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Curiosity is the mother of all invention is a common phrase used to describe the importance of asking questions in the pursuit of new ideas. But for Sabeer Nelli, Founder and CEO of Zil Money, a leading B2B fintech platform, the source of innovation was simple frustration and inefficiency that pulled down his business operations.
Sabeer had previously made his mark in the oil and gas / convenience store industry of the US by establishing Tyler Petroleum Inc. Through strategic decision making and leadership he was able to transform this local venture into a thriving enterprise. Sabeer’s focus on delivering quality service, streamlining operations, and expanding his network of fueling stations allowed Tyler Petroleum to become one of the fastest-growing companies in the sector.
However, as a business owner, Sabeer always felt that the process of managing payments was unnecessarily complicated. He was dealing with vendors ranging from small local businesses to multinational corporations, each with their own preferred payment methods. Some wanted to get paid via ACH while others preferred wire transfers or checks. Some suppliers demanded the checks be mailed to them or they be paid via virtual cards. Varying demands along with the lack of a streamlined platform added to his woes.
At one point, the platform Sabeer was using for ACH transactions suddenly blocked and denied access to Tyler Petroleum’s account. The reason was that the provider, being a startup at the time, was cautious about taking on too many future requests and associated risks. This unexpected disruption became a significant obstacle for Sabeer, as his business heavily relied on ACH transactions for seamless payment processing. The situation underscored the limitations and vulnerabilities of relying on third-party platforms.
These frustrations, however, ignited a spark of innovation within Sabeer. He envisioned a single platform that would streamline the entire payment process, encompassing both inbound and outbound transactions. Such a solution would not only simplify operations but also enhance security by providing granular user access control. Driven by this vision, Sabeer embarked on the journey to create Zil Money.
Initially, Zil Money was conceived as a cloud-based platform for the payment needs of Tyler alone. The software capabilities included easy check printing, check mailing, ACH and wire transfers, virtual cards – mostly features related to accounts payable. But after realizing the potential of the platform from business associates, Sabeer saw the opportunity to expand its reach. After some minor tweaks and updations, Zil Money was launched in 2018 as a payment solution for small businesses and start-ups.
Since its entry into the US fintech landscape, Zil Money has become the go to check printing and payment software for more than 1 million users across various industries. It has evolved into a versatile financial tool, offering businesses an easy way to manage their payments, reduce transaction costs, and improve cash flow. Perhaps one of the most unique features offered by the platform is the Payroll by Credit Card option that allows small businesses to fund payroll payments directly from a credit card.
As Sabeer Nelli reflects on the development and growth of Zil Money, he says that identifying the pain points related to payment management was crucial in the platform’s success. “If we weren’t solving any problems or providing value-adding features to our customers, no one would use the software. That’s why understanding our users’ needs and challenges became the cornerstone of our development process” says Sabeer.
The fintech landscape is ever-changing, and by prioritizing user feedback and embracing innovation, Zil Money is well-positioned to meet the future demands of businesses everywhere, proving that sometimes, the best ideas are born from inconvenient circumstances.
