Cass Information Systems processes and pays invoices on behalf of large U.S. corporations, primarily in manufacturing, distribution, and retail. Cass handles two main categories: freight and transportation invoices (its largest and oldest business, where Cass is one of the largest freight bill payment processors in the U.S. by volume), and facility-related invoices covering electricity, gas, and waste. In both cases, clients fully outsource their payables workflow to Cass — Cass collects vendor invoices, audits them, allocates costs to the appropriate accounting codes, and pays vendors on the client's behalf. Cass makes money two ways: fee-based processing revenue that scales with transaction volume, and float income earned on client funds held temporarily in transit between collection and vendor payment. Cass owns its bank subsidiary, Cass Commercial Bank, which sits at the center of payment operations and allows Cass to capture net interest income on float balances in addition to processing fees — a combination that distinguishes Cass from pure fintech payment processors. Float income is sensitive to interest rates, making rate levels a meaningful earnings driver alongside payment volume. Cass Commercial Bank also independently serves St. Louis-area businesses, restaurant franchises, and faith-based ministries. Cass operates two smaller businesses: CassPay, a B2B payments platform, and TouchPoint, a church management and giving platform. In mid-2025, Cass sold its telecom expense management unit to Asignet for $18M, simplifying the portfolio around its core freight and utilities processing operations.