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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 4 Apr 2018
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      There’s a cafe here with a stored value card that doubles as their points card and it’s a really smart implementation. Underlying business objective: sell more coffee (which has arbitrarily high margins). You load the card with cash, and they give you a bonus for loading more.

      7 replies 1 retweet 57 likes
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    2. Paul Lomax‏Verified account @PaulLomax 4 Apr 2018
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      Replying to @patio11

      Literally a card? Or an app?

      1 reply 0 retweets 0 likes
    3. Patrick McKenzie‏ @patio11 4 Apr 2018
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      Replying to @PaulLomax

      A literal card that you can link to an app. (Frustratingly because they don’t control their POS they can’t do the “give us a barcode and we’ll scan it” thing Starbucks does, so you need the card.)

      1 reply 0 retweets 6 likes
    4. Paul Lomax‏Verified account @PaulLomax 4 Apr 2018
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      Replying to @patio11

      I think retailers shy away from this in most territories due to regulation but a UK ‘EMI’ licence isn’t that hard to get from what I’ve seen. Mostly capital requirements. Wonder what regs there are like. Coffee shop type biz might be ‘small EMI’…https://www.fca.org.uk/firms/apply-emi-payment-institution …

      1 reply 3 retweets 6 likes
      Patrick McKenzie‏ @patio11 4 Apr 2018
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      Replying to @PaulLomax

      My unsubstantiated guess is they probably avoid any financial rails sort of regulation by being stored value that only works there, and that the stored value regulation is under the consumer agency and fairly easy from a compliance perspective.

      4:26 PM - 4 Apr 2018
      • 6 Likes
      • Alan Chiu Kristian Glass Nikete James Burns Ryan Lowy
      1 reply 0 retweets 6 likes
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        2. Patrick Foley‏ @PatrickFoley 4 Apr 2018
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          Replying to @patio11 @PaulLomax

          Years ago i worked for a hotel chain and was shocked to see the financial controls they had to put around this stuff. Way more complicated than i expected (Was even on their public balance sheet). Yet another biz opportunity for someone to outsource these types of services

          1 reply 0 retweets 2 likes
        3. Paul Lomax‏Verified account @PaulLomax 4 Apr 2018
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          Replying to @PatrickFoley @patio11

          Even a loyalty programme with points earned or vouchers needs to be on the balance sheet as a liability. A lot of companies messed up by not including expiry clauses, so that liability sits there forever even though you know it’s unlikely vouchers from 1973 will now be redeemed…

          1 reply 0 retweets 2 likes
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