AffiniPay has been recognized by CIOReview Magazine as the recipient of “Top 20 Payment And Card Solution Companies - 2020,” based on our proprietary methodology, reflecting its position in the industry. This profile has been developed by the CIOReview research and editorial team based on insights from an interview with James Sparrow, VP of Technology.

AffiniPay
Customized Payment Solutions for Unique Industry Needs

James Sparrow, VP of Technology

The number of cash transactions has been declining with the rising popularity of online banking and shopping in the past few years. Consequently, there are more electronic payment systems than ever before due to the sheer diversity of preferences especially across different age groups, business types, and technologies available in the market. AffiniPay, a financial technology company offers payment processing capabilities that are industry-specific. "We provide a solution that fits in into professionals’ existing workflows, and meets them where they are as opposed to trying to make them adopt new business practices to work around us,” says James Sparrow, VP of technology, AffiniPay. He further explains, “We act as a support backend for our partners’ entire payment integration. We are there to help guide all of our mutual customers through any issues that arise when it comes to the payment side of it, so that doesn't end up being a cost for our partners.”

AffiniPay also extends support for multiple payment methods such as credit cards, debit cards, and eChecks securely with one-click payment processing, advanced fraud detection, and robust security. Alongside professional organizations, AffiniPay also collaborates with software providers that offer a variety of software solutions such as practice management. “There is a significant challenge for many independent software vendors when they are interacting with professional clients and they're trying to fold payments into their solutions. There is a lot of cost in terms of building out that solution, providing support and service for payments within a product that can steal away from resources that they have, trying to kind of meet the core mission of that product,” says Sparrow. So, it can be a focus detractor and a cost attractor or just an expense. Moreover, as they are often venture capital-backed, they are instructed to incorporate payment processing and essentially monetize payments by charging payment processing fees. As the vendors are already limited by resources and time, focusing on integrating payment processing rather than the core features of their software poses a challenge. AffiniPay comes to their rescue and acts as a support backend that assists during the entire payment processing integration with a dedicated team of experts.

“A big advantage that we give to our partners is that whenever we go into a vertical, we build out an entire team of experts around those solutions to understand that space, to understand the unique needs there,” explains Sparrow. AffiniPay’s primary offering with the most number of users is LawPay, a payment solution designed for the legal industry. LawPay helps law firms receive payments easily, more securely, and 39 percent faster. But, the unique feature of the solution is it ensures that payments are processed in compliance with the American Bar Association (ABA) and Interest on Lawyer Trust Accounts (IOLTA) guidelines. Attorneys often receive a retainer fee from clients which is deposited into an IOLTA account. Lawyers are then entitled to pay themselves as they complete work for the client.

However, strict rules govern how funds can be used from the IOLTA account, and therefore AffiniPay’s solution ensures that there is no commingling of funds across IOLTA and personal accounts. This is a huge win for lawyers as IOLTA non-compliance is a leading cause of disbarment among lawyers in the U.S.

We provide a solution that fits in into professionals’ existing workflows, and meets them where they are as opposed to trying to make them adopt new business practices to work around us

For certified public accountant (CPA) firms, AffiniPay offers CPACharge, a solution that provides a range of payment options while also maintaining PCI compliance. Whenever AffiniPay receives payments on behalf of its professional clients, the entire amount is deposited the same day and processing fees are calculated monthly. The solution simplifies the invoice matching as well as the reconciliation process as the clients get the full amount deposited into their bank accounts directly. AffiniPay also offers a payment solution for associations and nonprofits that features multiple methods of accepting payments, reporting and reconciliation, and top-notch data security. The solution features credit card vaulting and payment support for dues, event registrations, donations, and more.

AffiniPay is also expanding its solutions portfolio and workforce to serve a wider range of verticals. The company’s new range of solutions will be designed to accommodate the unique needs of several verticals. “We try to make it pay to partner with us. We have rev share programs with our partners and we're all about trying to make a successful integration that's successful for both sides,” states Sparrow. From a technology standpoint, AffiniPay is focusing its efforts on improving the experience for end clients, both in terms of payment instruments as well as increasing the number of integrations possible with enterprise systems. Besides, one of the advantages of owning the underlying technology stack is that it allows AffiniPay to be nimble when gauging customer needs and adapting the solution to their business practices and workflows. With its dedicated solutions, AffiniPay is transforming the way professionals get paid.

