12 Online Payment Service Success Stories [2024]

Updated: November 19th, 2023
Start An Online Payment Service

An online payment service provider is a third-party company that provides a payment platform for businesses that accept online payment methods like debit cards, credit cards, cash cards, etc. Building an online payment platform is a great way of achieving financial freedom. This is because the payment platform charges the stores and service providers a convenience fee for using their services, generating a passive income for the business owners.

If you plan to build an online payment solution, focus on building a solution that will process different payment types.

Here are some real life success stories of starting a online payment service:

1. shurjoPay ($24M/year)

Fida Haq, the MD and CEO of shurjoPay, came up with the idea for the online payment gateway in 2009 while managing an ATM network in Bangladesh. Recognizing the challenges faced by the e-Commerce sector in the absence of a local payment gateway, Haq decided to create shurjoPay to facilitate online payment collection for merchants. Since its launch, shurjoPay has become a key player in the industry, averaging a transactional volume of $1.5 million per month with over 600 merchants onboarded.

How much they make: $24M/year
Current team size: 150

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How We Developed A $1.5M/Month Online Payment Gateaway

Bangladeshi MD and CEO Fida Haq established shurjoPay in the e-Commerce sector in 2010, a payment gateway as a merchant service provider so MSMEs could accept online payments in a country that lacked such a solution; now averaging $1.5M in transactions per month with 600 merchants, and expanding services with QR-based payments and payment links.

About
Fida started shurjoPay over 13 years ago
Revenue
Fida grew the business to $2M/month
Read by 5,860 founders

2. Transformify: Workforce Management System ($60M/year)

Started in 2015 when remote work was still a novelty, Transformify grew exponentially, providing global payroll and payments to international contractors and achieving 650% revenue growth in 2021. The idea came after the founder witnessed highly qualified professionals losing their jobs due to automation and process optimization at Coca-Cola Enterprises.

How much they make: $60M/year
How much did it cost to start: $250K
Current team size: 35

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I Bootstrapped A $60M/Year Global Payroll Solution

Transformify, a global payroll and payments platform for international contractors, achieved 650% revenue growth in 2021 and reached profitability in 2019, offering social impact programs for various vulnerable groups, vendor management systems for temporary workforce management, and an AI-driven applicant tracking system to help job seekers switch careers amid Covid-19 outbreak.

About
Lilia started Transformify: Workforce Management System almost 9 years ago
Revenue
Lilia grew the business to $5M/month
Costs
It cost Lilia $250000 to start the business
Read by 7,036 founders

So... can you actually make money with a online payment service?

Of course. There are millions to be made in this industry.

But how?

  1. Research real, profitable businesses and see exactly how much money they make.
  2. Study exactly what works, and what doesn’t.
  3. Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

Start Now

3. Akurateco ($1.2M/year)

The founder, Vladimir Kuiantsev, came up with the idea for Akurateco after realizing that global merchants needed a more advanced and flexible tool to manage their payment processes. With over 15 years of experience in the payment processing industry, he and his team developed a white-label payment orchestration platform that provides maximum flexibility and accommodates the needs of online merchants to grow fast without significant investment. Since its launch in 2020, they have seen exponential growth in transactions and aim to achieve a capitalization of $100+ million in the next 5-7 years.

How much they make: $1.2M/year
How much did it cost to start: $600K
Current team size: 45

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How We Bootstrapped A $1.2M/Year White-Label Payment SaaS

Akurateco, a Netherlands-based payment software provider for fintech companies, bootstrapped their white-label payment SaaS to reach 1 million transactions, receiving recurring payments from 20+ clients every month with an average of €5,000 per client, and they plan to break even by Q2 2022 and achieve a capitalization of $100+ million in the next 5-7 years.

About
Vladimir started Akurateco over 3 years ago
Revenue
Vladimir grew the business to $100K/month
Costs
It cost Vladimir $600000 to start the business
Read by 4,719 founders

4. Factofly ($1.8M/year)

Jannik, the co-founder and CEO of FactoFly, came up with the idea for the business after experiencing the burden of administration as a freelancer. Through extensive market research and interviews with freelancers, he saw a need for a platform that would handle the administrative tasks for freelancers, allowing them to focus on their work. Since its launch, FactoFly has grown its revenue to around €130k monthly and is now preparing for a seed round to expand into new European regions.

