Payment Solution Business

3 Payment Solution Business Success Stories [2024]

Pat Walls

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Updated: October 9th, 2024

Are you ready to streamline how businesses handle transactions? A payment solution business might be your calling.

In simple terms, a payment solution business provides secure methods for processing financial transactions, essential for any ecommerce or physical store. You would develop platforms that facilitate payments between consumers and businesses, from credit card processing to mobile payments.

This niche is a growing necessity, given the continual shift towards digital and contactless payments. Starting this business means addressing real-time needs in security and ease of use, creating reliable and efficient systems that can handle numerous transactions seamlessly.

The potential for growth is significant as businesses of all sizes are constantly seeking out better payment solutions. Developing a versatile, scalable platform could position you at the heart of this booming industry. Your success hinges on understanding both technology and financial regulations, making this a challenging yet highly rewarding venture.

In this list, you'll find real-world payment solution business success stories and very profitable examples of starting a payment solution business that makes money.

1. VizyPay ($20.4M/year)

Austin Mac Nab, the CEO and Founder of VizyPay, came up with the idea for his business after realizing that small businesses in rural America were being overlooked by legacy payment processors. He saw the need for transparent and cost-effective payment solutions tailored to the needs of these merchants, and thus created VizyPay. Since its launch, VizyPay has amassed about 12,000 small business merchants in all 50 states, saved merchants over $27 million in unnecessary card processing fees, and achieved a revenue increase of 28% year-over-year.

How much money it makes: $20.4M/year
How much did it cost to start: $197K
How many people on the team: 110

How We Have Built An $18M/Year Business Providing Payment Processing Solutions To SMBs

VizyPay is a bootstrapped fintech that provides transparent and cost-saving payment processing solutions to small business merchants across rural America, with over $27 million saved for merchants through their Cash Discount Program, experiencing a revenue growth of 28% year-over-year in Q1.

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2. Factofly ($1.8M/year)

Jannik, the co-founder and CEO of FactoFly, came up with the idea for the business after experiencing the burden of administration as a freelancer. Through extensive market research and interviews with freelancers, he saw a need for a platform that would handle the administrative tasks for freelancers, allowing them to focus on their work. Since its launch, FactoFly has grown its revenue to around €130k monthly and is now preparing for a seed round to expand into new European regions.

How much money it makes: $1.8M/year
How much did it cost to start: $50
How many people on the team: 4

This Admin Tool For Freelancers Now Generates $1.8M/Year [Denmark]

FactoFly, a platform for freelancers to handle their administrative tasks, has grown from 0 to €130k monthly revenue in 12 months, and is preparing for a seed round and expansion to other European regions.

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3. PriceWell ($60K/year)

Spiro (Ros) Kontoprias, co-founder of PriceWell, came up with the idea for the business after experiencing the tedious and time-consuming process of integrating a billing system for a project. He realized there was a need to simplify billing for subscription businesses, especially for non-technical individuals, and teamed up with co-founder Matthew Reid who had significant payment experience. After receiving validation from their first paying customer, they developed a working MVP and launched the business.

How much money it makes: $60K/year
How much did it cost to start: $100
How many people on the team: 1

These Co-founders Who Never Met In Person Built A $5K/Month Billing SaaS

PriceWell simplifies billing for subscription businesses with a personal billing team service, generating $5k in MRR with 120 active customers and almost 2,000 sign-ups, through social media, cold emails, paid start-up newsletters, and programmatic SEO.

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Read by 3,753 founders