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WePay Co-founder and CEO Bill Clerico on how his business has helped to raise money for the Occupy Wall Street movement.
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I Wall Street protests and as a rally enters its second month however the protesters getting that money.
Robert Gray joins us with and then now with the founder of a company -- -- its own buzz off the protests Robert.
At Charles are generating some profit as well here we're talking about we pay and bill cleric I was joining us he's the founder and CEO of this start up.
Payment system and bill thanks so much for joining us you guys are being associate a little bit here with though we'd with the protest and you say you don't support them don't oppose them sort of I'm neutral on that but you guys are raised yet -- -- system more than 200000 dollars have been raised for the protesters.
How do you -- about the association and you find a little bit ironic that many of these people are protesting against capitalism yet.
You're a startup funded be a founded by an ex investment banker and and and -- ex lawyer here we're looking dude your grow your own business and make some profit.
Yeah well first thanks for having me I think one of the reasons why we left their respective careers in.
Finance and La.
Was to start a company where we could really have an impact on the world and so now we run -- company with thirty people in Palo Alto.
New set of online tools that make it really really simple for anyone to collect money online.
And so we're just excited to empower people -- -- expressed their viewpoints and to -- in the tool set to collect money -- my easily.
You know take out there and a half percent on each transaction you see you claim to be a little bit easier to use then PayPal course who's the leader out there.
On the you can raise money you could sell items sell tickets and and the like on the site here.
Where you generating the most revenue -- is it from the donations right now.
So donations really isn't that big of a money maker for us we just had to do it as a project because they -- -- support lots of causes around the US.
What we do like about donations is it really increases our brand visibility so we have.
Our customers -- to raise money and share it with.
You know hundreds -- thousands of other people and that spreads are building our storefronts.
And our ticketing products to other folks around around the US and around the world.
-- your system pretty basic care here raising cash to to collect payments -- the like how do you differentiate yourself from a PayPal or from going competitors it doesn't seem like.
The -- is all that deep so how do you live and stay ahead of everyone else.
Shares I think it's pretty rare that someone talks to you PayPal or Google or their bank and really comes away with the good taste in the -- I think.
If you ask anyone about the last time we spoke to financial financial services company they had a really horrible frustrating time.
So we really try to pride ourselves on having a great product and great designed.
It's fairly priced there's no monthly fees -- -- set up fees no -- is just a very straightforward 3.5 percent.
We couple that was just phenomenal customer service based here -- -- of California a time we don't have an IVR system is just kind of phenomenal humane well designed -- -- guys have raised about ten million bucks here for some heavy hitters including the PayPal founder Max leptin also YouTube's founder.
Steve Chen are you concerned about a cash crunch out there you you know we've had some stories in the journal and like lately.
Saying that some of the money is drying up from BC's how are you guys find in the current environment.
I think the current environment is still continues to be strong I think.
You know it's companies that have questionable business models I think it's tougher and tougher to get them funded.
But when you build a great product and you have a great and growing customer base weaker 72% last month.
We're not having any problem looking for financing an hour and -- very quickly are you -- cash flow positive her close and any thoughts for an IPO any plans.
Yes shares so we it -- sort of always have the option to you kind of cut costs and become profitable but right now -- just really focused on growth.
-- fires going public.
You know it's an exciting opportunity we're gonna look at that someday right now our is really focused on building great product alright bill cleric code is that founder and CEO of we -- Charles your money back there's a lot Robert we love those fresh -- entrepreneur or is great story thanks.
