The increase in payments is also helping to drive the growth of middle market processors – digital transactions

Life hasn’t been easy for payment processors in recent years due to the pandemic-driven shift of brick-and-mortar retailers to e-commerce, a flood of new and more complex point-of-sale technologies, and economic growth from industry giants like Fiserv Inc. and Global Payments Inc.

But many mid-market players have also grown in size, and some are now reporting improved financial performance as consumers flock to stores and retailers grapple with new point-of-sale technology. On Thursday, two of those players reported steady growth in quarterly revenue as retailers looked for technologies to meet consumer demand.

Cantaloupe Inc., a Malvern, Pennsylvania-based specialist in processing for vending machines and other unattended markets, said it ended the March quarter with a 12.5% ​​revenue increase to $67.9 million, including $40 million in transaction fees , which was almost a 20% increase. Processed $767.4 million in transactions, representing a total increase of 17.4%. The number of customers increased by 11.1% to 30,670.

These results do not include Cantaloupe The deal was for $4.75 million for Cheq Inc. based in Seattle, which closed mid-quarter. This combination gives Cantaloupe entry into a completely new – and highly competitive – market: stadiums and arenas. This will take the ambitious company far beyond its base of vending machines and pop-up markets.

Same day based in Atlanta Repayment of Holdings Corp. announced an 8% year-over-year increase in revenue to $80.7 million and an 81% reduction in net loss to $5.4 million. While the company processes both consumer and business payments, its primary focus is on consumer transactions, which contributed $76.1 million in revenue.

Repay was one of the early adopters of the payments industry TO SLEEP a trend that has continued during the pandemic. It began trading on the Nasdaq stock exchange in July 2019 as a result of a merger with Thunder Bridge Acquisition Ltd. SPACs, or special purpose acquisition companies, are set up by investors as public companies for the sole purpose of acquiring private entities, which some argue is a faster and more efficient route to public ownership.