QuickFee completes and launches QUBE proprietary payments platform

Eric Lookhoff, the Managing Director and Chief Executive Officer, QuickFee

QuickFee Limited is pleased to report the successful completion and launch of its proprietary payments platform, QUBE, and the subsequent improved operating profitability.

Eric Lookhoff, the Managing Director and Chief Executive Officer at QuickFee is buoyant.

“We are extremely delighted to announce the much-anticipated completion and launch of QUBE, our comprehensive merchant acquiring and payment processing platform.”

QuickFee launches the QUBE platform

“We began the development process of QUBE in October 2020 as part of our Buy Now, Pay Later (BNPL) partnership announcement and the subsequent capital raise.”

“In the year and a half since, we have expanded the system to not only include our BNPL offering, but to also consolidate and modernise our ACH, card, and lending systems.”

“This Buy Now, Pay Later tool has a fully integrated front-end merchant application platform with automated underwriting, risk management and onboarding processes.”

“QUBE helps to provide our loyal merchants with a seamless point-of-purchase check out gateway, connected to multiple back-end processors and sponsor banks.”

Merchants benefit by having a single interface to accept and manage payments while providing their customers with multiple easy-to-use secure payment options.

QuickFee benefits from the flexibility, stability, and redundancy of multiple integrated partners, and the improved economics which come with market price competition and scale.

“The migration to QUBE began in February and is well underway. We anticipate this final phase to conclude in late May. As a result, we are now able to step down certain operating and technology investments which supported this development since its inception.”

“We expect operating expenses for FY22 to be in the region of AU$20 million to AU$20.5 million, with a reduction in FY23 of between AU$4 million to AU$4.5 million.”

QUBE platform capabilities

  • Fully automated online merchant application platform
  • Automated merchant underwriting and risk management
  • Integrated merchant onboarding
  • Merchant branding and white-label configuration options
  • Consolidated multi-payment option checkout gateway
  • Accepts ACH/EFT, card, lending, BNPL, and recurring payments
  • Accepts Visa, Mastercard, American Express, and Discover card networks
  • Multiple back-end ACH and card processing integrations
  • Connect – intelligent invoicing and digital delivery platform
  • API integrations with leading practice management systems, dealer management systems, and online bank bill pay services
  • Modernised merchant administration portal
  • Advanced security – including multi-factor authentication, PCI compliance, tokenisation, and end-to-end encryption 

QuickFee experiences exponential growth

“QuickFee’s merchant acquiring and payments model has proven exceptionally valuable.”

“As recently shared in our FY22 first half results, in the USA, our active merchants grew by 24%, while active clients grew 38%, and total transaction values grew 48% which is a trajectory that highlights increased customer usage and strong organic growth,” said Eric Lookhoff.

“Our portfolio has a combination of fast growth, high retention, high yield and low risk. The launch of QUBE means our cost-basis for scaling network volume also improves.”

“With the rebound in lending in USA and Australia, the continued strong growth in payments, and our BNPL merchant portfolio continuing to build momentum, this means our growth not only accelerates but we can now more efficiently yield increased margins and profit.” 

Non-Executive Chairman Barry Lewin said, “QuickFee has reached a milestone with the launch of its payments platform, QUBE, marking a transition point in the company’s history.”

“Having greater control over customer acquisition and processing allows QuickFee to begin benefiting from improved economics, which accelerates our path to profitability.”

“I am delighted with the achievement and the team for their diligence and dedication.”