Why target rural America
“we are focused strictly on, you know, rural American communities, which we believe technology is passing them by specifically in the payment space.”
Founder conversationMaster $20m+
How VizyPay Grew From $18M to $21.5M Bootstrapped Selling Payments to Rural Businesses
Austin Mac Nab explains how VizyPay funded losses with a $1.5M community bank loan, slowed hiring and built a 1099 residual sales channel while staying bootstrapped.
Austin Mac Nab · VizyPay
Published April 2, 2024About this resource
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What you’ll learn
Austin Mac Nab, founder and CEO of VizyPay, explains how the bootstrapped payments company serving rural small businesses grew about 19% from $18M to $21.5M in 2023 while missing its $27M target. He covers why more W-2 hires did not mean more sales, a $1.5M community bank loan backed by a personal guarantee, and a residual-based 1099 sales channel that pays out about 43% of revenue.
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W-2 rep payback period
“What we found out was it takes about six to eight months for an ROI on a w two employee to make the money back”
How the bank released the loan
“They said, well, what are you gonna spend it on? And then they released it slowly based on need and throughout the year.”
Lifetime residuals for contractors
“we do what we call lifetime residuals too. So as long as those accounts are active with us, we are able to continue paying them residuals.”
Buying out residual books
“I've seen as high as 25 multiple, and I've seen as low as seven multiple.”
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Video
Austin Mac Nab
CEO and Founder · VizyPay
- Company revenue
- $22M
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