paypal.me service where I go to paypal.me slash my name and people, I could send it to people by text, and then they could use that to send me money. And if youre not looking for a new podcast, try it anyway. And I want to thank my two sponsors. It was St. Patricks Day, and gleeful patrons filled the green-hued bar, but Madhani had something to celebrate besides the holiday. Is Your Grandmother's Sou-Sou Savings Club the Key to Community Wealth Building? all my secrets? And as we continue to grow, as more businesses are evolving, they need additional ways to accept payments like this is not going away. And so theres what Im trying to say is that theres business owners now need to take payments in a multitude of ways. In our industry at that time, where everybody was still feed on the street, you were going directly to the banks to get your processing, you would open up a business account, thats where it was your processor was attached to it. Then well get back into my second sponsor is Russell Brunson. Madhanis intuition proved correct. It was incredible, finally at the table, to have other people now be the ones saying why they should invest. Its amazing that we have validation for the company, but as a woman, sometimes you dont know this is even possible. She founded the charitable campaign Sober Spring, a But all of that credit goes to my parents, Madhani says. Right. You were starting to say that you entered business business competitions. Once I had my licenses, which was March of 2014. And so I applied to a another competition this one was like a venture competition. So I first thing is any any entrepreneur does when they have their business ideas, go to the, you know, Google Academy online and start searching for whats out there. There is a bias that people have seeing someone who is young with vision, and they're just not used to seeing a woman in the drivers seat. Suneera Madhani 38:27 If somebody used a Chase Sapphire card, Chase has some percentage that wed have to pay. Give. It was fueled, in part, to a 2014 feature in Fast Company, in which Madhani was described as a "woman trying to change the credit card industry." "What it told us is that we had something really scalable. The company was launched in January 2014 and is headquartered in Orlando, Florida. physically no connection physically, even when you go out like weve had, youve had Apple, you know, all these contactless payments, like when you go to the grocery store you could have with your Apple Watch, you can you dont have to touch the physical devices anymore. And I went out to go pitch fat merchant, which was the first flat subscription processing company. And so that was kind of the lens that I was viewing it from, but also this is where like the female part kind of comes in. But the zoo is closed right now. Come g Andrew Warner 18:33 Suneera Madhani is the founder of Fattmerchant, subscription-style merchant services. Suneera Madhani is an American podcaster and entrepreneur known for founding an innovative tech company dealing with revolutionizing payments known as Stax. Tell me about that? They want tools to be integrated into their business. This is the web version ofThe Broadsheet, a daily newsletter for and about theworldsmost powerful women. Suneera Madhani 8:46 In 2020, I started a podcast called CEO school, because I didn't go to CEO school. var clock = document.getElementById(id); Its called Traffic Secrets by Click Funnels, Sr. How many people the company now? As an entrepreneur, it's essential to have multiple streams of income, especially during times of uncertainty. Andrew Warner 27:01 "I started getting questions around my post-baby plan," recalls the entrepreneur. He showed it to his mom. Am I right? There hasnt been a way for a business owner to consolidate all the which ways they take a transaction into a single platform. var timeinterval = setInterval(updateClock, 1000); But it was really awesome. But I took this back to them and said, Hey, you know, I think this is going to be a fantastic go to market angle. The new mom felt no one around her was sharing empowering information. Suneera Madhani 36:09 With $50,000 of startup capital raised from personal savings, friends, family, and her now-husband, she quickly spent half of the funding on compliance with credit card companies like Visa and Mastercard. It just becomes a different experience because the stakes are higher, right? Having never had a seat at the table, I was always kind of fighting/having to prove I belonged. Yeah. And I was like, Okay, now that everyone has pretty much said no to me, I still want to see this through. the pair changes. And so that was kind of the one of the reasons why I felt I had to go get a corporate go down the corporate route. We took a bet on that thesis and built our technology to be a payments hub, Madhani says. Andrew Warner 12:10 Its like the club like I want to be on the inside. Its less contact, no. The brand started with Olympians Allyson Felix and Simone Biles, and is now debuting a line with singer Alicia Keys. She officially launched the company in January 2014. She is a woman of average stature. it was we definitely grew up, we didnt grow up. Working mom life was definitely very difficult.". So we always pass through the direct cost where we make our money is on the subscription. From a top merchant acquirer standpoint, we are literally the top five merchant acquirer today in the US from a digital standpoint. I launched the company out of my parents home at the age of 26, with no money in my bank account. She discovered that instead of attracting customers like small business restaurants, they were reaching healthcare and professional services that needed an omnichannel platform for in-person and online payments. And I think thats the absolute future. Distraught and frustrated, Madhani returned to Dallas just in time for Fridays family dinner. Its a secret. I have to go back and figure out what youre gonna get, youre gonna get some ugly, Ill put something together because we came up with almost by least a free month. Yeah, so I was just trying to get on any platform that I could to talk about the subscription style processing solution. The first will host your website, right? Let me see if I can get a job somewhere where they could help me implement this. Today, Stax employs more than 300 employees and has processed SXSW alert: Im heading to Austin, Texas next week for a panel on how to support working women during the pandemic. var seconds = Math.floor(t / 1000 % 60); Yeah, I think um, you know, they did really well in a in a marketing agency where you know, pop up ads used to be the thing in the early 2000s and that was that like the pay per click way of advertising and so you know, my dad had invested in a marketing agency that was really focused on pay per click advertising, and they did really well and that was something that I think would have carried through I think that there would have been new innovations that came through in in agency