FT. LAUDERDALE, Fla. — SegPay today announced that 2014 was a record year for the company and its year-over-year revenue increased by 25 percent.
The company said it was able to grow profits in 2014 by entering the mainstream market and expanding its client base.
“We are honored that merchants across the board are choosing SegPay as their trusted Internet payment service provider,” said Cathy Beardsley, president and CEO. “SegPay plans to continue to set standards for the Internet payments industry in 2015 by implementing cutting-edge risk and fraud protection programs and introducing new features to the SegPay system."
In 2014, the company noted that it completed several enhancements to its proprietary SegPay Fraud Mitigation System. Changes made to the risk toolset better helps serve merchants that have a variety of business models. System upgrades continued in 2014 as a new SegPay merchant dashboard was rolled out to be part of the new SegPay admin site in 2015.
A new POS system was also released this year that offers customizable payment processing page templates, additional direct debit countries and enhanced pay page error handling.
SegPay also increased its staff to support client needs, expanded its office space, entered into several new partnerships and landed major accounts in the high-risk credit card processing space. The company noted that it also received nominations for several trade awards as best payment processor with winners set to be announced in 2015.
More developments included the signing on as a major sponsor of Garrett Smithley Racing. The sponsorship includes both on-track and online racing, sanctioned by NASCAR. SegPay will utilize this partnership with Smithley to accelerate its move into rapidly expanding segments of e-commerce. The crown jewel of the sponsorship will be at the Daytona International Speedway on Feb. 20, where Smithley will race the SegPay truck in the Nextera Energy Resources 250 presented by the NASCAR Camping World Truck Series.
"Partnering with Garrett makes perfect sense," Beardsley added. "We're both about speed, safety and being the best at what we do. A tie-in with racing is a great way to convey how quickly SegPay responds to our customers' needs."
"It's a perfect way to start the 2015 season," Smithley said about the race in Daytona. "We're so proud to have SegPay as our primary sponsor. I only hope I'm as fast on the track as they are getting online merchants up and selling on the web."