Vision is an essential quality for an entrepreneur. Jeff Shea, founder and CEO of Payline Data, makes his vision clear through his company’s mission and purpose: Payline Data is a credit card processing solution that does something pretty darn cool; this company donates 10 percent of all profits to a charity of the merchant’s choice.
In a nutshell, here’s how the core business works: All businesses pay credit card processing fees, whether you run gas station, ecommerce business or restaurant. Payline Data provides secure processing services for businesses, customized for each specific client and at fair, low rates. Additionally, Payline Data is full service and supplies everything needed to get a business up and running, providing terminals, gateways, pin pads, credit card software and more.
But here’s what makes Payline Data unique: This company donates 10 percent of the revenue from each account to charities, such as animal rescues, pediatric cancer foundations and ministry groups. For example, if the merchant accrues $10,000 in credit charges with a total of 2.5% processing fees, then that’s $250 they pay to Payline. In this case, Payline’s total revenue is about 0.5% which equates to $5. In other words, Payline donates about $5 for every $10,000 for this example. (Keep in mind: Every company is unique, so exact donations will vary.)
At face value, that number may seem small. However, Payline thrives with the masses. With 181 million credit card holders in the US, the spending power is already there. In fact, the average card holder uses their card 119 with an average transaction of $88 for a total of $10,500 worth of annual credit card purchases.
Here’s the fact that will blow your mind: If every business in the US switched to Payline Data, the donations through Payline Giving would total $950,000,000, per on the previous example. That’s almost a billion dollars in charitable donations! Payline Data is clearly a no brainer.
Payline Data is an exception in the financial industry, a sector notorious for capitalism and greed. Their focus on fusing business and community shows us that capitalism can be used for good, and they remind us how important—and easy—it is to give back to others.
Posted By Adam Fridman