Payments App Business

Payments App Business Success Stories [2024]

Pat Walls

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Updated: October 9th, 2024

Fed up with cumbersome transactions and outdated payment methods? Enter the payments app business. This idea revolves around developing a mobile application that facilitates smooth and secure financial transactions.

By offering a streamlined solution for payments, both small businesses and consumers can experience enhanced convenience and efficiency. In essence, a payments app allows users to link their bank accounts or cards to make instant payments, split bills, and even manage budgets—all within a few taps.

With the increasing shift towards digital transactions, particularly in the era of contactless payments, the market for such apps is ripe for innovation. Building a payments app requires a blend of sound financial know-how, user-focused design, and robust cybersecurity measures. If you're willing to invest the effort, this business idea offers the potential to revolutionize how people handle their money.

In this list, you'll find real-world payments app business success stories and very profitable examples of starting a payments app 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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