3 ms·

It sounds like the signup process will be fairly high-touch, to evaluate whether they're a customer Even wants. Given that this involves a fairly complete openi

It sounds like the signup process will be fairly high-touch, to evaluate whether they're a customer Even wants. Given that this involves a fairly complete opening of the kimono, I doubt Even would let someone who makes $120k/year sign up.

jklein11 11y ago
How can you afford a high touch sign up process for a customer who is worth ~$144 a year?
- jkaunisv1 11y ago
  If customer support requirements are high at sign up but low for customer lifetime then it shouldn't matter as long as their retention is good and lifetime is long. I don't know, it's not my business plan. I'm just pointing out they're unlikely to have a signup process that lets people with high levels of income in.
  - jklein11 11y ago
    That's a fair point. Sorry I didn't mean to come accross as attacking you I'm just confused by the business model in general.
    - jkaunisv1 11y ago
      This is absolutely not my area of expertise, but if I had to guess: * Spend a fairly fixed amount of money developing the app and related infrastructure * Keep a slush fund for covering loans * Potential customer provides their bank account info, run it through a risk analysis program * Have a human approve or deny the customer based on that program's results * If approved, give them some coaching & onboarding training * Largely ignore the customer unless they go in arrears, make $12/month for your SaaS offering Note that monthly cost isn't much different from something you'd pay for a Shopify store, say. And they have very high touch onboarding in some cases.
      - jklein11 11y ago
        Shopify makes their money on the transactions and their pricing model scales up to $180 per month. I honestly believe that this is an MVP and the "Pay Boost" might being interest free after they figure out how to conquer the regulator hurdle of loaning money.

3 ms·

It sounds like the signup process will be fairly high-touch, to evaluate whether they're a customer Even wants. Given that this involves a fairly complete openi

by jkaunisv1 11y ago

jklein11 11y ago
How can you afford a high touch sign up process for a customer who is worth ~$144 a year?
- jkaunisv1 11y ago
  If customer support requirements are high at sign up but low for customer lifetime then it shouldn't matter as long as their retention is good and lifetime is long. I don't know, it's not my business plan. I'm just pointing out they're unlikely to have a signup process that lets people with high levels of income in.
  - jklein11 11y ago
    That's a fair point. Sorry I didn't mean to come accross as attacking you I'm just confused by the business model in general.
    - jkaunisv1 11y ago
      This is absolutely not my area of expertise, but if I had to guess: * Spend a fairly fixed amount of money developing the app and related infrastructure * Keep a slush fund for covering loans * Potential customer provides their bank account info, run it through a risk analysis program * Have a human approve or deny the customer based on that program's results * If approved, give them some coaching & onboarding training * Largely ignore the customer unless they go in arrears, make $12/month for your SaaS offering Note that monthly cost isn't much different from something you'd pay for a Shopify store, say. And they have very high touch onboarding in some cases.
      - jklein11 11y ago
        Shopify makes their money on the transactions and their pricing model scales up to $180 per month. I honestly believe that this is an MVP and the "Pay Boost" might being interest free after they figure out how to conquer the regulator hurdle of loaning money.