Bill Clerico

I had no money when I started the company.

It was $160 million, which is the size of many IPOs.

Sure.

So there's this big revolution happening out there in payments where payments used to be sold kind of door to door by folks that would sell payment terminals to small business owners or you'd get it through your bank.

And so you'd basically contract with a payment company or the bank and you'd use that to accept credit cards, whether that was in person or online.

But what's happened over the last five to 10 years is that software companies are totally disrupting that.

distribution mechanism.

So more and more small business owners are using software to grow and run their businesses.

And payments are just coming as a tightly embedded or integrated part of that.

And so companies like WePay are helping those software companies tightly embed payments into their software offerings so they can then sell them to small businesses.

Yeah.

So you can think of folks like GoFundMe or Meetup or, you know, lots of kind of interesting companies that are in interesting verticals.

So like one of my favorite companies is a company called Time to Pet.

They're a marketplace for dog walkers to connect with customers.

So, you know, really any type of marketplace that's connecting buyers and sellers is a really good fit for our platform.

Yeah, exactly.

So payments is typically priced on just a per transaction fee basis.

So we charge our customers the kind of marketplace or the software platform a fee.

Sometimes they add fees on top of that to monetize their business as well.

And, you know, and so the end customer is paying typically around 3% for payment processing, which is about the market rate.