Usio Inc (NASDAQ: USIO) is a payments technology company that provides prepaid card programs, ACH payment processing, electronic bill presentment, and document printing and mailing services. Revenue comes from transaction fees across these payment processing and output services segments. Usio operates as a non-bank payment processor, sponsored by TransPecos Bank for access to regional debit networks, placing it in the middle tier of the payments value chain between merchants and card networks. The company listed on the Nasdaq Global Market under the ticker USIO on June 15, 2021, having previously traded as PYDS. As of March 16, 2025, 27,746,208 shares of common stock were issued and outstanding. Usio has never declared or paid a cash dividend and states no plans to do so, with the stated intention to reinvest earnings. The Output Solutions segment, acquired through the purchase of substantially all assets of Information Management Solutions LLC on December 15, 2020, serves utilities, financial institutions, and other industry verticals with outsourced document design, print, and electronic delivery.

Revenue model

Transactional fees from prepaid card issuance and processing, ACH payment processing, PINless debit processing, electronic bill presentment, and document printing and mailing services. Processing fees are charged per transaction or per card program; output services revenue is generated from outsourced document composition, printing, and mailing work for billers and financial institutions.

Products and services

Prepaid debit cards (reloadable, incentive, promotional, corporate), Consumer Choice multi-method disbursement product (supporting prepaid, virtual cards, ACH, paper checks, real-time PINless debit, PayPal, Venmo, and cardless ATM via PIN4 network, as enhanced through 2025), wearable prepaid card program (launched October 2025), ACH payment processing, Real Time Payments (RTP) processing (expansion began 2023), electronic bill presentment, document composition and decomposition, printing and mailing services. Output Solutions operates as the subsidiary Usio Output Solutions Inc.

Customers and end markets

Merchant customers using ACH and card processing, software integrators, billers, utilities, financial institutions, and prepaid card program clients. The company serves hundreds of customers across a range of industry verticals through its Output Solutions segment. Cardholders are the end consumers of prepaid products.

Value-chain role

Non-bank payment processor and issuer processor sitting between merchants, billers, and end consumers on one side and card networks and sponsor banks on the other. Sponsored by TransPecos Bank for regional debit network access. Financially liable for fees, fines, chargebacks, and losses related to PINless debit card processing for merchant customers.

Geographic exposure

United States. Subject to Texas and Tennessee franchise taxes, indicating operational presence in both states. No international operations referenced in the filing excerpts.

Source: SEC 10-K, filed 2026-03-18

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