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"Gravity Payments, which helps businesses process mobile and point-of-sale payments, cleared $6.5 billion in transactions for more than 12,000 businesses in 201
by carlsborg 4y ago
"Gravity Payments, which helps businesses process mobile and point-of-sale payments, cleared $6.5 billion in transactions for more than 12,000 businesses in 2014."
What exactly is the business model here? What do they do?
- sytelus 4y agoI don't know about Gravity Payments but one of the huge money making machine in credit industry is collections. If you can figure out tricks to have people pay off their debt without getting dragged into expensive court, you get a huge portion of the proceeds. Many people would just pay things off right away because they did not notice library fines and things like that. As collection agency, you get huge cut for basically locating a person and sending them $0.25 mail.
- 55555 4y agoOk cool but yeah that has nothing at all to do with what they do. They’re like Stripe. They help you charge cards.
- sgift 4y agoAllowing you to accept something other than cash without the hassle of interacting with a myriad of banks (and their APIs) yourself. They either give you a terminal to do it or an add-on for whatever you have currently. And they do the same for e-commerce.