Smart50 rank: 30
Revenue: $3,306,000
Growth: 58.76%
Founders: Jamieson Collins, 44; Mark Lewis, 39; Anthony Fulton, 33
Based: Victoria
Employees: 15
Industry: Information technology
Website: www.ippayments.com.au
IP Payments is a software as a service company that provides customised accounts receivable and payment solutions to corporate customers including Fitness First, St. George and 20th Century Fox. The company was launched in 2004 and reported revenue of $3.3 million in 2008-09, with average annual growth over the past thee years of 58.76%.
Founder Jamieson Collins says that IP Payments was founded due to what was seen as a gap in the account receivables process.
"We believe that our state-of-the-art technology, as well as strict adherence to industry compliance standards, puts us in the unique position of being able to give our customers best of breed solutions around streamlining their invoices, collection of payments and reconciliation of funds," Collin says.
The biggest challenge has been building the business while not neglecting the company's current client base.
"It is easy to be swayed away by short-term financial gains as you grow," Collins says. "You must stay true to your business, and this coupled with strong management will see you achieve your long-term objectives."
He says the downturn has actually helped the business. As companies have found it more difficult to access capital, they have focused on the accounts receivable process as a way of maximising cashflow and working capital.
"The better the processes the quicker you get money coming in," Collins say. "We are finding our business is flourishing as we help unlock cash for businesses through our solutions."
The company's business plans calls for it to maintain current growth rates - or grow faster - over the next three years. But offshore expansion also remains a goal.
"We are also looking to move to the United Stated and Europe over the next 18 months. Our model is very much transferrable to these overseas markets."
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