advertising, but when that died, their company kind of died. var minutesSpan = clock.querySelector('.minutes'); how to support working women during the pandemic, On Thursday, Lyfts new CEO laid off over 1,000 employees. I founded my tech company Fattmerchant 5 years ago and scaled it from 0 to 5 Billion in record time. Andrew Warner 20:00 "There are some days that I'm going to be 100 percent in bossy mode and not a 100 percent in mom mode, but I have to be OK with one bucket being full and one not," she says. "Payments are the heart of a business," says Madhani. There are components to it. Why wasnt there a flat subscription fee in payments instead of all the fees and nickel-and-diming? ORLANDO, Fla., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Ernst & Young LLP (EY US) today announced that Suneera Madhani, Founder & CEO, and Sal Rehmetullah, I always felt like I needed to go to CEO school; the answer is you don't, which is how CEO School came about. I know, in all my different tools, I guess, and, and reroute the payment to you. When Madhani was raising venture capital, she was also expecting her daughter Andrew Warner 4:09 And honestly, its our culture as well. Number two, youll get the funnels that we created to build our business. Im gonna say this, anyone whos listening to us if they dont take anything away from this, let me introduce todays guests. So I have that right. And it wasnt for myself, I wanted to take it back to my company. When Madhani saw the offer, she was shocked. And then I would offer them free processing literally free processing for them to become a beta of fat merchant. secondsSpan.innerHTML = 0; does. Suneera Madhani 13:50 No, what Im trying to say is texts payment is going to be a part of whats happening to like its the future. 'seconds': seconds Did sales grow or? Like why isnt anybody doing a subscription and payments? FORTUNE may receive compensation for some links to products and services on this website. And that is that is how we probably got our first 100 customers was through those competition wins meeting people through networking, literally going door to door, signing up my like, uncle and dad and his friend and all like our neighbors. The first check is always the hardest. 'hours': hours, So were launching a full contact list suite when I was talking about Tick Tock was just attention span of like a Gen Z if you were there, it has to be quick. So January was better than December. Beyond the financial achievements at Stax, Madhani has made it a mission to give back to her community. "My husband is also an entrepreneur," says Madhani. Suneera Madhani 40:07 Yeah. And its not talking to each other. So I was working for a processor, as I told you, and I cant disclose the name of the processor. Ive worked for several organizations, I was like this, these are all the things that we want to be. Oh yeah. Relying on a single revenue source can be risky and limit your growth potential. And so you can view all your analytics, your transactions. She gets into this business brand new model. Thats it youre done. hoursSpan.innerHTML = ('00' + t.hours).slice(-2); Shoot me a note if youd like to meetand stop by our session with leaders from Color of Change, SEIU, and JUST Capital on Tuesday, March 15! Offers may be subject to change without notice. Well, she came up with a brand new model and she nearly gave her idea away 8 times. You know what, I wonder if Im just so disconnected from the real world because I work online that I forget that people operate differently. It was a private equity deal that bought out their initial investorsthe boardroom naysayersand exited them 18 times their investment. Its called Hostgator Ill tell you about that. How did investors respond to Stax? Suneera Madhani, cofounder and CEO of including Airbnb and Google, spread across 150 countries; profitable with net margins north of 5% Unison has And so its definitely $1 investment time and investment. Joining me today is someone who is taking on merchant processing, an industry that has been around for YEARS. is it paid ads and what else, Suneera Madhani 40:00 During her free time, Suneera loves traveling with her husband and their children. people are still going back to their bank. And all within a few minutes. Were talking billions, not millions. October 1, 2019 - There are success stories and then there is Suneera Madhani. Suneera's community, CEO School, is focused on giving back to women in business. It seems like it maybe wasnt. Its a very exciting time for a founder any time you receive anything tangible on paper, Madhani says. It takes its not just one One way to digital advertise. part of your brain that says, Let me see whats behind the closed door even Yeah, even despite yourself might want to go do it. His podcast is all about different secrets, different techniques, different ways that real businesses, including his have gotten customers. The fintech industry welcomed a new unicorn yesterday after the Orlando, Florida-based payments company Stax announced a $245 million series D round, valuing And so I would literally give away the solution for them to run transactions on our terminals. Suneera Madhani 25:40 But, inspired by her family's entrepreneurial efforts, she took a leap. Youre just getting a subscription. Suneera Madhani 50:33 So we had revenue of. Suneera holds an American nationality by birth. He does even one on one interactions, how that can convert into customers. Then the shopping cart says hit this link youll go to stripe stripe will give you a code or will automatically take it and then put it into our software. Want a heads up when a new story drops? The business was quickly coined "the Netflix of credit card processing.". Suneeras average salary is $9 million. "What is the point of me building something so incredible if I'm going to miss their entire childhood?". It was the first time Madhani realized she could do it herself, but she immediately blurted out excusesno development experience, no investors, no industry connections. She was born in 1988, in the United States of America. Yeah. Money 20/20 USA 2019 Speaker Las Vegas, From what you see, right. return { If you look at any Gen Z right now, theyre never not on their phone and look at Tick Tock. Andrew Warner 41:56 Right? I was I was like obsessed with every subscription that I could get my hands on. So what ended up happening Andrew is that I pitched the idea I got rejected. Im just curious to see how it works. It was a necessity. WebSuneera Madhani has participated in 2 events. Its for hosting websites. We want to be that payment stack in that architecture for software companies who need omnichannel payments. Instead of going home on that trip, she ended up routing her ticket to Houston, the headquarters of the credit card company she worked for. Yeah, well 12 other people who fill in a form now who just hit the page the way they did the second, they fill in a form percent of them by and part of it is that you get them on a call that fast.