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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Dec 31
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      A really marvelous example of financial engineering, via email: https://inkind.com/  It's "0%* interest loans for restaurants" and all of the magic is in the asterisk.

      12 replies 25 retweets 182 likes
      Show this thread
    2. We Live to Serve :)‏ @WeLivetoServe Dec 31
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      Replying to @patio11

      So, what, the “loan” is actually the gift cards they help you sell??

      1 reply 0 retweets 1 like
    3. Patrick McKenzie‏ @patio11 Dec 31
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      Replying to @WeLivetoServe

      These transactions as a bundle: a) InKind gives pizza parlor $100k. b) Pizza parlor repays to InKind $100k, spread over some repayment period, without paying interest. c) Pizza parlor grants to InKind $FOO of gift cards at some discount to face value. d) InKind sells gift cards.

      3 replies 1 retweet 33 likes
    4. We Live to Serve :)‏ @WeLivetoServe Dec 31
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      Replying to @patio11

      Mmm... I do restaurant accounting and am going through it... They front the money and then sell house accounts to your customers, essentially inserting a cash flow parasite onto your existing customer base... Read the house acct, financing, and merchant terms.. Not good.

      3 replies 0 retweets 4 likes
    5. We Live to Serve :)‏ @WeLivetoServe Dec 31
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      Replying to @WeLivetoServe @patio11

      So they give you $100k, then sell your existing base of customers maybe $120k in “credit” for $100k.. May repay is 1 yr, so the real interest is 2x whatever they discount “house credit” by.. Not! Good!

      2 replies 0 retweets 1 like
    6. We Live to Serve :)‏ @WeLivetoServe Dec 31
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      Replying to @WeLivetoServe @patio11

      *max not may

      1 reply 0 retweets 0 likes
    7. Paul McMillan‏ @PaulM Dec 31
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      Replying to @WeLivetoServe @patio11

      Yeah, this is super dangerous for the restaurant in the same way groupon is. It risks both permanently devaluing the product, and at the same time inhibiting consistent incoming cash flow in an unpredictable pattern. Really bad idea for long term business success.

      2 replies 0 retweets 3 likes
      Patrick McKenzie‏ @patio11 Dec 31
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      Replying to @PaulM @WeLivetoServe

      I like that they have relatively high buy-ins (the example given is "Pay $500 get $600"), which presumably acts to both discourage casual use of them and concentrates most of the numeric benefits on true regulars.

      10:22 PM - 31 Dec 2019
      • 3 Likes
      • Ashwin Dollar We Live to Serve :) Paul McMillan
      2 replies 0 retweets 3 likes
        1. New conversation
        2. We Live to Serve :)‏ @WeLivetoServe Dec 31
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          Replying to @patio11 @PaulM

          But doesn’t that make it worse? Aren’t you just forfeiting the $100 on every $600 they would have spent anyway? Obviously it’s not presented as such, and it’s not something I’d expect someone without tacit knowledge to spot. I’m not trolling you, this is literally my profession.

          1 reply 0 retweets 2 likes
        3. Patrick McKenzie‏ @patio11 Dec 31
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          Replying to @WeLivetoServe @PaulM

          It presumably depends on a lot of factors, including whether the use of the house account increases their frequency of use, ticket size, propensity to bring new people to the restauraunt, etc. I'm agnostic on whether the tradeoffs make sense for individual entrepreneurs.

          2 replies 0 retweets 2 likes
        4. 3 more replies
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        2. Paul McMillan‏ @PaulM Dec 31
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          Replying to @patio11 @WeLivetoServe

          Yeah, if they're truly only available at high buyins, and aren't subdividable/transferrable, the risk goes down substantially and the value for the establishment goes up. I'd hope to see them set up such that a bunch of users didn't crater ongoing cash flow though.

          2 replies 0 retweets 0 likes
        3. We Live to Serve :)‏ @WeLivetoServe Dec 31
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          Replying to @PaulM @patio11

          I’m also not trying to hate on Peter’s post. Some of the straight loss to existing business will now be offset with arguably higher spends. My concern is that the businesses that are on the brink are the most likely to use “funding” and also the exact type to be hurt by it.

          0 replies 0 retweets 1 like
        4. End of conversation

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