Cass Information Systems (NASDAQ: CASS) is a payment and information processing company that processes, audits, and pays freight, facility, and other business-to-business invoices on behalf of large manufacturing, distribution, and retail enterprises across the United States. Revenue comes from transaction-based processing fees and net interest income earned on float held between when Cass collects funds from clients and pays their vendors, with the Company's bank subsidiary, Cass Commercial Bank, supporting payment operations. The Company also offers integrated B2B payments via its Cass solutions platform, a church management software product, and an online generosity platform for faith-based and non-profit organizations. In June 2025, Cass sold its telecom expense management and managed mobility business unit to Asignet USA Inc. for $18.0 million. As of FY2025, the Company returned $16.5 million in dividends and $26.0 million in share repurchases to shareholders. President and CEO Martin H. Resch signed the 10-K filed March 6, 2026.

Revenue model

Transaction-based processing fees charged for freight invoice rating, auditing, and payment processing, plus net interest income generated by Cass Commercial Bank on deposits and float balances held during the payment cycle. The Bank also earns revenue from banking services to privately held businesses in the St. Louis metropolitan area and to restaurant franchises and faith-based ministries nationally.

Products and services

Freight invoice rating, payment processing, and auditing services; facility expense payment processing covering electricity, gas, waste, and telecommunications invoices; Cass Solutions integrated B2B payment platform; church management software; online generosity platform for faith-based and non-profit organizations. The telecom expense management and managed mobility business unit was sold to Asignet USA Inc. on June 30, 2025.

Customers and end markets

Large manufacturing, distribution, and retail enterprises in the United States for freight and facility payment processing. Privately held businesses in the St. Louis metropolitan area, restaurant franchises, and faith-based ministries nationally served through Cass Commercial Bank.

Value-chain role

Cass sits between corporate clients and their carriers or utility vendors, receiving, auditing, and paying invoices while holding client funds in transit. This float funds the Bank's balance sheet. Cass also provides accounting and transportation data back to clients as part of the service.

Geographic exposure

Primarily United States. The Company serves a multi-national customer base as noted in the FY2025 10-K, but no specific international revenue breakdown is provided in the excerpts.

Source: SEC 10-K, filed 2026-03-06

Industry: Services-Business Services, NEC Peers: Conduent Inc Paya Holdings Inc. International Money Express Inc I3 Verticals Inc Ibex Ltd Priority Technology Holdings Inc Repay Holdings Corp Visa Inc