7 Online Payment Service Success Stories [2024]
An online payment service provider is a third-party company that provides a payment platform for businesses that accept online payment methods like debit cards, credit cards, cash cards, etc. Building an online payment platform is a great way of achieving financial freedom. This is because the payment platform charges the stores and service providers a convenience fee for using their services, generating a passive income for the business owners.
If you plan to build an online payment solution, focus on building a solution that will process different payment types.
In this list, you'll find real-world online payment service success stories and very profitable examples of starting a online payment service that makes money.
1. Transformify: Workforce Management System ($60M/year)
Started in 2015 when remote work was still a novelty, Transformify grew exponentially, providing global payroll and payments to international contractors and achieving 650% revenue growth in 2021. The idea came after the founder witnessed highly qualified professionals losing their jobs due to automation and process optimization at Coca-Cola Enterprises.
How much money it makes: $60M/year
How much did it cost to start: $250K
How many people on the team: 35
Transformify, a global payroll and payments platform for international contractors, achieved 650% revenue growth in 2021 and reached profitability in 2019, offering social impact programs for various vulnerable groups, vendor management systems for temporary workforce management, and an AI-driven applicant tracking system to help job seekers switch careers amid Covid-19 outbreak.
2. shurjoPay ($24M/year)
Fida Haq, the MD and CEO of shurjoPay, came up with the idea for the online payment gateway in 2009 while managing an ATM network in Bangladesh. Recognizing the challenges faced by the e-Commerce sector in the absence of a local payment gateway, Haq decided to create shurjoPay to facilitate online payment collection for merchants. Since its launch, shurjoPay has become a key player in the industry, averaging a transactional volume of $1.5 million per month with over 600 merchants onboarded.
How much money it makes: $24M/year
How many people on the team: 150
Bangladeshi MD and CEO Fida Haq established shurjoPay in the e-Commerce sector in 2010, a payment gateway as a merchant service provider so MSMEs could accept online payments in a country that lacked such a solution; now averaging $1.5M in transactions per month with 600 merchants, and expanding services with QR-based payments and payment links.
3. Regpack ($10M/year)
While working as a Fulbright scholar at Berkeley, Asaf Darash pondered creating a meta-programming application with unlimited variables and outcomes for non-programmers. Realizing the high demand for customizable onboarding and payment systems, he founded Regpack, which now boasts 31 employees and over $800k in monthly revenue.
How much money it makes: $10M/year
How much did it cost to start: $500K
How many people on the team: 31
In this case study, the founder and CEO of Regpack, an online payment management and registration platform, shares the journey of building and growing the business, with impressive highlights including a 30% revenue increase for customers and a team of 31 employees making over $800k each month.
4. Factofly ($1.8M/year)
Jannik, the co-founder and CEO of FactoFly, came up with the idea for the business after experiencing the burden of administration as a freelancer. Through extensive market research and interviews with freelancers, he saw a need for a platform that would handle the administrative tasks for freelancers, allowing them to focus on their work. Since its launch, FactoFly has grown its revenue to around β¬130k monthly and is now preparing for a seed round to expand into new European regions.
How much money it makes: $1.8M/year
How much did it cost to start: $50
How many people on the team: 4
FactoFly, a platform for freelancers to handle their administrative tasks, has grown from 0 to β¬130k monthly revenue in 12 months, and is preparing for a seed round and expansion to other European regions.
5. Akurateco ($1.2M/year)
The founder, Vladimir Kuiantsev, came up with the idea for Akurateco after realizing that global merchants needed a more advanced and flexible tool to manage their payment processes. With over 15 years of experience in the payment processing industry, he and his team developed a white-label payment orchestration platform that provides maximum flexibility and accommodates the needs of online merchants to grow fast without significant investment. Since its launch in 2020, they have seen exponential growth in transactions and aim to achieve a capitalization of $100+ million in the next 5-7 years.
How much money it makes: $1.2M/year
How much did it cost to start: $600K
How many people on the team: 45
Akurateco, a Netherlands-based payment software provider for fintech companies, bootstrapped their white-label payment SaaS to reach 1 million transactions, receiving recurring payments from 20+ clients every month with an average of β¬5,000 per client, and they plan to break even by Q2 2022 and achieve a capitalization of $100+ million in the next 5-7 years.
6. PriceWell ($60K/year)
Spiro (Ros) Kontoprias, co-founder of PriceWell, came up with the idea for the business after experiencing the tedious and time-consuming process of integrating a billing system for a project. He realized there was a need to simplify billing for subscription businesses, especially for non-technical individuals, and teamed up with co-founder Matthew Reid who had significant payment experience. After receiving validation from their first paying customer, they developed a working MVP and launched the business.
How much money it makes: $60K/year
How much did it cost to start: $100
How many people on the team: 1
PriceWell simplifies billing for subscription businesses with a personal billing team service, generating $5k in MRR with 120 active customers and almost 2,000 sign-ups, through social media, cold emails, paid start-up newsletters, and programmatic SEO.
7. Checkout Page ($26.4K/year)
Sander, the founder of Checkout Page, came up with the idea while working as a freelance developer and traveling as a digital nomad. He identified a need for an easy way to accept payments in Stripe and saw it as an opportunity to help people make a living online. After launching on Product Hunt and receiving positive feedback, Sander continued to focus on customer support and validation to further develop the product.
How much money it makes: $26.4K/year
How much did it cost to start: $0
How many people on the team: 0
Checkout Page is a payment software for independent businesses that processed over $1M in transactions last year and is now aiming to 10x the business to $10k monthly revenue with a new co-founder and focus on user experience and marketing.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
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