INTERVIEW WITH DAVID BORK, Co-founder of Paymerica.
About Paymerica:
As an independent sales organization registered with Wells Fargo Bank, Paymerica provides innovative and cost-effective solutions for businesses to accept credit and debit cards.
When and how did you start the company?
I wrote our business plan over Thanksgiving weekend in 2002 with my business partner, Charles Yancey. We needed some money to execute the business plan and we agreed that we did not want to give up any equity in the company. None of the banks would touch us because we were short on personal assets and we hadn't started earning any revenue. We were amazingly na?ve, but we stuck to our guns. It took until June of 2003, but we finally convinced a vendor to lend us some cash to get started. We asked the vendor for $250,000 to get started and we believed that we'd be profitable in 20 months. The vendor had some faith, but wanted to mitigate their risks so they agreed to give us $12,000 a month. As long as we hit certain milestones, they'd continue to fund our growth. We ended up borrowing a total of $128,000 and we paid it all back in less than 36 months.
What are your responsibilities with Paymerica?
I've primarily been responsible for operations, but when you start a company from scratch with very little funding, you wind up getting involved in every aspect of the business. It is time consuming, but it really helps you develop the company in your own spirit. Over the last few months, both my partner and I have handed over most of the operational day-to-day tasks to our management team. We've changed our focus to steering the company through improved planning, high-level sales and targeted marketing.
What is the most challenging aspect of your job?
We are fixated on growth. Not just growth, but profitable growth. We are always thinking up new and exotic ways to spend capital, but the trick is to convert that capital into revenue, and ultimately profits. It all sounds so simple and is really the purpose behind any business, but it's not always an easy thing to do. One of our favorite sayings is: “If it was easy, everyone would be doing it.”
What do you enjoy most about your job?
The single most rewarding thing about my work has to be the creation of jobs for other people. Giving people the opportunity to excel and to support their families gives me a great sense of pride.
What makes your company unique?
Our strength is our employees. We employ capable people that are eager to serve our customers and prospects. We provide a unique sales and service experience, which is made possible by our employees. We are continually looking for ways to improve that experience, so we've been regularly surveying our customer base and providing ongoing training to our employees.
How many employees do you have and where are they located?
Paymerica is a growing organization that employs 35 people. The majority of our employees work in our Jacksonville, Florida office. We've leveraged technology, such as our phone system, and it's enabled us to hire good people throughout the United States from places like Michigan, Oregon, Pennsylvania, Ohio and New Jersey.
What advice do you have for other entrepreneurs?
Getting into business can be a thorny endeavor, especially when you're not properly prepared. I always recommend composing a business plan that sets realistic goals on a month-by-month basis for at least 2 years rolling. Your business plan is an ongoing work in progress and should be updated regularly to reflect changes in the business landscape. Additionally, find a good partner, mentor or peer group to help you in all aspects of your business. Simply talking through an idea or issue with someone can shed light on how to dynamically implement a new program or solve a nagging problem. The chamber's Pathways to Success program has been a valuable peer support group for me.
What do you do in your leisure time?
I spend most of my leisure time with my family. My wife and I have two small children, and as any parent knows, that will keep you busy. I also like to stay active by going to the gym, running, mountain biking and I really enjoy a boxing class that I take twice a week.
Paymerica:
(877) 729-6374
2382 Faraday Ave., Suite 310, Carlsbad
www.paymerica.com
About Paymerica:
As an independent sales organization registered with Wells Fargo Bank, Paymerica provides innovative and cost-effective solutions for businesses to accept credit and debit cards.
When and how did you start the company?
I wrote our business plan over Thanksgiving weekend in 2002 with my business partner, Charles Yancey. We needed some money to execute the business plan and we agreed that we did not want to give up any equity in the company. None of the banks would touch us because we were short on personal assets and we hadn't started earning any revenue. We were amazingly na?ve, but we stuck to our guns. It took until June of 2003, but we finally convinced a vendor to lend us some cash to get started. We asked the vendor for $250,000 to get started and we believed that we'd be profitable in 20 months. The vendor had some faith, but wanted to mitigate their risks so they agreed to give us $12,000 a month. As long as we hit certain milestones, they'd continue to fund our growth. We ended up borrowing a total of $128,000 and we paid it all back in less than 36 months.
What are your responsibilities with Paymerica?
I've primarily been responsible for operations, but when you start a company from scratch with very little funding, you wind up getting involved in every aspect of the business. It is time consuming, but it really helps you develop the company in your own spirit. Over the last few months, both my partner and I have handed over most of the operational day-to-day tasks to our management team. We've changed our focus to steering the company through improved planning, high-level sales and targeted marketing.
What is the most challenging aspect of your job?
We are fixated on growth. Not just growth, but profitable growth. We are always thinking up new and exotic ways to spend capital, but the trick is to convert that capital into revenue, and ultimately profits. It all sounds so simple and is really the purpose behind any business, but it's not always an easy thing to do. One of our favorite sayings is: “If it was easy, everyone would be doing it.”
What do you enjoy most about your job?
The single most rewarding thing about my work has to be the creation of jobs for other people. Giving people the opportunity to excel and to support their families gives me a great sense of pride.
What makes your company unique?
Our strength is our employees. We employ capable people that are eager to serve our customers and prospects. We provide a unique sales and service experience, which is made possible by our employees. We are continually looking for ways to improve that experience, so we've been regularly surveying our customer base and providing ongoing training to our employees.
How many employees do you have and where are they located?
Paymerica is a growing organization that employs 35 people. The majority of our employees work in our Jacksonville, Florida office. We've leveraged technology, such as our phone system, and it's enabled us to hire good people throughout the United States from places like Michigan, Oregon, Pennsylvania, Ohio and New Jersey.
What advice do you have for other entrepreneurs?
Getting into business can be a thorny endeavor, especially when you're not properly prepared. I always recommend composing a business plan that sets realistic goals on a month-by-month basis for at least 2 years rolling. Your business plan is an ongoing work in progress and should be updated regularly to reflect changes in the business landscape. Additionally, find a good partner, mentor or peer group to help you in all aspects of your business. Simply talking through an idea or issue with someone can shed light on how to dynamically implement a new program or solve a nagging problem. The chamber's Pathways to Success program has been a valuable peer support group for me.
What do you do in your leisure time?
I spend most of my leisure time with my family. My wife and I have two small children, and as any parent knows, that will keep you busy. I also like to stay active by going to the gym, running, mountain biking and I really enjoy a boxing class that I take twice a week.
Paymerica:
(877) 729-6374
2382 Faraday Ave., Suite 310, Carlsbad
www.paymerica.com