PaidThx works a lot like the online banking tools you use today with one major difference: PaidThx lets you send and receive money with any of your contacts, no matter where they bank.
We had an interview with Mr. ‘Thomas Eide’; CEO of the US (Richmond)-based start-up “PaidThx” about his Company.
“PaidThx” is the fast, simple and free way to exchange money with your friends, family and favorite organizations.
Below is the full interview that we have conducted with Mr. ‘Eide’ regarding his start-up “PaidThx”;
1. What is it exactly that you do and what “PaidThx” is all about?
PaidThx works a lot like the online banking tools you use today with one major difference: PaidThx lets you send and receive money with any of your contacts, no matter where they bank.
Whether it’s on your smartphone, computer or favorite social media site, PaidThx gives you the power to exchange money in the moment.
2. When has “PaidThx” been founded? And what stage is “PaidThx” currently at?
PaidThx was founded in February 27 of 2012. As of now we are in the “beta” stage, but quickly approaching our launch date which will be early August.
We are currently making sure the app works on all versions of smart phones, testing how new users take to working with the application, and the ease of creating a verified account.
3. What is “PaidThx”’s business model and how does it work?
Our business model is simple, it is our mission statement, “To mobilize the simple and free social exchange of money while enabling personal financial control.”
PaidThx utilizes the latest in mobile and online security protocols to ensure your data, personal information and transactions stay safe.
Our proprietary verification algorithms constantly analyze each part of the network to ensure your transactions are completed quickly and successfully.
4. How did your team meet? And who in your team does what?
The PaidThx team met primarily in college and then the extended was through friends from college.
Our executive team includes: Thomas Eide, C.E.O of PaidThx; Hugo Camacho, Director of Financing; James Rhodes, Chief Technology Officer; Rob Kirchner, Chief Operating Officer; and Ryan Ricigliano, Vice President of User Experience.
5. What, exactly, makes you different from existing options, what will make your product and/or service stand out in the marketplace? In other words what’s unique about you and what’s new about what you make?
What makes us different from existing options, is that we are FREE and what we want to accomplish out of our service.
People in the world hurting the most, the people who need PaidThx, are not the ones with bank accounts and smartphones; but those who depends on charities, churches, and other services who rely on donations.
6. What is your growth like? And what milestones has “PaidThx” achieved so far?
Our growth is epidemic. We started out with a close network of users and have expanded to international interests.
We also have made great strides on connecting with local non-profits and gaining insight on how we can make the app easier for them.
Our big milestones include working on all platforms, i.e. Android, iPhone, and the iOS system in general.
7. Who are your competitors? And what is “PaidThx”’s competitive advantage over them?
Our competitors include lots of the financial institutions and tools already in place, i.e. banks, online payment websites, and other mobile payment applications.
The competitive advantage we have over these major financial firms is that they provide no standard and no communication between each other, but we work across the board and with all banks.
8. What obstacles did you face and how did you overcome them?
One specific obstacle we encountered was working with character recognition, used in translating a picture of a check to gather you account number.
The obstacle was not everyone takes a picture the same way.
Solution: to create way for your phone to reshape the picture of your check 20, 30, even 40 times, until it finds an image that works.
9. What are the key things about your field that outsiders don’t understand?
One of the biggest things about our field, and our company, that outsiders don’t understands is how we plan to monetize.
People do not understand how we will make money. To be honest, we haven’t decided yet. With that said the outsiders and no-sayers. don’t understand our passion, why we are providing this service for free.
10. Why are you going to succeed?
We are going to succeed because we have a great group of team members and incredible support throughout the company. Another reason why we will succeed is because we are in a cashless/checkless society that is in need of a simple way to transfer money quickly.
It takes a person gas money, time, and sometimes fees to cash a check or run to an ATM. With us you can give your buddy a few bucks for losing a bet while you are at the range without cash; you can split a meal easily without one person having to give an IOU.
We will succeed because society will need and want us.
11. If “PaidThx” succeeds, what additional areas might you be able to expand into?
The additional areas we are interested in expanding into include the international market, businesses, school groups, sports teams, and the moon.
We hope to take our passion and outlook to the international scale especially.
To assist organizations and charities abroad like we have in the US. Also, have looked into the network and possibility of not needing a bank account to use PaidThx, beneficial for those who do not have/ able to get a bank account.
12. Why did you choose this idea and concept to build “PaidThx” based on?
We chose this idea and concept because we would like to empower good.
We want to make a difference that is life altering for those who have never felt financial empowerment.
The spark was lit after a conversation with one of our pastors who explained the decrease in charitable donations in all denominations.
Entering into a cashless/checkless society it was easy to understand, why? It is not that people are choosing not to donate, it’s just the upcoming generations whom are not used to carrying cash.