AffiniPay

MyCase Revolutionizes Legal Tech Offerings, Streamlining Firms' Business Operations With Public API, Recharge and Reconciliation

Tuesday, December 12, 2023

AUSTIN, Texas: MyCase, a leading law practice management software designed for the modern law firm, has introduced an innovative suite of new features and enhancements including a public API, easy card recharging and more.

“We are very excited to reveal the cutting edge lineup of new product updates under the MyCase platform for legal professionals,” said Dru Armstrong, Chief Executive Officer of AffiniPay, parent company of MyCase.“This is a significant step in MyCases’ efforts to equip professionals with solutions that increase workflow productivity.”

Open API

According to the 2023 MyCase Benchmark Report, 23% of attorneys need access to additional features due to multiple practice areas. Today, MyCase announced the release of its open API, allowing customers to integrate MyCase with their other software applications.

A public API reduces the complexity of managing and sharing data across disparate systems giving MyCase customers a more flexible, tailored and efficient experience. With access to the API, MyCase customers will be able to connect more apps to the MyCase platform. This will allow for increased data sharing, better case organization and complete automated workflow processes.

Access to MyCase’s open API is available to all customers on the Advanced Tier of MyCase, and certified consultants are available to assist with implementation.

Reconciliation of LawPay Payments to MyCase Invoices & Recharge Cards On File

Today, MyCase announced two additional features:

• Reconciliation of LawPay payments

• The ability to recharge cards on file

These two new features eliminate the challenges of using a third party payment processor by taking advantage of LawPay’s billing capabilities within the MyCase platform. Attorneys can now simplify their reconciliation process and charge previously billed clients without having to re-request sensitive information. These product enhancements from MyCase ensure billing accuracy and help attorneys remain competitive in a growing digital market. MyCase is now the only LawPay-integrated legal practice management system with recharge and reconciliation capabilities.

The news follows the announcement of the MyCase integration with workflow automation software, Zapier. For more information about MyCase please visit mycase.com.

AffiniPay secures strategic investment from Genstar Capital to bolster FinTech innovations

Wednesday, July 24, 2024

AffiniPay, a leader in practice management software and integrated payments, announced a new investment chapter as Genstar Capital joins its roster of backers.

The recent funding involves Genstar Capital making a substantial investment in the company. This transaction will see TA Associates, a previous investor since 2020, maintain a significant stake while Apax, a minority stakeholder, exits completely.

AffiniPay operates at the forefront of providing integrated practice management software and embedded FinTech solutions. Their service roster includes MyCase, CASEpeer, and Docketwise for legal practice management, alongside LawPay and CPACharge, which are leading payment platforms for the legal and accounting sectors respectively.

The fresh infusion of capital by Genstar is earmarked for accelerating AffiniPay’s innovation trajectory. The company plans to expand its suite of offerings, enhancing its current applications and potentially exploring new market verticals.

AffiniPay CEO Dru Armstrong shared, “We are thrilled for this next chapter with TA and Genstar.

“Since I joined AffiniPay in 2021, we’ve had incredible momentum and it’s been so rewarding to influence how core system of record software combined with financial technology can benefit our customers and push the operations of the legal and accounting industries forward. The support of Genstar and TA will allow us to continue investing in our practice management software and embedded financial services platform for professionals.”

Genstar Capital & TA Partner with AffiniPay Management to Drive Next Chapter of Growth

Thursday, July 25, 2024

SAN FRANCISCO and BOSTON-- Genstar Capital ("Genstar") and TA Associates ("TA") announced that the parties have entered into an agreement for Genstar to make a significant investment in AffiniPay, a leading provider of practice management software, integrated payments and embedded fintech for professionals across the legal, accounting, and professional services end markets. TA has been an investor in AffiniPay since 2020 and will continue to retain a meaningful stake in the company. Upon completion of the transaction, funds advised by Apax, which currently hold a minority position in AffiniPay, will fully exit their investment.

Headquartered in Austin, TX, AffiniPay has more than 500 employees and serves over 245,000 customers through industry-specific solutions, including: MyCase, CASEpeer, and Docketwise, leading practice management software applications for the legal industry; LawPay, a marquee payments platform for the legal industry; and CPACharge, a leading payments platform for the accounting industry. With this incremental investment, AffiniPay plans to continue its commitment to innovation and excellence by extending its already comprehensive suite of practice management software and embedded fintech solutions.

