PaymentCloudHeadquarters: Sherman OaksCEO: Shawn SilverBusiness: Cloud-based payment processing2019 Revenue: $7.4 millionNotable: Acquired contactless technology firm PaysleyGrowth: 283% While 2020 has slowed down many businesses, the clouds may be the limit for Sherman Oaks-based PaymentCloud.The company offers e-commerce and brick-and-mortar merchants a credit card payment technology system with an efficient submission process that works on a cloud-based online platform. The system consolidates revenue streams under one technological umbrella and powered the company to growth of 283 percent from 2017 to 2019.“It enables the merchant to be omnichannel all in one place,” said PaymentCloud Chief Executive Shawn Silver. “We felt like we needed to find a solution that met the needs of our merchants.”Last month, PaymentCloud acquired the majority share of the contactless technology startup Paysley for an undisclosed amount. The acquisition promises to combine contactless payment functionality with PaymentCloud’s processing system.
“The acquisition of Paysley proves we’re committed to serving the needs of our merchants,” Silver said.In conjunction with its growth, PaymentCloud plans to relocate from Sherman Oaks to next door Encino.The company will move more than 75 employees to 16501 Ventura Blvd. by the end of November.Although Silver lives in Santa Monica, his company quickly gravitated to the Valley after its formation in 2016.“We like the Valley,” Silver explained, “because we feel that in the Valley, we reap the benefits from not being in the city. There’s more parking, less traffic, office spaces are bigger here. The 405 to the 101 makes (the commute) very convenient.”– Michael Aushenker