<SEC-DOCUMENT>0001683168-24-005942.txt : 20240925
<SEC-HEADER>0001683168-24-005942.hdr.sgml : 20240925
<ACCEPTANCE-DATETIME>20240821122108
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001683168-24-005942
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Paysign, Inc.
		CENTRAL INDEX KEY:			0001496443
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				954550154
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2615 ST. ROSE PARKWAY
		CITY:			HENDERSON
		STATE:			NV
		ZIP:			89052
		BUSINESS PHONE:		702-453-2221

	MAIL ADDRESS:	
		STREET 1:		2615 ST. ROSE PARKWAY
		CITY:			HENDERSON
		STATE:			NV
		ZIP:			89052

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	3PEA INTERNATIONAL, INC.
		DATE OF NAME CHANGE:	20100713
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 45px; width: 275px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brian H. Blaney</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel 602.445.8322</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax 602.445.8603</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">blaneyb@gtlaw.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">August 21, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Via EDGAR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Mail Stop 4561</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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  <TD STYLE="text-align: left; width: 8%">Attention:</TD>
  <TD STYLE="text-align: left; width: 92%">Stephen Kim<BR>
Theresa Brillant</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Paysign, Inc.<BR>
Form 10-K for the Year Ended December 31, 2023<BR>
File No. 001-38623</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is in response
to your letter dated August 12, 2024 (the &ldquo;Comment Letter&rdquo;). We are counsel to Paysign, Inc. (the &ldquo;Company&rdquo;).
As such, the Company hereby submits its responses to the comments of the staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;)
of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) in the Comment Letter. The Company&rsquo;s responses are indicated
below, directly following a restatement of each Staff comment in bold, italicized type. The headings and numbers of the Company&rsquo;s
responses coincide with the headings and comment numbers set forth in the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Form 10-K for the Year Ended December 31, 2023</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Item 7. Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations<BR>
Results of Operations<BR>
Comparison of Year Ended December 31, 2023 to Year Ended December 31, 2022, page 24</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><I><U>Staff Comment</U>: Please revise to quantify factors to which changes are attributed throughout
your results of operations discussion. For example, we note your disclosure that the increase in cost of revenues during fiscal year 2023
was primarily due to an increase in cardholder usage activity and associated network expenses such as interchange and ATM costs, an increase
in plastics and collateral related to an increase in the number of unique card loads, an increase in network expenses and sales commissions
related to the growth in your pharma patient affordability business, and an increase in customer service expenses associated with wage
inflation pressures and the overall growth in your business, offset by a decline in postage. Refer to 303(b) of Regulation S-K.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Company Response</U></B>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the Company will, consistent with Item 303(b) of
Regulation S-K, quantify factors to which material changes are attributed throughout the Company&rsquo;s results of operations discussion.
As an example of this disclosure, the Company will provide information similar to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Stephen Kim and Theresa Brillant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 21, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;Cost of revenues for the year
ended December 31, 2023 increased $6,058,928 compared to the same period in the prior year. Cost of revenues is comprised of transaction
processing fees, data connectivity and data center expenses, network fees, bank fees, card production and postage costs, customer service,
program management, application integration setup, and sales and commission expense. The increase in cost of revenues consisted primarily
of (i) increased network fees of approximately $4,491,000, which was driven predominantly by increased ATM network usage associated with
growth in our card programs and increases in transaction fees related to inflationary pressures; (ii)&nbsp;increased sales commission
expense of approximately $696,000 related to the increase in overall revenue for programs in which we pay commission expenses; (iii) increased
customer care expense of approximately $461,000 associated with the growth in our business, wage inflation pressures, a tight labor market,
and increased benefit costs; (iv) increased plastics and collateral of approximately $367,000 related to an increase in the number of
unique card loads associated with the growth of our programs; and (v) increased third-party program management of approximately $136,000.
These increases were offset by a decline in postage of approximately $119,000.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to Consolidated Financial Statements<BR>
2. Summary of Significant Accounting Policies, page F-7</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B><I><U>Staff Comment</U>: Please disclose all required information regarding your segment(s) in accordance
with ASC 280-10-50. Provide us with a copy of your intended revised disclosure.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Company Response</U></B>: The
Company acknowledges the Staff&rsquo;s comment and respectfully advises the Staff that the Company has reviewed the guidance in ASC 280-10-50,
and considered many factors, including the information its Chief Operating Decision Maker (&ldquo;CODM&rdquo;) reviews, the Company&rsquo;s
business activities and the Company&rsquo;s reporting structure, in determining its operating segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">ASC 280-10-50-1 defines an operating
segment as a component of a reporting entity with three characteristics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.25in">&bull;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
  <TD STYLE="text-align: justify">It engages in business activities from which it may recognize revenues and incur expenses (including revenues and expenses relating to
transactions with other components of the same public entity)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: justify">&bull;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
  <TD STYLE="text-align: justify">Its operating results are regularly reviewed by the public entity's chief operating decision maker to make decisions about resources
to be allocated to the segment and assess its performance</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: justify">&bull;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
  <TD STYLE="text-align: justify">Its discrete financial information is available</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company believes there is not a
component of the Company that meets the definition of an operating segment. The CODM uses a consolidated approach to assess the performance
of and allocate resources to the business. There is no discrete financial information for the Company&rsquo;s components provided to the
CODM, other than revenue by customer industry type as presented in the Company&rsquo;s consolidated financial statements. The Company
includes expenses and assets in the CODM package on a consolidated basis. The revenue-only data by customer industry type reviewed by
the Company&rsquo;s CODM is not sufficient to evaluate the performance of each business operation and allocate resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">After considering the Staff&rsquo;s
comment and further evaluation of the Company&rsquo;s current disclosures, beginning with the Company&rsquo;s Form 10-K for the fiscal
year ended December&nbsp;31, 2024, the Company will provide the following disclosure related to segment reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Segment Disclosure:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company operates as one business,
a vertically integrated provider of prepaid card products and processing services. The Company&rsquo;s chief operating decision maker
(&ldquo;CODM&rdquo;), who is the Company&rsquo;s chief executive officer, utilizes a consolidated approach to assess the performance of
and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment
and single reportable segment for accounting and financial reporting purposes.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Stephen Kim and Theresa Brillant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 21, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with this response,
the Company acknowledges that it is responsible for the accuracy and adequacy of the disclosure in its filings, notwithstanding any review,
comments, action or absence of action by the Staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hope that this resolves
the questions as outlined in your letter. Should you have any further questions, please do not hesitate to contact me at 602-445-8322.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.25in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.25in"><I>/s/ Brian H. Blaney</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.25in">Brian H. Blaney</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 5%">cc:</TD>
  <TD STYLE="text-align: left; width: 95%">Mark Newcomer (Paysign, Inc.)</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">&nbsp;</TD>
  <TD STYLE="text-align: left">Jeff Baker (Paysign, Inc.)</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">&nbsp;</TD>
  <TD STYLE="text-align: left">Robby Strobo (Paysign, Inc.)</TD></TR>
</TABLE>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
