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Ohio Startup: Buyvite Adds “Pay Me Back” Social Payment Product

We’ve been following Brandy Alexander-Wimberly and her Toledo Ohio startup, Buyvite, since last May. Buyvite is a payment tool that makes group buying easy. For example, say you’re having a high school reunion and as a side activity you decide to catch a football game or a few rounds of golf as a group. Buyvite allows all of the group to pay for the excursion without having one person delegated in charge of the money, and risking one, or two people not paying.

Buyvite announced a new product on Monday called “Pay Me Back”. This product works after the transaction is made and is just in time for the holiday gift giving season.

With “Pay Me Back” say you and your family members decided to buy one of your other family members an expensive gift, like an iPad. Once one person makes the initial purchase, Pay Me back can divide the price paid among the others in your family and act as the conduit for the person who “fronted” the money to get paid back easily.

“Pay Me Back” has a variety of great uses. Alexander-Wimberly explains:

“This product was developed to give our partners an easy way to leverage the power of social commerce. Our social payment badges are designed to embed on product pages to promote the application. After the customer makes their purchase, they now have a seamless and social way of showing their friends what they bought, telling them how much they owe and an easy way to get paid back. It’s a perfect fit for any company focused on selling gifts, vacation rentals, event tickets and even works well for fantasy sports leagues and donations.”

Early adopters of “Pay Me Back” include Tiesta Tea, Pledge Music, Tony Packo’s, Swank Martini and payment processing provider E2E Payments of Lombard, IL. E2E President Brad Bialas explains the advantage of offering “Pay Me Back” to his customer base. “Our ecommerce clients are looking for new ways to reach their social audience. Consumers are already locked in to the concept of group purchases and peer-to-peer payments. Buyvite’s “Pay Me Back” product gives our clients a fresh and social way to promote a “crowd funding” model via their websites and ecommerce carts and it’s a proven way to help elevate traditionally group focused purchases like gifts, team costs or event tickets.”

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Toledo Ohio Startup: Buyvite Closes Funding Round Looks Forward To Expansion

Our good friend Brandi Wimberly and her group buying startup, Buyvite, have just finished closing a funding round. This unique startup makes creating makeshift buying groups easy to do and easy to collect.

No we aren’t talking about some crazy Groupon, group buying platform, we’re talking a much more practical use. Picture you and your cousins, uncles and aunts, brothers and sisters are all putting their money together to buy grandma and grandpa an anniversary cruise. You know how this traditionally goes, one coordinator puts their money on the line for the entire trip and all of a sudden everyone has a problem making the payment.

ANother great example is say you and your college buddies decide to take a group trip to a baseball game. Same thing, one person is holding the bag. No longer, not with BuyVite.

Buyvite lets you pull money together for one thing, it makes collecting the money a cinch and then one administrator can take the collected money for the group purchase. Pretty smart huh?

That’s what the investors must have thought because Wimberly reports that she has closed a funding round and plans to expand Buyvite’s markets infrastructure, mobile platform and management team.

“Now that we have successfully closed this round of financing, we can aggressively and confidently pursue retail partners who are interested and willing to participate in this socially relevant and expanding piece of the marketplace in which to further drive their products and services to and through. Buyvite is a new and exciting way to capture this evolving and growing segment of the social payments audience and we are extremely confident that the retail community will seize and embrace this new opportunity. We’re also excited to be approaching some new high growth market opportunities that have so far been largely ignored by the social commerce space.” Wimberly said in a statement.

“Our recent investment will also allow us to add new functionality and pivot our product to more closely align with consumer and retailer feedback and feature requests. Our investors and advisors are very focused on retail business development and brand building but also respect the technology we are crafting and overall product execution. Among our investors and advisors are experienced business leaders with a wide range of talents that can help us achieve our goal of being the leading group payment platform for retailers. We are lucky to have such an amazing group of people helping to build this company.” Wimberly added.

Buyvite also announced the addition of Bob Mallo and Brad Bialas to the management team. Mallo will assist in strategic formation, operational direction and company wide execution. Most recently Mallo was the Group President of Follett Educational Distribution Group and President of Follett Educational Services prior to that. Bialas will help develop sales, marketing, and pricing models as well as strategic partners. Bialas has been in the payments space for 12 years, most recently as the President of BluePay (a large payment processing software provider) where he helped the company grow from 3 employees and nominal revenue to over $100MM in annual sales. Buyvite Advisors include Vijay Raghavendra of IBM, Balaji Gopinath of Turner Broadcasting and Media Camp, Jacob Tell of Oniracom and Poornima Vijayashanker of Bizeebee Software.

This undisclosed funding round was led by Rocket Ventures.

Linkage:

Check out Buyvite here

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Toledo Startup: Buyvite Launches Group Payment Platform INTERVIEW

Do you have a big family? Have you ever pulled money together from your entire family to buy grandma and grandpa a cruise, a vacation or other gift? Well pulling all the money together, checking off the payments and then writing one big check or paying by credit card can be a huge hassle. Sure these days you can have most of your family Paypal you but there’s still those few that don’t have a Paypal account. This is just one of the scenarios that Toledo OH based startup Buyvite is looking to solve.

Another easy scenario is times when maybe you and a bunch of friends have wanted to pull together money to buy tickets to a concert or a basketball game. One person typically shells out all the money and waits to get paid back. No more of that thanks to Buyvite.

Buyvite members will have the ability to create a Buyvite by inviting friends and family to a group purchase. Once the requested amount is achieved, the group purchase organizer has the ability to trigger a Buyvite Code, that functions like a gift card code, that is worth the requested amount and can be used to make the purchase on any site that integrates the Buyvite API. Group purchase organizers also have the flexibility of sending the collected funds directly to any U.S. bank account for free.

We got a chance to talk to Brandi Wimberly the woman entrepreneur behind Buyvite

Interview after the break
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