13. What have you learned so far from launching your idea?
We have learned that we are not the only people excited about the launch. Our followers and future users cannot wait to begin using the application.
We also have learned that it is not necessary to listen to what everyone is saying, but to focus on what is important to us.
We have also learned that peanut butter and door knobs don’t work together.
14. Six months from now, what’s going to be your biggest problem?
Our biggest problem 6 months from now may be dealing with 5-million users and overloading the network.
We wonder if there would be a problem with the system coping. In 6 months we may have a problem ensuring the system does not become slow, if we were to grow at an exponential rate that is unmanageable.
15. What’s the benefit for the customer/user?
The benefit for the customer is that we provide an alternative way for sending and receiving money.
Using your mobile phone, a device you take everywhere, makes transferring money in a checkless/cashless society simple and easy.
In addition, our services are free and cost the user nothing but simply time to swipe their pin.
16. How did customers/users find out about you?
Our users discovered us by our various social media site, word of mouth, and just by the fact we are awesome!
Also, we have subscribed to several buzz sites that list and feature new start ups, such as Start-ups.co, and have received numerous responses of people seeing us on those sites and then finding us on our media sites.
17. Who are your current customers/users? Who are your target customers/users?
Our current users are those who have seen us on Facebook, our close personal networks, friends, friends-of-friends, and people who have heard us by word of mouth. This list includes people who are trying to simplify their lives.
With our mission and motivation behind PaidThx, I believe it is easy to see that we are trying to target and partner with those who are trying to make a difference.
18. Where do new customers/users come from and what makes new customers/users try you?
New users come from hearing about us through websites, by word of mouth, or if they have friends that use our service.
New users try PaidThx either because they are interested in learning about the network, or because they NEED to use us.
If a friend sends them money through PaidThx they must register; if two friends need to split a tab but neither have cash, they use us. They NEED us.
19. What do your customers/users say about your product and/or service?
Our users are loyal and believe that our product is “awesome.” They constantly are posting on various sites about how they cannot wait to use the service and to “put it out already!”
Users know we are simple, safe and secure, and have been waiting for something like this for awhile.
We are very interested to hear once the app is out and people are using it on a regular basis.
20. How are you going to scale?
Large portion of scaling will include partnering with other providers, organizations, and companies on top of our platform.
We are always looking for people and organizations to work with, so that we can learn more and better prepare the app to benefit the masses the most efficiently.
In addition, we hope to hire more support for our own team and expand the PaidThx family by adding talents and skills we hadn’t thought to use.
21. What’s the biggest missing feature? The one thing customers/users keep asking for?
The biggest feature out users ask about is the ability to have the instantaneous transfer of money.
Unfortunately, we do not have control over that aspect of the app, since that isn’t the way the US Banking system works.
We are trying our best to make the most efficient and convenient system possible, but certain things are out of our hands.
22. Are you going to internationalize? And if yes how are you planning to expand your start-up’s operations accordingly?
Yes, we are very excited about the future of PaidThx internationalizing.
We plan to reach out to international organizations and partner with financial institutions across the globe.
Mobile banking is becoming a big trend in developing nations but still is limited to those with easy access to a bank.
We hope to extend the networks to rural areas as well.
23. How big do you think you can get? Why? And how you are planning to achieve your goals?
We believe we could have a billion accounts. The simplicity and easy access of the idea is what makes us so popular.
Everyone has a phone, and with the PaidThx network each person becomes dependent on the next to make it work and the more people the better PaidThx is.
Also, every person, entity, and business is looking for a faster way to conduct themselves financially. We. Are. It.
24. Are you looking to hire a new workforce? And if yes, what job vacancies do you currently offer and where can potential applicants contact you at?
We are always looking for new talent to join the PaidThx team.
We are currently looking for those who have experience in Business Development, User Experience, Security, and Marketing.
We also have a great internship program, where students get hands on experience.
All interested should contact us through Facebook.
25. Are you looking for partnership opportunities or funding from Venture Capitals (VC) or other funding sources? Or your business is self-sustainable? And if the first option applies where can potential partners / investors contact you at?
Yes, yes, yes, we are looking for partnership opportunities or funding from Venture Capitals or other funding sources.
Although we have not decided exactly how we will monetize, our business is self-sustainable, in the sense, that if one person uses it with another, that person must then access the network as well creating a fan effect.
Those interested in investing should contact Hugo Camacho at hugo@paidthx.com
26. What advice do you have for fresh entrepreneurs?
Dream BIG and do something you are passionate about, because that will lead to true success.
27. Finally, do you have any other comments that you would like to add?
PaidThx is ready to make a change in this cashless/checkless society. A change that makes is easier and simpler to send and receive money.
