added.

2020 marked Segpay’s 15th year in business and despite the challenges of the COVID-19 pandemic, the company said it “overcame and thrived adding dozens of new clients along with integrating PayPal into its payment processing platform.”

“Investing in additional payment options has been a great way to offer more value to our clients and we continue to work towards expanding those offering in 2021,” Beardsley said.

The company said its continued compliance commitment throughout the payments industry helped it obtain its EU Payment Institution license from the Central Bank of Ireland months before the Brexit transition deadline, allowing Segpay to open its European Union office in Dublin, Ireland. With the opening of the new branch, Segpay now has offices and outposts in six countries around the world.

In its statement, Segpay listed other accomplishments achieved in 2020, as well:

– Implementation of Strong Customer Authentication (SCA) and 3D secure 2.0 making it fully compliant ahead of PSD2

– Launched system-wide enhancements to its Merchant Services Platform including the addition of its real-time reporting tool, System Status Page and new Merchant Portal

– Expanded its Multi-Currency payment options with new local currencies in four additional regions of the world

– Performed updates to its API process providing advanced transaction information ahead of upcoming French age verification laws

– Grew the Segpay employee base in South Florida

Throughout 2021, Segpay said the company will “continue to build on its stellar reputation focusing on paying and always putting its clients first and remaining on the forefront of the ever-changing rules and regulations to ensure safe, secure, and compliant payment processing for its merchants.”

“No matter what lies ahead for 2021, we plan to release new solutions from our amazing team continuing to be there with our clients All the Way to Paid,” Beardsley said.