Matt Pierce has been a tech guy for his entire 17 year career. Coming out of grad school, he started out in healthcare tech for a decade or so. Eventually, he started down the path of being an entrepreneur. He is married with 3 daughters - 2 in third grade and one that is a 2 year old. He mentioned the entrepreneurial dilemma of picking 3 of the 5 life choices - family, business, sleep, exercise and friendships - and notes that his three are family, business, and sleep.After spending nights and weekends burning the midnight oil on a healthcare tech solution, Matt sat down with a prospective client and did the best pitch ever. The client's feedback was that it didn't solve her real problem which was turnover, which boiled down to money. After chatting with the client and a mentor, Matt uncovered the best potential solution to financial stress - on demand pay.This is the creation story of Immediate.SponsorsPropelAuthSpeakeasyQA WolfSnapTradeLinksWebsite: http://joinimmediate.com/codestoryLinkedIn: https://www.linkedin.com/in/piercmb/Our Sponsors:* Check out Kinsta: https://kinsta.com* Check out Vanta: https://vanta.com/CODESTORYSupport this podcast at — https://redcircle.com/code-story/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
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We initially had thought, well, if we're going to go do this, we'll just charge a small percentage for everything you pull out. If you've earned $500 and you want to pull $200 out, then we'll just charge you 5%, right? And we'll make $10. That sounds great. Well, the problem with that is when you put percentages in there, it starts to look and feel a little more like a loan.
So we ended up going with a flat rate that is viewed more as a convenience fee. The same way as whether you pull out $100 or $200 in an ATM, it's going to be the same ATM fee. So that regulatory compliance kind of made us re-look at and adjust the way we were structuring things from a business perspective. My name is Matt Pierce, founder and CEO of Immediate.
This is Code Story, the podcast bringing you interviews with tech visionaries who share in the critical moments of what it takes to change an industry and build and lead a team that has your back. I'm your host, Noah Laubhardt, and today, how Matt Pierce created a solution to financial stress by enabling you to get paid on demand. All this and more on Code Story.
Matt Pierce has been a tech guy for his entire 17-year career. Coming out of grad school, he started out in healthcare tech for a decade or so. Eventually, he started down the path of being an entrepreneur. He's married with three daughters, two in third grade and one that is two years old.
He mentioned the entrepreneurial dilemma of picking three of the five life choices, family, business, sleep, exercise, and friendships, and notes that his three are family, business, and sleep. After spending nights and weekends burning the midnight oil on a healthcare tech solution, Matt sat down with a prospective client and did the best pitch he'd ever done.
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