Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with Matt Bullock, founder and CEO of eWAY.
In 128 words or less, explain your business idea.
eWAY is an all-in-one Payment solution to help businesses sell online with a really simple, transparent fee structure. We cater for solo operators right up to the big players, offering simple and easy ways for merchants to begin selling their products and services online.
What strategies are you using to grow and finance your idea?
Our strategy for growth is via our partnerships. We have three key partnerships. The first is with application providers such as Netsuite, Xero and Bigcommerce. The second is with the developers, the people that implement the applications. The third is with our banking partners which is critical to allow merchants to process transactions.
What's the biggest challenge facing your business?
Our biggest challenge is finding the right people to work at eWAY. Beacuse eWAY operates in a fast-paced, constantly changing and increasingly competitive business, industry and market environment, we need to be able to back it up with staff who are agile, innovative and responsive to these changes so that we continue to grow in Australia and overseas.
How do your differentiate your business from your competitors?
Service, speed and putting the customer first always.
Other companies have a range of different approaches with their fees but we offer same-day settlement of funds wherever possible. In addition to that, we have free 24/7/365 local phone and email support, where you can talk to a person, not a machine.
eWAY has 15,500 active customers who use our open API which also integrates to over 400 local and global platforms (Xero, Bigcommerce and others). Last year we processed $3.4 billion. According to the recent NAB Online Retail Sales Index, in the 12 months to May 2014, Australians spent $15.3 billion on online retail. So Almost 1 in every 4 dollars spent flows through the eWAY transaction processing platform.
What one phone, tablet or PC application could you not live without?
Salesforce1 because I can understand my customers and my business from anywhere!
What's the best piece of business advice you've ever received?
Never never never give up -- it's written on my boardroom wall.
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