Hey Zac, I think you are spot on (except maybe the bullish part). Credit card processing was likely just a foot in the door, but allowed them to build relationships with a ton of (very) small businesses. As a technology company, I trust them more than banks to take advantage of these relationships (and the data that comes with it). At the end of the day, the banks are here to offer loans to their customers, and a loan is as good as the risk assessment of the borrower's situation, which leads to the associated interest rate. Who is in a better position to calculate that, other than the company who has a clear view of the cash that goes in the business every day? That's Square right there.
Thanks Matt. That's a great point that collecting debts takes a lot of time and persistence- and lots of freelancers and independent workers would pay someone to do it. Kudos. No one Accounts Receivable Managemnt for freelancers is a growing need and if you can do it right would be awsome.
I've taken a deep dive into the reasons why freelancers and independent workers and small businesses go unpaid and one of the issues that I keep coming back to is the fact that unlike everyone other creditor, almost, freelancers and independent workers don't have access to top shelf debt collectors and commercial collection attories, and collecting debts is a huge pain point for them. Debt collectors and commercial collection attories report to db, skip trace, and have folks trained to find assets and deadbeats. They don't work for freelancers and independent workers or small businesses because they operate on volume and freelancers and independent workers and small businesses have only a few debt To get freelancer and independent workers access to top collectors, I've started a company that aggregates their debts into portfolios and then assigns them to my network of collectors - growing weekly- who work the accounts. Im really excited about the project because not only can we get the debt to the right collectors but it turns out that when all that debt is in one place we can do all sort of near stuff, like figure out who the deadbeats are who consistently don't pay or pay late and whether or not the debt can be sold to investors, shifting the risk of non payment completely off the freelancers. Currently were in beta at www.indepayment.com. I'm proud to say we're beating the industry average for collections (which is about 12%) and we're going to be suing our first really bad debtor who we found owes multiple freelancers money. Without Indepayment each of those freelancers would have been on their own collecting.
Also, we only change when we collect. check us out and I'm happy to answer any questions.
Sorry if this is off topic, but why is Ruby so... dramatic? I mostly work in C, Objective-C, and Swift, and I've basically never the kind of drama that happens in Ruby happen in those communities. The closest it gets is people upset at Apple (see: discoveryd) - but even those are typically well written and full of technical details, not just screaming.
I would like to try your product but I'm not going to try it if I have to enter my email address. And especially because you don't say why I need to enter my email address - seems like you might be building an email list
No we don't report to DnB. We have found that a percentage of invoices get paid from an email reminder, then another percentage from a follow up phone call. So you can get a bunch of invoices paid without having to go through the Debt Collection process.
Good point on differentiating the friendly / firm calls – the difference with firm phone call is the person we use (she's a bit more clinical in her approach) plus it also includes a follow up phone call. I agree adding an example of the phone call would help a great deal in giving you confidence.
Paying for results is something we could explore - maybe no result no pay? Although our value proposition was more about you not having to take the time and pain to make the call yourself.
- Not clear on the difference between you and a collection agency.
- Do you guys report to Dun and Bradstreet?
- What's the difference between the free and $5 friendly call?
- When you do "the firm" call, that sounds vaguely Mafia-like. Are you going to threaten to break the guy's kneecaps? Call him repeatedly at 3 in the morning? I get that vibe from your product name.
Would much prefer to pay for results. And I would want to be able to hear a recording of the call so I can audit you guys to make sure you're representing our company in accordance with our values.
The "Album-Song" organisational metaphor just doesn't work for classical music. However they could do quite a lot with the current metadata: grouping tracks using prefixes etc.
One of my biggest gripes is that searches often return individual "songs", whereas for classical music you're generally looking for something that spans multiple tracks (and so what to see more context in the search output).
> So either they are retaining the extra profit by not paying any interest to Even at all, which seems ridiculously stupid from your point of view, or you are in fact retaining the interest yourselves, which you aren't disclosing.
You are missing the third, and correct option: the bank is paying interest in aggregate, and we are redistributing that interest back to the individual. If I was lying about this, wouldn't I just not answer your question instead of providing written evidence of falsification?
Overall, you are assuming many things that are not correct.
Edit— one clarification worth making: currently the way we are storing money does not earn interest at all. But this will change in the near future, and when it does earn interest, we will redistribute as described above. If money you've saved with Even earns interest, you keep it.
It's a fantastic way to vet candidates and there are multiple exits to the process. For obviously bad submissions, it's probably a no-hire, but I've even seen incomplete assignments get someone to the next level and then a hire.
Some people get sent to ThoughtWorks University which basically trains them to code, work in an agile environment and how to be a good consultant. Everyone that goes says it is a great experience.
Hi everyone... this is a side project we've started and keen to get feedback on.
The hypothesis we're testing is whether there is a bunch of freelancers, designers, engineers etc... around the world that have 1 or 2 overdue invoices that they're struggling to get paid, but getting them paid takes time they don't have and requires an awkward phone call they'd rather not make.
We've tried to make the experience much easier, friendlier and faster than hiring a traditional credit control person – so you can get that phone call off your To Do list faster.
Keen to hear your thoughts... would you trust us to make the call on your behalf? What are your questions / concerns?
The author has some good insight on many things, but the insight is mixed up with ...something else, and that makes a conflated spaghetti. For example, why I and most of people I know opposed SOPA wasn't exactly because of piracy; I'd remind that opposition included also organizations like Wikipedia, EFF, ACLU, HRW and Reporters without Borders.
Most of the confusion seems to be there because being a content creator affects his viewpoint... which is understandable. But in a grand scheme of things, the future of professions based on copyright is quite minor issue compared to the other problems of technological revolution and politics intertwined with it.
tablecloth math time: $2bn worth, assuming they're worth 10 times their revenue (let's be generous), that would require $200m in sales. they have 10m users, assuming 1% are paying, that means 100k users for $200m sales, meaning each user must spend 2000 dollars per year at Github. Sounds a little high considering the basic plan is $7/month, but with entreprise sales and growth rate, it sounds feasible.
I can appreciate Apple's strict screening policies, but it seems like there should be some avenue for appealing while making a genuine case for the value of an app. Quality is one thing because it's not particularly arbitrary, but when they are making value judgements on what kind of experience an app offers, that's a lot more up for debate. Elements like the Reddit's "Gray Button" show that massive user value can be had from one-and-done experiences.
Google naturally comes to mind. Facebook / Parse, also. Amazon Web Services. Actually any company in this space (that is worth more than $20bn).
Why do you say an IPO is unlikely? I don't see why the public markets would be wary: Github is IaaS done right, has clear ways to make money and grow on its current offering, and can very well come up with innovations adjacent to its core services.
Good thing he's saying it out loud, but for those who think actions speak louder than words, it was clear enough when he decided to buy Oculus VR for $2bn.
It makes sense after all: 75% of Facebook's money comes from a platform (smartphones) that was nonexistent 10 years ago. In 10 years it is possible that VR will represent 75% or more of the revenues of Facebook — they'd be fools not to invest in it early.
Well many companies are profitable (actually, it's the only prerequisite to stay alive). And arguably, Github isn't profitable enough to fuel its own growth, or they wouldn't need to take $250m from investors in exchange of shares. The question is: is it worth 2 billion dollars? As a developer my guts say yes, but I have no idea what their numbers look like...