BillingTree Outperforms with 33% Increased Revenue in 2011, Exceeds Forecast by over 12% after Distributing Durbin Amendment Rebates to Clients
Company demonstrates steady year-over-year growth with expanding presence in Healthcare and Utility Verticals
PHOENIX, April 3, 2012 /PRNewswire/ -- BillingTree®, one of the nation's leading on-demand payment processors, exceeded predicted revenue growth during 2011. Highlights include a 33% increase in revenue and steady new customer growth, putting the company in good standing to exceed its predicted revenue growth of 25% for 2012. The figures were even more impressive because, unlike some third party payment processors, BillingTree adopted a Best Practice to pass savings resulting from the Durbin Amendment back to their clients.
Supporting the strong earnings, BillingTree inked new contracts within two primary verticals - the healthcare industry covering hospitals, surgical centers and laboratories, and in the utility markets where the company's new mobile solutions suite, including text notification, billing and payments, has proven very attractive.
Additional 2011 Highlights:
- Launched several new products, enhancements and partnerships including Debit Cards Only and Verify
- Leading analyst firm Aite Group featured BillingTree in three key reports; Biller Direct Technology: Vendor Overview Update, Patient-to-Provider Payments: A Vendor Overview and Making Sense of the Global Non-Cash-Payments Market
- BillingTree certified SAS70 compliant as a compliment to their existing PCI Compliance certification
- BillingTree's annual RockBlock in 2011 raised over $80,000 for Arizona Republic's Season for Sharing fund - BillingTree's largest ever donation to a single charity
- BillingTree employees continued to give back to the community - employees worked a total of 232.5 hours for charitable causes during paid hours, supporting 12 local charity events, and employees gave time over holiday period to help 8 adopted families and children
"We continue to see growth and opportunity within the healthcare and utility verticals as demonstrated by the company's overall revenue performance in 2011. These verticals will be where our main increase in revenue comes from in 2012," said Scott McCollum, president of BillingTree.
BillingTree supplies the leading fully integrated, multi-channel electronic payment platform to a growing list of Industries, including Insurance, Utilities, such as power, cable, municipal, and phone, as well as Healthcare and Subscription-billed services. Benefits of electronic payment solutions include an accelerated availability of consumer funds, reduced costs associated with manual-payment processing, improved cash management, and integrated processing by managing all payments, returns, and corrections through a single portal.
The proven leader in on-demand payment processing, BillingTree empowers customers with competitive advantage through a simplification of the billing and receivables process. By delivering the most innovative technology while making it as easy and inexpensive as possible to accept payments, BillingTree has revolutionized the payments landscape. Our software-as-a-service (SaaS) model delivers industry-leading payment solutions, proven integration, and point-and-click simplicity. BillingTree's focus on innovation has allowed us to help more than 2,000 customers eliminate manual processes and automate their payment cycles. BillingTree – Growth is our Business. For more information, visit www.mybillingtree.com or call 877.4.BILLTREE.
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