QuickFee Limited (ASX:QFE)
QuickFee Limited (ASX:QFE) was founded in March 2009 and developed a unique payment gateway for Australian accounting and law firms allowing them to accept monthly payment plans where clients obtain finance online from QuickFee AU to facilitate invoice payments to the professional services firm in full.
Following the success of QuickFee AU in the Australian market, management of QuickFee AU incorporated QuickFee US in 2016 as an entirely separate operating entity to pursue opportunities in the much larger market in the USA where no direct competitor exists.
The Company’s strategy is to build on QuickFee AU’s profitable operating history and significant market position in Australia and to take advantage of the largely untapped growth opportunity identified in the much larger USA market for professional services fee funding, where it has established a relationship with more than 230 accounting firms and a distinct first mover advantage.
What is the QuickFee Platform
The QuickFee Platform allows Clients of Firms utilising the QuickFee Platform to take on financing for invoices raised by the Firm as well as pay those invoices by EFT or credit card. Firms can include a link to QuickFee Platform on all invoices they issue to Clients and/or a link from the Firm’s website.The QuickFee Platform requests information about the Client and the invoices they wish to pay and then presents three options: (a) pay by the month in instalments using a loan; (b) pay in full by EFT; or(c) pay in full by credit card.
How does the QuickFee Business generate revenue?
The QuickFee Business generates revenue from selling its services to users by marketing to Firms and having them host the QuickFee Platform while recommending the loan services provided by the QuickFee Business to their Clients. QuickFee AU also generates revenue through Disbursement Funding and Family Law Funding
Specifically, the QuickFee Business earns revenue from:(a) monthly hosting fees; (b) credit card processing; (c) rapid settlement of EFT transactions in the US; (d) interest accrued and facility fees through debt financing of Client invoice payments; and (e) interest accrued and facility fees through debt financing disbursements and family law proceedings for Australian legal Firms.
More Information on QuickFee
For more information see the QuickFee Limited Prospectus.