

Coin is awesome - but my mind is on fees - tomasien
http://istommydrunk.svbtle.com/coin-an-awesome-step-in-a-sideways-direction

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PaulHoule
Yeah and the rent is too damn high too.

Compared to all the costs of marketing and doing business (like the landlord
who'd rather charge $2X for rent and have 30% of the storefronts be idle),
credit card fees are nothing. Storefronts, employees, shipping and advertising
eat up much more of the cost of a purchase than does the credit card fees.

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tomasien
I appreciate the feedback! I think if you talk to business owners, you'll find
that's not true. It's the second highest store-leve cost for most businesses,
including Big Box.

I, for example, was running a monthly ramen-box business charging $20 per
month per box. My costs were:

Ramen: $7 Shipping: $5 Credit Card fees: $1.20

That means without CC fees, my profit went from $8 a box to $6.80. That's a
15% reduction on my profit, and that's without labor costs factored in. With
labor factored in, that's my whole profit, 100%. Sure I could have raised the
price or whatever, but there's always options: my point is you can see how
destructive that can be.

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PaulHoule
And without the credit card people don't have a way to pay so you don't have a
business at all.

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tomasien
Did you read my post, or did you just read the title? We're making a new way
to pay.

