Who does offer hundreds of vertically-specialized application experiences? The software industry. Shopify specializes in e-commerce merchants and understands them, thoroughly. They don't sell to dentists.
-
Show this thread
-
Dentists have thriving ecosystems of firms that live and breathe every aspect of their practices. So do graveyards. And hotels. And landlords. And spas. And tutors. And yoga teachers. And...
1 reply 0 retweets 17 likesShow this thread -
Why is software so varied but banking so… not? One reason is that businesses pay an awful lot for software, but pay relatively little for banking. Banking is a scale game. Not enough dentists pay not enough dollars for banks to put software teams against dental practice UX.
1 reply 1 retweet 25 likesShow this thread -
But because a software company can address dentists by the nation, not by the square-mile-around-a-branch, and because they charge more, a software company serving dentists can reliably generate enough money to pay an engineering team.
2 replies 1 retweet 19 likesShow this thread -
Here Stripe acts as an aggregator: we can gather up *many* businesses attached to *many* software companies. These product teams understand their customers’ businesses *thoroughly*. We can then take that package to leading banks. That reach is *very interesting* to them.
1 reply 2 retweets 29 likesShow this thread -
That is why Goldman Sachs, Citi, Barclays, and Evolve Bank and Trust partner with us. A pizzeria can't walk into Goldman Sachs and walk out with a bank account. A software company serving pizzerias could if they had, uh, a lot of dough.
3 replies 0 retweets 63 likesShow this thread -
But a material chunk of the software industry, that's a different story altogether. And so our partner banks have made great products available, at pricing and terms that small businesses just don't usually get in direct banking relationships.
1 reply 0 retweets 12 likesShow this thread -
Take account maintenance fees. Please. I know exactly how many times I paid the $14 account maintenance fee for my software businesses, ten years later. That’s how much I hated them.
1 reply 0 retweets 17 likesShow this thread -
I had gone below
$X,000 in deposits (I was bootstrapped! Rent was due!) and hadn’t managed to spend at least $250 on the debit card because, whoops, mis-timed a billing cycle by two days.1 reply 0 retweets 6 likesShow this thread -
(Being a bit older and wiser I probably should have just considered that $14 a cost-of-doing-business and spent my time on sales, not timing debit card transactions, but my emotional state at the time was closer to “Gah I feel like a chump.”)
2 replies 1 retweet 18 likesShow this thread
my first two years out of college c. 1993 I was living hand-to-mouth (software paid a lot less then - $36,500 / yr !!!), and I ate $10 monthly fees from BayBank more often than not It's a quarter of a century later, and my hatred for that fee still burns hot
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.