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Published 30 March 2011 16:26, Updated 14 April 2011 04:15
Founder and chief executive of
Online payments system
Revenue 2009-10: not disclosed
Entrepreneurial attribute: Built it and they came.
What most impressed the BRW Entrepreneur of the Year judges was how Matt Bullock had built a business where customers come to him. He doesn't have to chase them.
It's a sign of how good the online payments system he has built is that word of mouth from customers works as his No.1 marketing tool.
“There’s no doorknocking for us,” says Bullock. “We get customers through the partnerships that we have, through web developers and banks – it’s word of mouth, predominantly.”
The eWAY product allows merchants to take electronic payments in a no-fuss way online. It links websites with all the major banks for instant online credit card processing and settlement of funds into the retailer’s bank account.
It has nearly 8000 merchant customers in Australia, New Zealand and Britain and has up to 200 new merchants signing up each month.
“Our logo is all over the internet,” says Bullock.
The eWAY chief has always had a strong entrepreneurial drive – in the past he built a food directory online – and when he set up eWAY he realised that to make it work he would need to partner companies bigger than his to get a foothold in the online payments market.
Bullock’s partners in the eWAY product include the Commonwealth Bank of Australia. They work together on a product called CBA Fast Track, which allows online merchants to sign up to eWAY and CBA at the same time when setting up an online business.
Bullock has been very clever with eWAY’s pricing packages, which go from budget to deluxe. A new online business can have eWAY set up for free and pay 50¢ per transaction, plus a yearly rate of $350. However, the real benefit is that eWAY operates without contracts and has no exit fees. Its founder likes to keep things simple.