Michigan Startup HealPay: Developing Innovative Fintech Web Applications INTERVIEW

When you put together a Ruby on Rails developer with five years of experience working for engine yard, and a serial entrepreneur with two previous successful exits, move them to Ann Arbor Michigan, you’ve got HealPay. HealPay is the latest startup for serial entrepreneur Erick Bzovi, who teamed together with co-founder Lancelot Carlson to bring innovative fintech (Financial Tech) web apps to market.

HealPay currently has two billing applications aimed at enterprise available today. However, they plan on continually producing easy to use, but robust applications to handle financial tasks efficiently.

We got the opportunity to talk with Bzovi about HealPay and their fintech app development startup.

Where are you located?
After receiving some seed capital [http://www.annarbor.com/business-review/after-receiving-an-angel-investment], we opened an office in downtown Ann Arbor. We think this is the best place to start a tech business in Michigan!
Tell us about (and describe) a few of your apps:
We’ve developed two billing applications for the enterprise.
Our SettlementApp helps large businesses, e.g collection agencies, settle with consumers by offering flexible & friendly payment options. People are more willing (& able) to pay their bills when given options to do so. Creating a 3, 6 or 9 month payment plan is a breeze.
Our BillerApp helps small businesses, e.g. sole proprietors & contractors, send out invoices in a matter of minutes. The app is currently free and was considered one of the Best Invoicing Tools amongst Design professionals. [source: http://www.fastcodesign.com/1665487/infographic-of-the-day-the-best-design-tools-on-the-market]
 More after the break

Are you developing IOS and Android? Other platforms?
Mobile payments are becoming more and more prevalent for consumers so naturally we have plans to develop for iOS and Android. At the moment, we rely on responsive web design to make our apps render across different platforms.
Who is your target audience?
3rd party collection agencies and large creditor issuers like banks and credit unions.
What problems does HealPay and your apps solve?
Our goal is to help businesses reduce their Account Receivables problem. Business debt has risen 65.9 percent over the last 10 years and delinquency rates are rapidly rising. Moreover, a lot of agencies still rely on the old methods of collecting money (i.e. making phone calls & sending paper mail). They haven’t invested in modernizing their online payment portals. If our SettlementApp can help people resolve their bills by offering flexible payment options, we think we are on to something.
What’s your secret sauce?
I think our secret sauce is the way we approach the market. The Fintech space is quickly evolving yet Lancelot & I remain students of the game. We strive to learn something new each day and believe in making better mistakes tomorrow. We often tell people we had to get in debt (i.e. Student loan debt) to truly understand the space!! When you inject tech talent into an old industry & mix in a relentlessness to succeed, you often get something new and innovative!
Tell us about your experience in the Michigan startup scene:
Lancelot and I are very active in the Ann Arbor & Detroit startup scene. Last Fall, a group of 3 friends and I started GrowDetroit [www.growdetroit.com]. GrowDetroit operates a blog about Southeastern Michigan startup news, and through casual get-togethers we have grown to over 200 members. Without question, the entrepreneurial spirit is alive and well in SE Michigan!
What’s one lesson you’ve learned in the startup process:
Managing growth is everything. Launching a startup is easy but creating a company is hard. What you do with the traction you gain and the resources you have ultimately determines the success you reap.
How can people find out more about your apps:
You can learn more about us by visiting our website here: HealPay [www.healpay.com] and following us on Twitter @HealPay [www.twitter.com/healpay].
Find out more about HealPay at their website healpay.com
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