Company Research Report: Paystone Inc.
Company Overview
- Name: Paystone Inc.
- Mission: Helping merchants turn everyday transactions into meaningful interactions and opportunities for growth.
- Founded: 2009
- Founder: Founded in London, Ontario, under the name Zomaron.
- Key People:
- CEO: Not explicitly mentioned.
- Headquarters: London, Ontario, Canada
- Number of Employees: Over 150
- Revenue: No information is available.
- Known For: Paystone is known for its integrated suite of automated payment processing, customer loyalty, and gift card solutions. Their platform is utilized by major brands like Irving Oil, The Source, Global Pet Foods, and many of MTY Food Group's restaurant brands.
Products
1. Gift & Loyalty Software
- Description: Comprehensive tools for boosting sales, increasing visits, and staying connected with customers through gift cards and loyalty programs.
- Key Features:
- Customizable gift card designs.
- Loyalty programs that can turn casual customers into regulars.
- Marketing automation tools to increase customer engagement.
2. Payment Processing
- Description: Fully integrated platform that provides secure in-store, on-the-go, and online payment processing.
- Key Features:
- Contactless payment options.
- Integrated payment terminals.
- Real-time reporting of transactions and customer engagement efforts.
- Next-business-day funding.
- Fraud prevention tools.
3. Marketing Automation
- Description: Tools to save time and increase customer spending with automated email and text messaging.
- Key Features:
- Automated email offers based on customer journey milestones.
- Text messaging campaign tools.
- Real-time tracking and analytics.
4. Reporting and Analytics
- Description: Tracking and generating reports on gift card, loyalty, and marketing efforts.
- Key Features:
- Real-time reporting dashboards.
- Detailed transaction histories and trend analysis.
- Downloadable reports in Excel® and CSV formats.
5. Virtual Terminal
- Description: Allows taking credit card payments using a computer or phone.
- Key Features:
- Charge customers remotely.
- Manage products and customer payment information.
- Subscription and recurring billing management.
6. POS Systems
- Description: Point of sale systems to streamline operations.
- Key Features:
- Inventory tracking.
- Multi-location management.
- Built-in reporting features.
7. E-Commerce Solutions
- Description: Seamlessly connect payment processing to websites or mobile apps.
- Key Features:
- Smooth checkout integration.
- Subscription management.
- Customizable payment pages.
Recent Developments
Acquisitions
- 2022: Acquired Canadian Payment Services, a fast-growing provider of Canadian merchant services.
- 2021: Acquired NiceJob, a provider of reputation marketing software for service businesses.
Funding
- 2020: Secured $99 million CAD to support growth strategy, electronic payments, and gift card and loyalty technology.
- 2021: Closed a $69 million financing round and added $30 million in funding with strategic backing from Crédit Mutuel Equity.
Awards
- 2022: Achieved the prestigious Deloitte 2022 Enterprise Fast 15™ Recognition and ranked on the Deloitte Technology Fast 500™.
- 2022: Named one of Canada's top growing companies with 276% three-year growth.
Partnerships
- 2020: Partnership with Leader Auto Resources (LAR Inc) through Swift Payments Acquisition to deliver enhanced growth solutions for the automotive sector.
- 2021: Partnered with Unity Values to bring businesses a new tool for corporate philanthropy and customer loyalty.
Feature Enhancements
- E-Loyalty: Introduced a cardless option allowing customers to store digital loyalty cards in their Apple or Google wallets.
- Automated Marketing: Enhanced marketing automation features including more personalized offers and communications.
Conclusion
Paystone is a rapidly growing company in the payment processing and customer engagement space. With strategic acquisitions, robust funding, and a strong commitment to feature enhancements, the company continues to enhance its value proposition to 35,000 businesses across North America. The focus on customer experience and operational integration positions Paystone uniquely in facilitating business growth through meaningful customer interactions.