Beginning her entrepreneurial journey right out of high school, Dana A. Bowers worked in the bill pay department of an Elizabethtown, Ky., local bank while attending night classes. Bowers, while still working for the bank, was asked to start her own bill pay company by a member of the community.
At the age of 27, Bowers founded Military Services Inc. in 1986. MSI was a third-party bill payment service for active duty military personnel. At the time, MSI, along with a competitor, represented 80 percent of that particular market. However, in 1997, Bower merged with a competitor to form Call Me Bill, which supplied bill payment services to the banking industry. In 1999, Bowers and company sold Call Me Bill to Netzee Inc. when the company had approximately 75 customers and was not at EBITDA breakeven. Yet with her entrepreneurial zeal, Bowers repurchased her former company two years later and renamed it iPay Technologies LLC.
Today, the bill payment company has 150 customers and met financial stability in just 13 months. Ever since, Bowers’ company has been profitable. The company services more than 2,800 financial institutions in the U.S. and Puerto Rico. iPay’s target market is community financial services institutions.
Much of iPay’s success can be attributed to Bowers’ two rules: Always tell the truth, and surround yourself with smart people and then pay them more than you pay yourself. These two rules have implanted great customer service and performance in the workplace. Aside from founding iPay Technologies, Bowers contributes to St. Jude Children’s Hospital regularly. She also created iPay Cares for her employees, which assists them through short-term hardships. Bowers also enjoys spending time with her six children and two grandchildren. Although she does not plan for the future, Bowers will continue to have great entrepreneurial success.
How to reach: iPay Technologies LLC, (270) 737-0590 or www.ipaytechnologies.com