How much they make: $1.8M/year
How much did it cost to start: $50
Current team size: 4

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This Admin Tool For Freelancers Now Generates $1.8M/Year [Denmark]

FactoFly, a platform for freelancers to handle their administrative tasks, has grown from 0 to €130k monthly revenue in 12 months, and is preparing for a seed round and expansion to other European regions.

About
Jannik started Factofly over 3 years ago
Revenue
Jannik grew the business to $150K/month
Costs
It cost Jannik $50 to start the business
Read by 2,874 founders

So... can you actually make money with a online payment service?

Of course. There are millions to be made in this industry.

But how?

  1. Research real, profitable businesses and see exactly how much money they make.
  2. Study exactly what works, and what doesn’t.
  3. Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

Start Now

5. Checkout Page ($26.4K/year)

Sander, the founder of Checkout Page, came up with the idea while working as a freelance developer and traveling as a digital nomad. He identified a need for an easy way to accept payments in Stripe and saw it as an opportunity to help people make a living online. After launching on Product Hunt and receiving positive feedback, Sander continued to focus on customer support and validation to further develop the product.

How much they make: $26.4K/year
How much did it cost to start: $0
Current team size: 0

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How I Launched A Payment Software Side-Hustle [With Over $1M In Transactions]

Checkout Page is a payment software for independent businesses that processed over $1M in transactions last year and is now aiming to 10x the business to $10k monthly revenue with a new co-founder and focus on user experience and marketing.

About
Sander started Checkout Page almost 6 years ago
Revenue
Sander grew the business to $2.2K/month
Read by 3,206 founders

6. Fatura Simples ($324K/year)

How much they make: $324K/year
Current team size: 23

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Payment Processor in Brazil Hits $27k in MRR and $72m GMV Run Rate

This case study looks at the success story of Fatura Simples, a Brazilian platform for automating recurring billing that raised $250K in funding in just three years, with a 23-person team generating revenue from a commission on transaction fees.

About
Felipe started Fatura Simples about 6 years ago
Revenue
Felipe grew the business to $27K/month
Read by 629 founders

So... can you actually make money with a online payment service?

Of course. There are millions to be made in this industry.

But how?

  1. Research real, profitable businesses and see exactly how much money they make.
  2. Study exactly what works, and what doesn’t.
  3. Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

Start Now

7. PriceWell ($60K/year)

Spiro (Ros) Kontoprias, co-founder of PriceWell, came up with the idea for the business after experiencing the tedious and time-consuming process of integrating a billing system for a project. He realized there was a need to simplify billing for subscription businesses, especially for non-technical individuals, and teamed up with co-founder Matthew Reid who had significant payment experience. After receiving validation from their first paying customer, they developed a working MVP and launched the business.

How much they make: $60K/year
How much did it cost to start: $100
Current team size: 1

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These Co-founders Who Never Met In Person Built A $5K/Month Billing SaaS

PriceWell simplifies billing for subscription businesses with a personal billing team service, generating $5k in MRR with 120 active customers and almost 2,000 sign-ups, through social media, cold emails, paid start-up newsletters, and programmatic SEO.

About
Spiro started PriceWell almost 3 years ago
Revenue
Spiro grew the business to $5K/month
Costs
It cost Spiro $100 to start the business
Read by 3,191 founders

8. Trust Chain ($360K/year)

How much they make: $360K/year
Current team size: 7

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SaaS startup raises at $3m valuation helping precious metal dealers verify buyers and sellers

Trust Chain Global is a fintech platform and third-party workflow management solution that aims to bring trust, confidence, and transparency to the global commodities market through cutting-edge technologies like blockchain, continuous identity verification, digital escrow and payments, and a smart deal management system.

About
Giancarlo started Trust Chain about 3 years ago
Revenue
Giancarlo grew the business to $30K/month
Read by 761 founders