"We are thrilled for this next chapter with TA and Genstar," said Dru Armstrong, CEO of AffiniPay. "Since I joined AffiniPay in 2021, we've had incredible momentum and it's been so rewarding to influence how core system of record software combined with financial technology can benefit our customers and push the operations of the legal and accounting industries forward. The support of Genstar and TA will allow us to continue investing in our practice management software and embedded financial services platform for professionals."

Eli Weiss, Managing Partner of Genstar, commented, "Genstar has a long history of investing in industry-leading vertical software and payments companies. We are excited about AffiniPay's growth trajectory given its leading market position, commitment to innovation, and, we believe, strong management team. Alongside TA, Genstar looks forward to helping the Company extend its leadership in software and fintech while enabling new avenues of growth, through investments in new products and verticals."

"Since our investment in 2020, AffiniPay has realized meaningful organic growth and strategically enhanced its offerings, empowering professionals with solutions that increase productivity and reinforcing its position as an industry leader. Genstar's new investment demonstrates the strength of AffiniPay's strategy and the continued opportunity that lies ahead. We look forward to deepening our partnership with the AffiniPay management team and collaborating closely with Genstar to further accelerate the Company's growth journey," said Roy Burns, Managing Director of TA and Clara Jackson, Director of TA.

Lazard and Raymond James served as financial advisors to AffiniPay and TA. Goodwin Procter LLP, provided legal counsel to TA. Ropes & Gray LLP, provided legal counsel to Genstar.

AffiniPay Named to Inc. 5000 List for 13th Year in a Row

Wednesday, September 04, 2024

Austin Based Fintech Leader Reaches Milestone Ranking as one of the Fastest-Growing Privately Held Companies in the Country

AUSTIN, Texas--For the thirteenth consecutive year, AffiniPay has been named to Inc. Magazine’s annual Inc. 5000 list of fastest-growing, private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment–its independent, entrepreneurial business. Experiencing a 3-year revenue growth of 217%, AffiniPay continues its market leadership in the legal and accounting industries.

AffiniPay’s broad financial growth is powered by the continuous delivery of technology innovation for professionals. AffiniPay has most recently announced the launch of its latest technology AffiniPay IQ, a new introduction of purpose-built features that securely incorporates AI into daily workflows for legal professionals. Following the > acquisition of MyCase, AffiniPay recently launched MyCase Smart Spend powered by LawPay Visa Credit Card, marking the first business credit card and spend management offering for the legal industry.

“We are honored to be a part of the Inc. 5000 list for a thirteenth consecutive year showcasing the remarkable work of our forward-thinking teams and the trust our customers have in our solutions,” said Dru Armstrong, Chief Executive Officer of AffiniPay. “To achieve this recognition for over a decade positions AffiniPay in an elite group of businesses as we continue our persistent focus and commitment to serve customers better.”

The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate sparked up to a remarkable 1,637 percent. Additionally, this year’s Inc. 5000 companies have added 874,458 jobs to the economy over the past three years.

“One of the greatest joys of my job is going through the Inc. 5000 list,” says Mike Hofman, who recently joined Inc. as editor-in-chief. “To see all of the intriguing and surprising ways that companies are transforming sectors, from health care and AI to apparel and pet food, is fascinating for me as a journalist and storyteller. Congratulations to this year’s honorees, as well, for growing their businesses fast despite the economic disruption we all faced over the past three years, from supply chain woes to inflation to changes in the workforce.”

For the complete results of the 2024 Inc. 5000 list can be found here.

Company
AffiniPay

Management
James Sparrow, VP of Technology

Description
By understanding the unique needs of different verticals, AffiniPay, a financial technology company offers payment processing capabilities that seamlessly work within their existing business workflows and practices. The company’s industry-specific online payment solutions are designed for the legal, accounting, medical, and association industries. AffiniPay enables professionals to offer a seamless experience to their end customers, allowing them to make payments through an easy-to-use platform. AffiniPay also extends support for multiple payment methods such as credit cards, debit cards, and eChecks

Top 20 Payment And Card Solution Companies - 2020

AffiniPay Customized Payment Solutions for Unique Industry Needs