When then-Furman University pre-law student Dustin Magaziner founded PayBright in 2012, it was supposed to make “just a little money,” an extra $100 or so to cover expenses.
“I didn’t set out these big expectations,” Magaziner said. But within weeks he had met that $100 target and started to push for more.
Today, it’s a multimillion dollar merchant services company in Raleigh – Magaziner declined to give specific revenue numbers. The credit card processing business specializes in helping small and medium-sized businesses, promising to save them money “with every swipe.”
Magaziner, who grew up outside of Philadelphia, wasn’t a coder. He was a problem solver.
His father, a business owner, would drop financial tasks in front of Magaziner – including paying bills and understanding the paperwork. He discovered firsthand what a pain payment processing was – and realized other businesses might face the same issues. While in college he started out by licensing technologies and selling door-to-door. His first client was a liquor store.
“I was just out there talking to local businesses … found out I was better at it than expected and business owners needed more help than expected,” Magaziner said.
The firm was bootstrapped, with very minimal expenses. Magaziner didn’t envision a career – just a way to make due until his law career.
“Had you met me as a high school student … I would have told you I was going to be an attorney,” he said. “There was no doubt in my mind.”
He captained his mock trial team all the way to a state championship.
Even after Furman – as the checks were getting bigger at PayBright – he thought he was just putting off his law ambitions. But overtime, he realized that law school meant going backwards – being a student again.
“I was already doing it,” he said.
PayBright has 15 employees in Raleigh and about 600 in sales across the country.