Up close with iPayMy

Up close with iPayMy

“Businesses love iPayMy because it works like a credit card, but pays like cash”

iPaymy for Business is a secure platform that allows SMEs to pay for salaries, invoices and corporate taxes, using their credit cards. By providing interest-free payments with no delays, a suite of online tools for payment and expenses management, as well as personalised financial customer service, iPaymy for Business creates a full-stack ecosystem to support and guide SMEs in managing their working capital. The team has recently secured a seed funding of $1M USD led by Venture Capital firms BEENEXT and Digital Garage Incubation.

Today, we will understand more about the forces behind this exciting new idea, with the co-founders Chrystie Dao-Szabo and Ethan Dobson who have a combined experience of nearly 4 decades in the finance and tech industries.

1. What are the best few options open to SMEs for their financing?

The best option is to have cash, so that an SME does not have to depend on traditional financing options, like bank loans. In reality, most SME operators won’t qualify for a loan anyway, so the bank loan route is a false option for most.

2. What are the constraints of these best options?

The biggest constraint is access to cash. While having cash is the best option, most SME operators aren’t able to bootstrap and run their business on the cash they already have.

3. How does iPaymy fit in as a powerful new option?

Ipaymy for business helps SMEs have access to the best option – cash! We do this by allowing the SME operator to pay all of their expenses using their credit card. With ipaymy, expenses that traditionally require cash up front, like salaries, rent, invoices, and tax can now be paid using a credit card. This means the SME can meet all of their payment obligations, while keeping their cash for 55 days longer, paying zero interest. This is an incredibly powerful tool SMEs can use to fuel growth in their business. As mentioned, it’s very tough for an SME to get a bank loan, but most will have access to a credit card.

4. In your journey so far, what has been your greatest setback and how have you overcome it?

My greatest setback(s) have been self-imposed. As an entrepreneur, most of the time you are flying into the wind and a positive mindset can be a very powerful antidote to the daily struggles. I’ve definitely made some bad decisions and lost some opportunities because I was unable to see the upside. I’ve worked really hard to adjust my mindset and learn to look for upside vs. the down.

5. Tips for budding entrepreneurs

I’ve said this before, but I continue feel strongly that entrepreneurs need to truly understand the economics of their business. I often speak to people who are building interesting companies, but lack the fundamental understanding of how they will make money. I think there is a tendency to get lost in romance of the idea and forget the practicality of the economics. Start at the unit and know it front and back. First solve for making money from one unit, add water, rinse and repeat.

6. Your motto in life

There is light in the darkness.

For more on iPayMy, click here to visit iPayMy.com!

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