VizyPay was founded in 2017 by entrepreneurs Austin Mac Nab, pictured at left, and Frank Pagano, right, who experienced the difficulties small business owners had with handling payments. Now, VizyPay is serving small to medium-sized businesses in small and rural towns with payment processing systems that fit their needs. The company was selected by the Business Record as the 2022 Corteva Agriscience innovationLEADER Award recipient.
In its first five years, VizyPay has rolled out a suite of offerings including point-of-sale systems, mobile payment processing, and the VizyPOS app that allows businesses to manage all aspects of the payments process. The payment processor’s Cash Discount Program, a month-to-month subscription service, helps small businesses keep more of their earnings by letting them process unlimited credit card transactions while offsetting up to 100% of transaction fees for a low cost.
Payments processed by the company reached $2 billion earlier in 2022, and it expects to process another $2 billion by year’s end. It has also been recognized as one of the fastest growing companies in Iowa and the U.S.
VizyPay credits its success to its workplace culture and its commitment to hiring employees with diverse backgrounds. Most new hires didn’t have experience in the payments industry, stemming from the founders’ belief that the new perspectives will provide the disruption needed for innovation. Mac Nab and Pagano plan to expand VizyPay’s team at its Waukee headquarters to more than 120 people by the end of 2022.
Below, Mac Nab, VizyPay’s CEO, shares more about bringing innovation to the payment processing industry.
What drives a successful leader?
Successful leaders are dedicated to the success of those around them. They understand that other people are the key to true success and [that] nurturing leadership development will provide greater overall success to an organization. Actions mean more than anything, and I strive to maintain this mentality. Additionally, I’m always constantly changing my definition of success. I’m always hungry for more and 100% dedicated to continuously leveling up.
How do you define innovation as an organization?
Innovation at VizyPay goes hand in hand with our diversity. We intentionally seek individuals with non-industry backgrounds because we know their fresh perspectives and experiences enable disruptive innovation in payments. “It’s always been done that way” is not a sentence heard at VizyPay. In the payments industry, many companies resort to mergers or acquisitions to obtain market advantage and product innovation. We don’t have to rely on that because of our incredibly diverse and innovative internal team.
How do leaders effectively guide a team through times of uncertainty?
Transparency, compassion and a solutions-driven mentality are the keys to guiding a team through a time of uncertainty. Innovation often comes to light during these periods, but only leaders who are willing to learn, unlearn and relearn can successfully navigate teams through the unknown. Uncertainty is uncomfortable, but so is growth. Leaders who are flexible with their ideas remain teachable and curious. Moreover, a leader that keeps a positive attitude through uncertainty and challenge can shift a team’s thought process to be more open towards change. There is always an opportunity waiting to be capitalized on within challenges, and leaders who truly put their people first will find a way to twist uncertainty into opportunity.
Where are the opportunities for growth in your industry?
One opportunity VizyPay is constantly looking at is diversity and product availability for all market segments. Many competitors in our industry work to deliver payments technology that serves larger businesses in metropolitan areas, leaving behind smaller businesses in rural areas. If these businesses are forced to choose between overpriced, complicated technology or not accepting card payments at all, it ultimately stunts their business’s growth and profitability. We see our tailored solutions as a great way to serve local communities across Iowa and the nation.
What is one lesson from your career that you would share with emerging leaders?
Company culture is a business killer if you don’t put it first. It’s that simple. Culture is the lifeblood of an organization, and an authentic one can make all the difference. When employees feel appreciated, supported, challenged and engaged, they all work together to drive the vision forward because they know their actions have impact. This is the foundation of success. Game-changing products or solutions mean nothing without people who are passionate about playing their part in the journey to success.
VizyPay’s innovation in payments processing for small businesses is highlighted in a deeper story in the Finance & Insurance chapter.
Corteva Agriscience is a global pure-play agriculture company that combines industry-leading innovations, high-touch customer engagement and operational execution to profitably deliver solutions for the world’s most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.
About the awards: The recipients of the innovationIOWA awards are nominated by members of the community and selected by Business Record leadership.