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MorlockP's profile
ⓘ Dogs don't have thumbs
ⓘ Dogs don't have thumbs
ⓘ Dogs don't have thumbs
@MorlockP

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ⓘ Dogs don't have thumbs

@MorlockP

Two-time Prometheus award-winning hard science fiction author. https://www.amazon.com/dp/B005JPPMS6  Learn how to homestead https://www.amazon.com/dp/B093BC3K1T 

Aristillus Crater, Luna
amazon.com/dp/B005JPPMS6
Joined June 2012

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    1. Patrick McKenzie‏ @patio11 3 Dec 2020

      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.

      1 reply 0 retweets 16 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 3 Dec 2020

      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 likes
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    3. Patrick McKenzie‏ @patio11 3 Dec 2020

      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 likes
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    4. Patrick McKenzie‏ @patio11 3 Dec 2020

      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 likes
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    5. Patrick McKenzie‏ @patio11 3 Dec 2020

      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 likes
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    6. Patrick McKenzie‏ @patio11 3 Dec 2020

      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 likes
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    7. Patrick McKenzie‏ @patio11 3 Dec 2020

      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 likes
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    8. Patrick McKenzie‏ @patio11 3 Dec 2020

      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 likes
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    9. Patrick McKenzie‏ @patio11 3 Dec 2020

      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 likes
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    10. Patrick McKenzie‏ @patio11 3 Dec 2020

      (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 likes
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      ⓘ Dogs don't have thumbs‏ @MorlockP 3 Dec 2020
      Replying to @patio11

      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

      7:49 AM - 3 Dec 2020
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      • M. Patrick McKenzie
      0 replies 0 retweets 2 likes

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