This Side Hustle Spotlight Q&A features Nic Beique, founder of Helcima payment processing company used by tens of thousands of merchants – dentist offices, law firms, auto shops and more.
You started with one side hustle. Can you tell me how this helped you establish Helcim?
I started my first business when I was 15 years old. I knew how code and designso i asked local small business owners if they wanted a website. Many said yes, starting with my barber, local gym and even the local computer store where I bought parts. I was always shocked when they said yes – after all, I was a random teenager walking into them. the location.
I saw how hard these people worked to make a living and I was honored that they would use me with their hard earned money. This gave me a sense of camaraderie and loyalty, and I soon saw myself as a small business owner, too – working hard to build my own small business.
Some of the websites I built were converted e-commercewhich meant finding a way for my clients to accept payments online.
It was still early days PayPal, but its reputation was already (that it was) a faceless service that would hold funds without warning and leave a constant trail of angry traders. The few bank processors available were even worse: long contracts, deceptive sales and hidden fees that would make remotes blush – something that hasn't changed in decades.
The more I tried to find payment solution for my clients, the more I discovered how badly payment processors treated small businesses – and not just online. These merchants were also being cheated when it came to their in-store payments. High fees, poor service and held funds were the industry standard.
Even for my first business, I couldn't accept credit cards unless I agreed to give my local bank processor thousands of dollars as a “security deposit” to open a merchant account. It turns out that the credit card processing industry is terrible for all merchants, big and small.
That was the spark. If you look at my entrepreneurial journey, I went from web page design for coding e-commerce projects to eventually start a payments company.
Where did you find the inspiration for Helcim? What did you want to happen?
Everyone says they want to small businesses, yet most service providers continue to treat them poorly. Helcim is on a mission to change that, and it starts with completely reinventing what it means to be a Small business champion. Local small business owners took a chance on me when I was just starting out, and they deserve a company that gives them a chance.
Our mission does not stop there. While it starts with providing affordable and transparent payments, we are constantly finding ways to give small businesses an advantage through easy-to-use software and financial products.
What were some of the first steps you took to start your business?
I was still in university when I decided to start my first payment company. It took a long time to find a bank that would allow me to sell its merchant services, but after almost a year, I finally got one to say yes. So my first experience in payments was actually as a reseller in a bank.
I returned to the same Small business owners who had taken a chance on me and signed them up as dealers. Over time, I was able to hire several employees and our company built a unique reputation in the industry; we were honest and trustworthy – a rare commodity in payments.
Our reseller business continued to grow, giving us the resources to go out on our own. After years of being a reseller, in 2020, we became our own processor and launched our own payment services. This is the Helcim you see today.
What were some of the biggest challenges you faced while building your business and how did you navigate them?
Banks in the payments industry are not very open to new entrants, especially 15 years ago when I started. I had to work really hard to convince just one of them to let me become a salesperson so I could get my foot in the door.
Even then, it was a constant battle. We have aimed to improve the tools and increase transparency for small businesses we have served. However, our efforts have occasionally resulted in unwanted changes within an industry resistant to our presence.
It took another decade of hard work to become our payments company, building relationships and strong determination. This industry has many gatekeepers, from credit card networks to big banks, and we had to fight tooth and nail to get a seat at the table. But in the end, we remembered that we were doing this to bring a better solution to the small businesses we champion, and that kept us going.
How long did it take you to see consistent monthly income? What do growth and revenue look like now?
Helcim now serves tens of thousands of businesses across the US and Canada. We processed nearly $4 billion in payment volume in 2023 and are on track to more than double this year. In terms of income, I will share that it has grown to such a degree attracted investorsand we closed our Series B round earlier in the year.
What do you like most about running Helcim?
Payments are the very heartbeat of commerce. At its core, business is about the exchange of value between parties. Every day, billions of people exchange money for goods and services. As a payments company, we need to be at the center of it all – we have a front row seat.
My team and I can talk to any business imaginable. We can talk to dentists, barbers, drivers and educators. We've worked with charities on how to make it easier for people to help their cause and with bakers on how to sell more muffins. Throughout my years of growing Helcim, I have had the opportunity develop fantastic relationships with restaurant owners, auto mechanics and locksmiths. The scale range has also been varied. I've visited the giant global grain distribution centers to help them accept payments from microbreweries that need good malt for their beer, and I've sat down with those same microbreweries and thought about how to get more customers to so that they can make that malt in good condition. use.
For someone who loves business, I can't think of working in an industry that is more at the center of everything. It is truly a privilege.
What is your advice to others hoping to start successful side hustles or their own full-time businesses?
It takes time, but if you really want it, you will find success hard work and persistence. I know it sounds cliché, but it's so important to listen these days. I'm always a little surprised at how much of a get-rich-quick mentality is still out there, but that's not reality.
Reality is going through hundreds of nos until you get a yes and believe in your vision to make an industry better despite closed doors and OBSTACLES. One day you will look up and realize how far you have come.