Walnut Creek, Calif. – (May 26, 2015) – YapStone™, a global provider of web and mobile payment technology solutions for large vertical markets and online marketplaces, was honored by the San Francisco Business Times Tech Innovation Awards as one of the Bay Area’s most innovative technology companies. The San Francisco Business Times recognized 26 of the “region’s most promising tech innovators” from 300 nominations.
The following is the San Francisco’s Business Times profile of YapStone (as originally published here):
The only reason many people own a paper checkbook anymore is for the monthly task of paying rent. They’ll soon be able to cut ties completely if YapStone has its way.
YapStone is a payment processing company that specializes in the rental market. With YapStone’s apps, such as RentPayment, more people in the U.S. are paying rent digitally.
YapStone CEO Tom Villante believes the company’s mission — “penetrate markets that are mostly dominated by paper checks, figure out why, and create products around solutions for those markets” — hasn’t changed since it was founded in 1999.
Villante estimates that YapStone will see its mobile app payments grow by 400 to 500 percent this year and is forecasting revenue growth in 2015 to be more than 45 percent. Villante projects the company will add 100 employees this year.
But the company still has big hurdles to clear, namely getting landlords to widely adopt digital payments.
Villante noted that landlords hate paying fees associated with electronic payments.
“Millions of merchants don’t accept electronic payments as a result of the fee taken out of each transaction,” said Jordan McKee, senior analyst for mobile payments at 451 Research.
YapStone has been winning over landlords, however. Already, it has become the largest electronic payment processor for rent in the United States, with 4 million units under contract, most of those comprising large multi-unit properties. Mobile payments are a big part of Yapstone’s strategy. In December, it released an iOS app called RentPayment and the company will soon support Apple Pay and the forthcoming Android Pay.
HQ: Walnut Creek
What it does: YapStone provides web and mobile payment technology solutions
CEO: Tom Villante
Funding: More than $110 million raised from Accel Partners, Meritech Capital and Bregal Sagemount
Growth: In 2014, Yapstone processed more than $10 billion in payment volume and hired more than 100 employees