BillingTree, an on-demand payment processor, on Monday announced it has again exceeded growth targets, reporting on figures for the first quarter ended March 31.
The company grew 49% over the year-ago period - almost double BillingTree's 2012 forecast growth figures of 25%, according to a company news release.
BillingTree currently processes more than $2.5 billion of integrated, on-demand payments annually.
The success was fueled by repeat business and growth from existing clients within the accounts receivable management industry and supported by new account acquisitions in health care and utilities.
During the quarter, BillingTree also completed an expansion into cloud-based solutions with a partnership agreement to integrate its payment services with claims settlement company, Debt Resolve Inc.
"These figures are an extremely positive indicator of the quality and range of services BillingTree offers," says David Roberts, BillingTree's president. "In addition to the moves into the major verticals we have been particularly encouraged by our accelerating performance in the accounts receivable management industry, where we have outperformed our forecasts because of our partner integrations and unique ability to offer compliant payment solutions to agencies."
BillingTree supplies multi-channel electronic payment platform to a growing list of industries, including insurance, utilities - such as power, cable, municipal and phone - and health care and subscription-billed services.