Gettin’ paid: My Payment Network.
Posted February 8, 2007 by Jasmine Antonick
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Founded: 2004
Sector: Office 2.0, Ecommerce, Income, Tracking
Headquarters: Corte Madera, CA
Management: David Dunaway, President & CEO; Carolyn Usinger, Vice President of Business Services; Ann Dunaway, VP Business Development
Secret Sauce: Hey SMBs! Do you take credit cards? Probably not — it’s a huge hassle. There’s PayPal but do they handle your invoicing? That’s a no. Can’t you just get a merchant’s account through your bank? Well, yes but then you also need a transaction clearinghouse and a hardware/software gateway to the clearinghouse.
Bottom line – For the SMB market, credit card transactions are a HUGE headache.
This is the problem My Payment Network intends to solve. Here’s how it works:
Your SMB or service shop (accountant, designer, futurecaster) can send invoices and receive payments through MyPayNet’s website, funds are automatically sent to your bank account. Both electronic check and credit card merchant accounts are included with the service. Your business pays a setup fee, a $25 monthly fee and a small (less than 3.5%) percent for transaction fees. In case you don’t know, that’s really cheap.
In addition, MyPayNet started a service for K-12 schools, SchoolPay, to accept fees, payments and donations from parents, providing another very useful solution to a common problem. Schools can collect funds without using a bookkeeper to manage it all. Headache solved.
My Payment Network is tapping two niche markets at once, giving them a number of options that few other ecommerce providers enjoy. The question is not if MypayNet has a chance at competing with Pay Pal. Rather, it’s this:
Is there room in the market for a biz service that does more than PayPal,for less money? That’s a yes.
Seen and Heard: DigitalTransactions.Net says “the service is so new the company has only now begun marketing it and looking into re-seller agreements. It has recruited a group of parents to market the service to schools” And CRN adds “My Payment Network could bring electronic payment to local, smaller businesses and offer VARs a new way to bring technology to the little guys.”
