The Ledger
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McNabb: Increasing sales headcount does not equate to more sales
“We thought more bodies equated to more sales when that's fucking not true.
That's not true.”
McNamby: Major POS competitors charge $15k to $25k cancellation fees
“While most companies will say, Hey, by the way, you're going to owe us 15, 20, 25,000 dollars to cancel because that's the profit we would have made on your account.”
McNamby calls the payments industry a nightmare that exploits people
“It's just a fucking nightmare, our industry in general, of taking advantage of people.”
Large payment providers neglect rural businesses in favor of large cities
“Big companies, and you can probably name them, you know, a couple of them that are on the stock market or not, that their focus has to be in bigger companies. Cities where there's more transactions, bigger population, more payment processing, because they actu…”
McNabb: 95% of VisiPay's 100 staff had zero industry experience
“We hired about 95% of our staff. That have no industry experience whatsoever out of almost a hundred employees.”
McNabb: Full-time W-2 sales reps take six to eight months to achieve ROI
“So what we found out was it takes about six to eight months for ROI on a W two employee to make the money back when it comes down to what we're paying them salary wise,
plus, you know, commissions, whatever that's kind of separated.”
McNabb: VisiPay plans to hire no more than two people in 2024
“This year, our goal is to hire no more than like two people.
Our goal is not to hire a bunch of people this year.”
Austin McNabb personally guaranteed VisiPay's $1.5 million bank debt
“Did you have to sign a personal guarantee?
[904] Austin McNabb: Absolutely.”
Austin McNabb: VisiPay hired the banker who facilitated its loan as CFO
“I mean, the very person that helped us is now our CFO. It's kind of crazy how that works. So a small world, right? So now the very person that understood everything about us is now currently today our CFO.”
McNamby: Rural Businesses Resist Tech Due to Cost and Complexity
“When they want to level up, the technology is way too robust and way too costly with too many long-term contracts. Therefore they resist.”
VizyPay gives merchants up to $3,000 in free POS equipment
“Well, in our situation, we have an equipment placement program, so based on volume, et cetera, that we will place it there at no cost to them, so we're contributing two, 3000 dollars worth of equipment, you know, to their doorstep, and we give them options to …”
VizyPay grew from $12.7M to nearly $18M in revenue in 2022
“You know, in 2021, it was 12.7 million. This last past year was close to eighteen million.”
McNamby: Credit card payment volume persists regardless of economic recessions
“Well, the crazy thing is, you know, with this industry, if it's a recession or we're not a recession, everyone uses a credit card. So today, if people don't have money, they're using a credit card. They're going in debt, unfortunately, but they're still using …”
VisiPay bootstrapped its payment processing business by targeting rural communities
“That's been kind of our differentiator since we started, and that's, I think, helped us excel to the next level, being bootstrapped from the beginning till today, is we are focused strictly on, you know, rural American communities, which we believe technology …”
VisiPay grew revenue 19% to $21.5M in 2023
“From 2022 to 2023, our growth is about 19%. So we went from eighteen million to about 21.5 million in revenue.”
VisiPay projects $26.5M revenue in 2024
“This year we're anticipating to do around 26 and a half is kind of our revenue projections and goals is another 23% increase we're looking to do.”
Austin McNabb: VisiPay took a $1.5 million loan from a community bank
“Last year was 1.5 million. We worked with the bank on and we worked with them based on our projections and based on our current revenue growth, et cetera.”
VisiPay invested nearly $1M directly into Clover POS hardware
“You know, we basically put almost a million dollars into equipment because we saw it work last year.”
VisiPay processed $1.85B across 35M transactions in 2023
“Last year, we did a 1.85 billion, thirty five million transactions.”
McNabb: VisiPay has over 125 active 1099 reps and ~500 in training
“We have over a 125 to act of 1089 across the United States. And we have probably close to 500 in training.”
McNabb: VisiPay paid nearly $1M in monthly sales residuals
“Last, last month alone, we paid well, close to a million dollars of residuals out to W-twos and T-Nine-Nines.”
McNabb: VisiPay reduced residual payout rate from 52% to 43%
“The current market for us revenue streaming out in total when it comes out and that is about 43%, by the way, just because when you incorporate everything, there's deduction callbacks because, you know, accounts cancel, whatever, maybe it's about 43%. But anyw…”
Austin McNabb: VisiPay has signed over 13,000 merchant clients
“Today we're a little, we've signed over 13 plus thousand clients.”
VizyPay Targets Rural Mom-and-Pop Shops Over Major Metro Areas
“We don't focus on big towns like Chicago, San Francisco, Dallas, all these other areas. We focus on mom, pa shops in rural America.”
Austin McNamby: VizyPay is fully bootstrapped with zero outside money
“We're still bootstrapped. Not one dollar from outside money.”
Austin McNamby: VizyPay serves over 10,000 clients across the US
“We have a little bit over 10,000 clients across the United States, but that doesn't count maybe like the hardware because some locations have two or three pieces at their location, right? So if you just did a baseline of 10,000, cool, but you could probably ad…”
Austin McNamby: About 90% of VizyPay clients use basic terminals
“About 90%, a little bit about 90% of our clientele don't need a POS system that's two or 3000. It's mainly for restaurants and bars and retail locations that have a lot of inventory, but a lot of them are, it is the basic terminals”
McNamby: VizyPay earns 58 to 60 cents profit per transaction
“I'm just telling you on our end, on our profit, there's about 58 to 60 cents per transaction we make, you know, out of the millions of transactions we do a month across the United States.”
McNamby: VizyPay's Average Merchant Ticket Is Between $25 and $35
“About 20, about 25, 35 dollars across the board.”
McNamby: VizyPay processed nearly $1.8B in payment volume in 2022
“Processing volume last year was close to 1.8000000000 that we processed.”
McNamby: VizyPay will reach $27M to $30M in revenue in 2023
“I think we'll be close to a 27 to 30, depending on how the sales force goes with our hiring list we just had.”
McNamby: VizyPay launching à la carte fintech SaaS in months
“Including the kind of a silent channel, which is our FinTech, which we're building out technologies. That will eventually have sassies attached to them based on what the client needs kind of a la carte, which we're launching in the next couple months.”
Austin McNamby: Over 95% of VizyPay Staff Come From Outside Payments
“So we have 63% minorities, 27% women, and over 95% of our staff come from outside the payment space.”
VizyPay relocates talent to Iowa from California, Florida, and Mexico
“And as they're doing these layoffs, et cetera, we're actually moving people to Iowa. You know, I just moved, you know, I've moved people from Florida, from You know, California. I moved people from Mexico before. I moved people from, you know, other parts of t…”