Smart50 rank: 38
Founders: Jamie Collins, 45, Mark Lewis, 34, Anthony Fulton, 40
Head Office: Victoria
Industry: Finance and insurance
Corporate payment software provider IP Payments has learned that there is nothing more important than word-of-mouth for building sales.
"We learnt that if you build the right solution for your customers then the pipeline builds itself through great word-of-mouth," founder Jamie Collins says.
The problem is, how do you spread your customers' great feedback around?
In the last year, IP Payments have latched onto the new marketing trend towards online video, and has developed case studies and filmed testimonials to market their business on their website.
"We use video testimonials to really gather and capture how our solutions have assisted our client. This has been great for our sales team to forward to prospects. It is much more palatable that a large cumbersome whitepaper."
IP Payments is on the Smart 50 List again this year after another strong 12 months of growth. In 2009-10 the company reported revenue of $4.4 million and has enjoyed average annual growth over the past three years of 39%.
Since starting in 2004, IP Payments has now built a client base of over 2,000 clients, including L'Oreal, Fitness First, 20th Century Fox and St George bank.
Founder Jamie Collins says IP Payments was built on tailoring accounts receivable and payment systems to fit with clients' existing systems and needs.
"We saw an opportunity in the corporate payments space, especially in offering a truly scalable and configurable solution that works with a clients existing environment, rather than forcing change to expensive back-end systems," Collins says.
He says changes to security requirements and the GFC have had the biggest impact on his sector over the past few years, and created strong demand for outsourced payment solutions products.
"Security and compliance are key at the moment. Solutions must comply with the strict guidelines around the storage of sensitive financial data," he says.
"Also as the GFC hit, organisations were looking at freeing up capital as the banks were not lending as before. So getting cash in quicker is the key."