Executive Summary

In one sentence, what do you do?

PaySimple provides a SaaS based electronic invoicing and payment acceptance platform that enables small businesses to bill, collect and manage their customers all in one user-friendly system.

What problem do you solve for and for whom?

There is a fundamental gap between the efficiencies available to large corporations (with larger budgets) and small businesses.  While these larger companies have the resources to set up complex payment, invoicing, and reporting efficiencies, small businesses have been left behind and are still accepting paper checks as their main form of payment. 

Currently, less than 30% of small businesses accept any form of electronic payment.  This is not only inefficient, but businesses are also beginning to lose revenue as customers are demanding alternative payment options from their merchants.

What makes you different than anyone else in this space?

Our technology and our service.  Our SaaS platform simplifies and streamlines the process of transitioning to and using electronic payments as a key part of the payment acceptance process.  Rather than having to first purchase the software or monthly plan, and then having to apply for or integrate a merchant account from a separate provider (with additional costs), PaySimple provides a one-stop shop where a merchant can set up a merchant account and begin using our software solution in as little as a day.  In addition, our proprietary Simple Sign-Up^TM online application makes applying for a merchant account quick and secure.

What was the feedback received from your last investor or client discussion?

We conduct surveys on a regular basis, which is one of the best ways that we enable our clients to share feedback with us.  We pride ourselves on our level of customer service, so survey results and the comments our clients input are extremely important to us!  Here a couple examples:

"Our experience with Pay Pal was very frustrating. It was difficult to speak to a live person and they had so many restrictions that it was difficult to get the information we needed in a manner that supported us as a small business.   However, Pay Simple was a refreshing change. Your system is easy to use and your support team was very responsive and walked us thru the process of getting started. We have not had any problems at all. The payments are automatically processed each month and deposited into our bank account. The pricing is fair and the process is reliable. Pay Simple has really made a difference in our business.   We have confidence in the system and it is comforting to know that we can call and speak with a live person that is understanding of our needs as a small business and actually cares!  We have referred Pay Simple to many of our friends in business and will continue to do so.  Thanks for all you do."

"Pay Simple is extremely easy to use.   Every day, it saves me a great deal of time and energy!   Considering I own a small business owner, my time is extremely valuable to me.  The fact that it's made my life easier, is an understatement."

Provide 50 words or less that would get someone like Warren Buffet to listen to your pitch.

Getting paid faster and providing customers payment options is becoming a necessity for small businesses.  With 85% of small businesses still accepting checks as their top payment method, we expect a mass transition to electronic payment acceptance over the next several years.  PaySimple is perfectly positioned to accelerate this transition.

What is the one word that most of the people you talk to about your product or service use to describe it?

Simple

Why are you "what's next" in payments?

What's next in Payments is such a great question and always relative based upon your daily interaction with the world.  I am certain there are many whiz bang technical advances coming down the pipe and will fundamentally change the way all of consumers pay for our goods and services but I am still focused on some of the basic shortcomings. 

With less than 30% of small businesses accepting any form of electronic payment, and the most common form of payments currently being paper checks, we can expect a mass conversion to electronic payment acceptance over the next several years.  Customers' ability to pay online and businesses' ability to get paid fast are no longer nice-to-haves.  We believe PaySimple is the easiest and simplest technology solution to enable small businesses to make that transition.

General Company Information

Founder(s):  Eric Remer (CEO) and Allen Wolff (EVP)

Key members of the executive team:
Eric Remer - Co-Founder and CEO
Allen Wolff - Co-Founder and EVP
Sherri Hammons - CTO
Carol Wood - CFO
Matt Feierstein - COO
Connie Howard - SVP, Sales

Management's prior entrepreneurial experience (150 words or less):
Eric Remer founded and currently serves as the Chairman and Chief Executive Officer of PaySimple. PaySimple began as a wholly owned subsidiary of Conclave Group, a direct marketing services company, which he founded and served as Chairman and Chief Executive Officer. Prior to founding Conclave Group, Eric co-founded and served as the VP of Business and Strategic Development for I-Behavior, a database marketing solutions provider. Eric began his business career in investment banking, most recently with Vrolyk & Company, a San Fransisco-based investment banking firm serving emerging growth and middle market companies. Eric graduated with a BA in History from the University of Michigan.

Number of employees: 50

Funding Stage: Series C

Where can we find you on the Web:

Website URL:  http://www.paysimple.com

Blog URL:  http://www.paysimple.com/blog

Twitter URL:  http://twitter.com/paysimple

Contact email:  guide@paysimple.com