Our Story

How a side project turned into a profitable business

Failures, buyouts and a bit of luck; the story behind PocketVendor and Payment for Stripe.

2014

Paid launches

The Stripe API launched several years ago, Paid becomes the first analytics mobile app to roll up daily, weekly and monthly charge volumes. Although operationally intensive (to this day), Paid provided businesses owners with a glimpse of their daily revenue. The Stripe web Dashboard was/is not a responsive site.

  • August

    Launch of Paid, the first analytics app for Stripe accounts. Included ability to charge customers as a side feature. No card readers, only manual input. Using the original Charges and Tokens API, the feature was needed so a spouse could run credit cards at a garage sale.

2015

Payment launches

At the beginning of the year, Payment was forked from Paid and rolled into it's own separate app.

  • January

    Payment for iOS launches as a standalone, single-featured app.

  • June

    Stripe launches a 1st-party app called Dashboard, with a stunning UI. The decision is made to end-of-life Paid after amassing 8,400 users over the course of a year and begin focusing only on Payment.

  • July

    One month after shutting down Paid, Payment proves to be the more lucrative business. After struggling for a year to find the right business model (IAP, subscription, etc) for Paid, Payment proves a simple 1% fee works well.

    $1M Total Volume
    1.5KCollected Payments
  • September

    Steady, organic growth results in over $400K in total volume processed in the month of September.

  • October

    A huge milestone comes and goes, with new users and more payments being added every single day.

    10KCollected Payments
  • December

    The year 2015 turned out to be an incredible time to launch Payment, mostly latching on to the success and adoption of Stripe.

    $3.5M Total Volume
    5KConnected Accounts
2016

Payment 2 launches

We were seeing double digit month-over-month growth.

  • January

    Organic growth continues as Payment ranks #1 in the App Store for the keyword 'stripe' for the better part of the past year.

    20KCollected Payments
  • March

    Added support for all available Stripe currencies, which unlocks the app for global customers.

    $6M Total Volume
  • April

    Payment posts it's first 4-figure daily profit with over $100K in total volume processed in a single day.

  • June

    In just under 6 months, Payment has already doubled the amount of transactions happening within the app.

    $10M Total Volume
    50KCollected Payments
    10KConnected Accounts
  • July

    A complete rewrite of the architecture behind Payment (Objective-C to Swift), which paves the way for the launch of Payment 2.0.

  • August

    We launched our Android app, which was similar to the launch of Payment 1.0; a bare bones charging system built on Stripe.

  • September

    We launched the first official card reader integration with the Magtek iDynamo, a handheld swiper that plugged into the lightning port of an iOS device.

    $15M Total Volume
  • December

    Another 6 months past, and volume and payments double.

    $20M Total Volume
    100KCollected Payments
2017

Payment continues to grow steadily

We were seeing double digit month-over-month growth and the time had come to begin to focus and invest in the business.

  • January

    The steady organic growth continued throughout the year

    $25M Total Volume
  • December

    For the second consecutive year, the growth of Payment app's transactions more than doubles throughout the year.

    $60M Total Volume
    30KConnected Accounts
2018

Payment goes from 2 employees to 1

We were seeing double digit month-over-month growth, and it was time for Payment to become a full-time job.

  • April

    Although it was an extremely difficult decision, it was time for the founders to go their separate ways. With a clash of directional vision for their company, it was ultimately decided that it was time for one of them to move on.

2019

Payment launches Stripe Terminal

After struggling with complex integrations with several different card reader companies in the past (CardFlight, Magtek and Payworks), we were ecstatic when Stripe launched their own plug and play Terminal devices.

  • February

    We became the first and most trusted partner for Stripe Terminal, originally launching with the BBPOS Chipper 2X BT card reader.

  • April

    User growth continues to trend upwards, even as a half dozen copycat apps have started to saturate the App Store.

    50KConnected Accounts
  • August

    Added support for some of the top requested features including Stripe Billing, SCA (Strong Customer Authentication) and Tipping

  • September

    Finally focusing on our brand, we spent most of the summer and fall acquiring both @payment on Twitter and payment.co domain

  • October

    2K App Store reviews with a 4.8 rating

    $150M Total Volume
2020

Payment revenue suffers

Our business was also affected by the uncertainty surrounding COVID-19 and the pandemic.

  • March

    The pandemic took a toll on most businesses, and our customers were no different.

  • April

    Since the pandemic brought plenty of downtime, we took the opportunity to finally update our brand including the apps and website.

    900KCollected Payments
  • July

    With a large amount of uncertainty around what's next with the pandemic, Payment operates at about 50% capacity for several months.

    $205M Total Volume
  • August

    As the pandemic begins to thaw, we're still seeing constant user growth, but revenue per user is drastically down from previous years.

    1MCollected Payments
    70KConnected Accounts
  • September

    After launching Stripe Terminal card readers in 2019 we've eclipsed having 1,000 card readers deployed around the U.S.

  • November

    Card readers roll out to Australia, Canada, France, Germany, Ireland, the Netherlands, New Zealand and the United Kingdom.

  • December

    As the holiday season comes and goes, December 2020 turns out to be our best month to date. We've fully recovered from the pandemic to the previous levels.

2021

Payment recovers

Although user growth had always been constant as people were trying to figure out new ways to get paid and support their families, Payment was slowly recovering back to pre-2020 levels.

  • March

    3K App Store reviews with a 4.8 rating

  • April

    With Spring upon us and the vaccine widely available, April has begun to trend upwards above and beyond what we had expected.

    $257M Total Volume