Will This Mobile Payments Startup Survive with CEO Rode Luhaäär?

Luhaäär

In Episode #576, Nathan interviews Rode Luhaäär. He’s an enthusiast and entrepreneur who has years of experience as an e-marketer and digital strategist. During his career in the digital field, he’s been overseeing execution and delivery of activities such as digital concept, e-business concepts, creative solutions design, software development, SEO, social media marketing, and global solutions. Over the last few years, he’s been an active member of a startup community and currently manages a large software company called, Paytailor.

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Famous Five:

  • Favorite Book? — Lean Startup
  • What CEO do you follow? — n/a
  • Favorite online tool? — n/a
  • Do you get 8 hours of sleep?— No
  • If you could let your 20-year old self, know one thing, what would it be? – “Think faster”

Time Stamped Show Notes:

  • 02:30 – Nathan introduces Rode to the show
  • 03:10 – Paytailor is a smart payment solution allowing merchants to get paid the way they want
    • 03:26 – Paytailor gives merchants an app and the users a card wallet
    • 03:45 – Paytailor is a SaaS company
  • 03:50 – Paytailor charges €10 monthly
  • 04:05 – Paytailor’s revenue comes from the monthly fee
  • 04:10 – Average number of customers is 40
  • 04:20 – MRR
  • 04:28 – Paytailor has raised €70K in a convertible note
  • 04:45 – Paytailor was launched in 2015
    • 04:55 – Paytailor started as a side project
  • 05:15 – Team size
  • 05:24 – Paytailor’s development is based in Estonia
  • 05:38 – Why did you give up good pay in the digital field to start Paytailor?
    • 05:52 – “We see a problem”
    • 06:31 – Paytailor also has a 1.8% per transaction fee
    • 06:58 – Paytailor’s payment gateway
  • 07:14 – Rode is 32
  • 07:32 – What Rode is being paid as a founder
  • 08:09 – Rode’s plan for 2017 is to expand in Europe
    • 08:30 – “We don’t want to be a financial institution”
  • 08:50 – Rode sees that they have to expand as they make adjustments
  • 09:31 – Last month sales is €450
    • 10:50 – Paytailor has 20 taxis as merchants
    • 11:22 – Some of the merchants’ usage is once a month
  • 13:14 – Paytailor’s focus is to test out different kinds of users
  • 13:24 – Paytailor currently has 4 bars as merchants
  • 14:44 – Paytailor’s merchants are not using their service exclusively
  • 16:40 – The Famous Five

3 Key Points:

  1. If you can see a problem then try to create a solution.
  2. Expanding helps your company to improve and grow.
  3. You have to start somewhere – regardless of how small it is.

Resources Mentioned:

  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Drip – Nathan uses Drip’s email automation platform and visual campaign builder to build his sales funnel
  • Toptal– Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to the quality of Toptal
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • Jamf – Jamf helped Nathan keep his Macbook Air 11” secure even when he left it in the airplane’s back seat pocket
  • Freshbooks – Nathan doesn’t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW
  • Show Notes provided by Mallard Creatives