Australian FinTech company profile #158 - iPayPro

1. Company Name: iPayPro

2. Website: https://business.ipaypro.co 

3. Key Staff & Titles: 

David Meyer – CEO
Asha Dhadhi – Project Manager
Justin Mason – Relationships Manager

4. Location(s): Australia

5. In one sentence, what does your fintech do?:

iPayPro is an all-in-one QR Payments, CRM and POS Solution.

6. How / why did you start your fintech company?:

The world is changing fast and our current banking and payment systems are too slow, failing to adapt and holding businesses back, even causing some to fail. COVID put extreme pressure on every business, forcing them to become contactless in every way. We decided to revolutionise the payments industry and create the technology and systems to empower businesses with the tools to become contactless and profitable again with ease. We created NFC-enabled EFT-Tags, iPayWatches and QR-Codes/Tags alongside a fast, easy-to-use point-of-sale system to facilitate local and cross-border payments and provide all users with a truly cashless and contactless experience.

7. What is the best thing your company has achieved or learnt along the way (this can include awards, capital raising etc)?:

One of our proudest achievements was being able to assist the Victorian Government when they were navigating and planning how to reopen Victoria safely in the current pandemic. We helped build the QR Code Guest registry and provided many merchants in Victoria with our service which helped open their doors to the public and stay open. Our Payments Links have raised over $0.5M in less than a year since we started and continue to develop and grow to different sectors and industries.

8. What’s some advice you’d give to an aspiring start-up?:

• Create a business plan.
• Have a well-defined niche.
• Be good at ONE thing than bad at 10. It is hard as an entrepreneur but you gotta do what you gotta do to get yourself to the next level.
• Study the market. Test your concept.
• Do not quit. Do not panic.
• Seek consultation from advisors who have been in the fintech industry.
• Avoid cutting corners and having shortcuts.
• Be passionate & reselient.
• Starting a successful business is hard work. You will not get there overnight.
• Hire wisely. … Make sure your team understand you are a start-up with a very limited budget and there is no room for mucking around and wasting resources.
• Set SMART goals… Make a habit of saying NO to distractions

9. What’s next for your company? And are you looking to expand overseas or stay focussed on Australia?:

We are currently testing the market in a few countries and have found that iPayPro could become more successful by focusing on the international market instead of just our local one. We aim to expand to Southeast Asia, the UK, the USA and Japan, where we can see great opportunities for all of iPayPro’s features, technology and future developments.

10. What other fintechs or companies do you admire?:

Wise

11. What’s the most interesting or funniest moment that’s happened in your company’s lifetime?

We decided at the start to have a 10-day campaign to get new registrations. We aimed for at least 1 new business a day and a total of 10 for 10 days. We started the week. After the first 2 to 3 days, our whole team would start coming together in our small office to cheer and celebrate. We were getting 1 new merchant registration every 10 minutes! We would all sit and wait for the moment someone would say: “We got another one!” and then the whole team would move their chairs, stand up and cheer hurray as loud as they could. It was a great feeling, it was fun, and it meant everything to every single one of us.