Move over PayPal – Paidthx is making sending and receiving money online as simple as swiping your finger. Oh yes, and it’s free. We caught up with founder, Thomas Eide, to talk Paidthx inception, the importance of integrity and World Cup preparations.
How’d you come up with Paidthx?
As we were developing the concept of PaidThx, we did a lot of research into how people exchange money on a day-to-day basis and what that social interaction looks like. As we observed more and more of these interactions between our friends, family and complete strangers, we realized the entire interaction could be boiled to this phrase; “You’ve been paid. Thanks!” Most people abbreviate a lot when communicating on their mobile phones, so we shortened “Thanks” to “Thx”.
What’s the very first thing you do at work everyday?
First thing in the morning I scan the news and industry-related RSS feeds for social pain points that PaidThx is solving and for other companies creating great technologies to help people. It gets me amped better than any cup of coffee!
How many people did you start the company with and how many people work for you now?
The company started with 5 co-founders and has grown to over 12 employees.
Remember the early days starting up? Maybe you can share one anecdote that describe the struggle you went through?
I spent several months “getting to know” how the team I brought together conducted themselves within their personal lives. I watched how they acted in their personal relationships and the people they allowed into their lives. It took a great deal of patience to evaluate guys, ultimately better than myself, that would be able to attract and develop others to their talent level and above.
How do you handle frustration? When/how was the last time you dealt with frustration?
I deal with it head on. There isn’t time in business to deal with the same issue over and over again. Handle it and move on.
Integrity is a critical necessity in life and in business. Recently, one of our team members missed the mark and not by much. I used an old tactic from “The One Minute Manager”. Probably wasn’t necessary to put this person back on track, but gave him a tool to use the next time he has to deal with someone in a similar situation.
What’s your office environment like? Is it the kind of place where everyone is bumpin’ away to house music or is it more traditional?
Definitely the former, we try to keep the office fun and laid-back. in a startup environment, the people that are brought-in and stick are the ones most passionate about the concept and making a difference through new technology.
How do you picture Paidthx in 5 years?
PaidThx is about delivering the simplest and fastest electronic exchange of money virtually removing the “transaction” from the truly social nature behind why money is being exchanged. PaidThx in partnership with the companies developing on its platform will lead the electronic and mobile payments market in ‘real’ funds delivery.
Who or what inspires YOU?
God. Life is a blast and we’re given opportunities all the time to say ‘thanks’. PaidThx is an opportunity to say thanks by serving the people that need PaidThx the most while doing what I love everyday!
How’d you fund this venture?
PaidThx to date is self-funded by the founders. However, to meet its goals, PaidThx is partnering with several successful individuals that understand the difference their investment will make on our world and the opportunity this technology presents.
Got any great bootstrapping tips for the lean startups out there?
Yeah…it’s really pretty cool to build a business out of your home, garage, or basement.
What would you be doing if you had one year off and $500,000 to spend?
Forget the year off. I’d get into too much trouble with that type of time on my hands. As for the $500,000, well, there is this orphanage in South Africa that takes in the kids who have lost their parents to AIDS.
Do you consider yourself a successful entrepreneur right now? If not, what’s it gonna take to make you feel successful?
I’ve grown and sold two high-tech companies, as well as a successful multi-family real estate business. So, no. I’m a very well trained entrepreneur but for me to truly feel successful, I have to be part of developing a company making radical changes to better the lives of people that need it the most.
Website you couldn’t live without and why?
ESPN. Because I have friends that aren’t sensitive to the life and death importance of Virginia Tech Hokie Football and plan their weddings on game days. Thank you ESPN!!!
Mobile App you’re in love with and why?
The flashlight. You never have one when you need one!!! How did MacGyver ever survive before the smartphone?
Dogs or cats?
Both. The loyalty and unconditional love of a dog combined with the affection and independence of a cat would make the perfect pet.
iOS or Android?
Android, but our team is pretty split between both.
Number 1 country you’ve always wanted to visit but haven’t yet?
Brazil. From the people to the culture, I want to experience the beauty of Brazil. I don’t have long to wait, World Cup 2014.
What’s the greatest thing about Paidthx?
Anyone can use it and it’s completely free. All you need is a U.S. bank account and a smartphone, tablet or computer to send money to any of your friends, family or favorite organizations.
Where can our readers reach out to you?
Anyone can sign up for an invitation to be one of the first to use PaidThx.
-
- YouTube
- I blog about startup life, challenges and other things here
Any other projects you’re working on that we should check out?
Keep your eyes open for some very exciting new companies using the PaidThx platform to create some of the most innovative businesses we’ve ever seen.
Also, we’ll be developing spanish-language functionality for PaidThx soon and can’t wait for the hispanic community to really start getting involved on the network as well. Other than that, what’s not to love about PaidThx?
Thanks, Thomas! Check out Paidthx to make your online money transactions fast, easy, and…free! Hear that, PayPal fees? One-nil.
Photo credits
Paidthx.com
