I think a graceful exit would have included a sale to Bolt or other, and offering current customers the ability to transition to another rapid checkout system with little or no disruption. Presumably, they let support contracts run out? Anyway, excellent post as per.
Wowza. "Given lower volume per merchant, acquiring SMBs successfully requires developing excellent self-serve products, which Fast didn’t develop." >>> huge for product leaders, who must ask "do we ship x" or "do we ship the thing that lets them do x (and y and z). Latter means having a platform mindset. Lots up front, but pays huge dividends on uptake. Sticky.
Apr 22, 2022·edited Apr 22, 2022Liked by Kevin LaBuz
Epic post. Wouldn’t most of their 2.5% payment fee go to paying downstream processors or credit card fee’s, making their revenue cut even worse?
It was interesting to see that ApplePay was their competitor. Bolt supports ApplePay because it’s a convenient payment instrument. Fast was worse in many ways.
I think a graceful exit would have included a sale to Bolt or other, and offering current customers the ability to transition to another rapid checkout system with little or no disruption. Presumably, they let support contracts run out? Anyway, excellent post as per.
On your Bolt point, you may enjoy this:
https://www.nytimes.com/2022/05/10/business/bolt-start-up-ryan-breslow-investors.html
😮
Thanks for the link. Great article.
Wowza. "Given lower volume per merchant, acquiring SMBs successfully requires developing excellent self-serve products, which Fast didn’t develop." >>> huge for product leaders, who must ask "do we ship x" or "do we ship the thing that lets them do x (and y and z). Latter means having a platform mindset. Lots up front, but pays huge dividends on uptake. Sticky.
Epic post. Wouldn’t most of their 2.5% payment fee go to paying downstream processors or credit card fee’s, making their revenue cut even worse?
It was interesting to see that ApplePay was their competitor. Bolt supports ApplePay because it’s a convenient payment instrument. Fast was worse in many ways.
That's right EJ. Of the 200-300bps, 150bps could be going to the credit card fees, making the breakeven economics even worse.
A nice read! Thanks.
Thanks, Igor.