Camilo Acosta, CEO of Pay By Group, which is based out of San Francisco. Their team is working with global brands to make it easier for people to minimize the cost of any purchase at the online checkout. One of their customers expresses their gratitude for the company by saying that their “family reunion [wouldn’t] happen without Pay By Group.” Listen as Camilo shares how Pay By Group’s revenue grew from zero in 2011 to nearly $30 million in 2016.

Famous Five:

Favorite Book? – High Output Management
What CEO do you follow? – N/A

Favorite online tool? —Hubspot Sales
Do you get 8 hours of sleep?— “Now, I do”
If you could let your 20-year old self, know one thing, what would it be? – “I wish I moved to San Francisco earlier”

Time Stamped Show Notes:

01:36 – Nathan introduces Camilo to the show
02:05 – Pay By Group is a worldwide payment solution that allows families and friends to split the cost of their online purchases
- 02:20 – Pay By Group is plugged-in directly to online merchants
02:33 – Pay By Group is a checkout option
02:47 – Pay By Group charges the business and consumers
03:07 – Camilo gives an example on how to use Pay By Group using Walmart’s website
03:44 – Pay By Group makes more money on the consumer charges
03:50 – Pay By Group is active on vacation rental sites like CaboVillas
- 04:19 – The organizer is free but every invite will be charged 2.9%
05:17 – Pay By Group is a pay-as-you-go model
05:34 – Pay By Group was founded in 2011
05:38 – Team size is 20
05:41 – Pay By Group raised $3.4 million in the second round
05:56 – The first round of raised capital
06:28 – Average order value:
- 06:46 – There’s no one number because it depends on the merchants
06:56 – Vacation rentals is Pay By Group’s current “bread and butter”
07:08 – Number of merchants currently using Pay By Group is over 300
07:20 – Pay By Group tracks the number of groups/families that have used their system
07:52 – Pay By Group had tens of millions of transactions
08:11 – 2011 total transaction volume number is zero
08:25 – Pay By Group was in 500 startups in 2012
- 08:58 – Pay By Group’s first merchant was Rent Like A Champion
- 10:04 – 2012 total transaction volume number is less than a hundred thousand
10:30 – 2013 total transaction volume number is around $3 million
10:45 – Goal transaction volume number in 2016 is $30 million
10:57 – Pay By Group is seasonal
11:33 – The Top: Ep. 489 is the episode where Rent Like A Champion’s CEO was featured
12:38 – Pay By Group’s team is based in San Francisco
12:56 – Camilo’s goal for Pay By Group
13:40 – Connect with Camilo through LinkedIn and his website
16:20 – The Famous Five

3 Key Points:

Enjoy WHAT you do and WHO you work with—learn from them.
The secret is simplicity; less is always more.
Dream it and do your best to achieve it.

Resources Mentioned:

Toptal – Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to the quality of Toptal developers.
Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
Freshbooks – The site Nathan uses to manage his invoices and accounts.
Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
Assistant.to – The site Nathan uses to book meetings with one email.
Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
Drip – Nathan uses Drip’s email automation platform and visual campaign builder to build his sales funnel.
LinkedIn – Camilo’s LinkedIn account
PayByGroup.com – Camilo’s business website
CaboVillas – One of Pay By Group’s vacation rental merchant
Rent Like A Champion – Pay By Group’s first merchant
Show Notes provided by Mallard Creatives

EP 496: PayByGroup $3.4M Raised, $10m in Transaction Volume to Help Groups Pay with CEO Camilo Acosta

SaaS Interviews with CEOs, Startups, Founders