PaySimple’s Cure for the Common Payment

Name: Eric Remer

Title: Chairman and Chief Executive Officer

Company: PaySimple (view company bio)

Related Story: PaySimple’s New Mobile Payments App Delivers on Small Business Needs


PYMNTS.com: What are some of the biggest challenges small business currently face as far as making and receiving payments?

ERIC REMER: Late payments are still plaguing small businesses. According to our recent Small Business Pulse survey, 49% of small businesses suffer from late payments every month. The fear of not getting paid is a leading issue that keeps small business owners up at night. This seems to be worsening for small businesses, with 33% of business owners saying they are pursuing more late payments than they were last year(1).

While accepting checks in person and through the mail is still the most common way that small businesses get paid, there was a 50% increase in small businesses that accepted electronic payments in 2011 as opposed to 2010(2).

[(1) & (2): INFOGRAPHIC: Small Business Year in Review 2011, Outlook 2012]

PYMNTS.com: What pain points does PaySimple alleviate for small business owners?

REMER: Small businesses report that their two biggest pain points when it comes to payments are getting paid on time and keeping track of everything. PaySimple helps with precisely this. With our solution small businesses can both save time and get paid faster.

85% of our customers report saving time through using features such as our dashboard that easily keeps track of everything, being able to set up set-it-and-forget-it recurring billing and by having a system that automatically sends out all communications and follow-ups. 55% of our customers say they get paid faster by being able to offer their customers flexible payment options.

Customers switching from manual invoicing to click-to-pay email invoicing, save 9.6 hours every week on billing a single client and they report they get paid 15% faster with online payment rather than having to wait for a check in the mail.

Beyond this we also provide simply amazing support in a world notorious for poor service. Small businesses are tired of being ignored by large enterprises and the hidden fees and the lack of a knowledgeable person to call have burned many. With PaySimple, every single customer receives SimplyAmazing support – from the moment they first enquire they are provided with a dedicated account manager who ensures their business will be successful using our system.

PYMNTS.com: Payment security is always of consumer to consumers. What type of security features does the product contain?

REMER: Ensuring the highest level of information security and confidentiality around the data on our system is a cornerstone of our business given the profile of the clients we service and the highly sensitive nature of the information we handle. Rigorous, institution-grade security, technology, and information controls govern every aspect of the intake, processing, use, and accessibility of all of the data that passes through or resides on our platform.

Our platform uses the most powerful security tools that exist in the marketplace and all sensitive information, including bank account and credit card information is stored encrypted. The PaySimple solution and hosted web forms use a 256-bit DigiCert certificates. Processing is performed over encrypted SSL connection. All systems are monitored and proactively compliant with PCI DSS. PaySimple is a Level 1 PCI certified company.

PYMNTS.com: Who are some of PaySimple’s partners?

REMER: Beyond being sold directly under the PaySimple brand, we also offer turn-key custom branded solutions for large enterprises looking to provide long-lasting value to their small business members, while adding a recurring revenue stream. Our current partners with product in market today include American Express (AcceptPay), JP Morgan Chase (Zip), Western Union (Small Business Payments) and Vantiv (PayTally).

PYMNTS.com: How will PaySimple continue to drive innovation around receivables in 2012?

REMER: We have many innovations planned for 2012. Some of which include a continued focus on mobile payments, better tools to help small businesses manage their complete cash flow picture, and promoting social relationships and loyalty through payments. We are also continuing to expand our partner toolset for on-the-fly custom-branding to support their distribution channels.

PYMNTS.com: This isn’t your first ride on the entrepreneurial merry-go-round, so to speak. Tell us about some of your past ventures and any words of wisdom for those working on startups.

REMER: The first company I started was I-Behavior, which was a data base marketing company focused on helping traditional direct marketers target consumers more effectively. We sold our online division to Akamai, and our offline division to Y&R. Conclave Group was the second company I started. Conclave Group published a new mover guide called Apartment Moves that was focused on helping marketers target the hard to reach apartment renters. We built a national distribution of 15,000 properties in 45 states and printed approximately 2,000,000 publications per year. Our properties loved our product and began asking if we could help them with one of their most pressing needs…collecting rent more efficiently. PaySimple was originally developed to serve that need.

It is hard for me to provide much advice to my fellow entrepreneurs as I feel I am in a constant learning mode myself. However, the best piece of advice I ever received from one of my early board members was… “It is rarely a big deal, customer, partnership or major event that will make your venture successful, it is all the little things you do every day that ultimately lead to building a great company.”

PYMNTS.com: Let’s play a little word association:

REMER:

  • Cash is…. inconvenient
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  • Checks are… inefficient
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  • eCommerce is…mainstream
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  • Mobile commerce is….on the edge of its seat
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  • The most important thing to consumers is….convenience, service & the flexibility to pay for services and goods how, when and where they want.
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INNOVATOR BIO: Eric Remer founded and currently serves as the Chairman and Chief Executive Officer of PaySimple. Prior to PaySimple, Eric founded Conclave Group, a direct marketing services company, where he served as Chairman and Chief Executive Officer. Eric also co-founded and served as the Vice President of Business and Strategic Development for I-Behavior, a leading behavioral targeting and database marketing organization. I-Behavior sold its online division, Acerno, to Akamai and its offline data division to the KBM Group.

Eric began his career working in investment banking at Kidder, Peabody & Company. Eric graduated with a B.A. in history from the University of Michigan.