We love supporting SMEs – and so do Paysme! We recently caught up with Derek Stewart [Founder and CEO of Paysme] who told us all about their journey since helping taxi drivers with mobile payments, to providing specialist industry mobile apps..
In a nutshell, who are Paysme?
Derek: “Paysme was initially incorporated in 2010 to help taxi drivers with mobile payment but has now grown to include market traders and sports clubs. Paysme’s vision is to become the trusted supplier of digital financial services to underserved SME communities by aggregating e- commerce, digital banking, insurance, business credit card, fuel card, pension, accounting and marketing tools – all from one app. These solutions are ‘Powered by Paysme’ and tailored to specific product apps so are directly relevant to our customers including Marketti for market traders & independents, cab:app for black cabs & licensed taxis, and Fanslive for football & rugby clubs.”
Where do we fit into your journey?
Derek: “We required a flexible card payment option that could be used by multiple staff, as previously we were paying for everything on personal credit cards and then having to submit expense claims which was a very inefficient use of our time. It has removed the inefficient process of doing expense reclaims and also improved the cashflow of the business. We also like the new feature that links transactions directly to Xero.
“The one occasion that stands out was using the COT [Capital on Tap] card to pay for a black cab that already had our own mobile point of sale installed in the taxi, so were processing our COT card on our own payment platform!
“The experience was much smoother and faster [compared to traditional banks], which is what a small business needs as time is critical when running and growing your own business.”
What advice would you give fellow small business owners?
Derek: “Raising funding has been our biggest challenge, so I would advise other start ups to generate revenue ASAP and aim to become financially self-sufficient so you are in full control of your future.”
Massive thanks to Derek for taking the time to speak with us! Find out more about Paysme here:
Facebook / Twitter / Instagram: @paysmeapps
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