Turned Facebook ads off. Waiting for payouts from the bank + 14-day payouts from customers.
Sorted out subscriptions with both UK & US store.
Had to create a workaround to charge customers without shipping them extra products ...
Since what I'm doing is Afterpay/Klarna/Affirm, one product but split payments.
Seems like Shopify/other apps don't really have a built-in way to do that.
Most are centered around creating monthly/weekly subscription shipments etc.
That would probably be a decent Shopify app.
All you have to do is leverage Shopify's built-in Subscription APIs.
2 apps can come out of this
1) Split payment, like Klarna
2) Monthly/weekly subscription creation for merchants (like Recharge Payments).
Number 1, could easily charge 5% of total transaction. Adds up over time.
Problem is dominating the market + advertising.
There would also be other issues, i.e. expiring cards
It appears Klarna and Afterpay solve this with:
late fees locking customers out from using the service (until they pay) extra interest raising prices (e.g. 100 product but split into 35 x 3)
That's a damn good model.
All you'd have to do is make it accessible to merchants + cold email etc.
You already know it increases average order value.
All you have to do is be the first person to message them + integrate... and you'll have a customer for life.
Take e.g. 2-5% of transactions.
Many Shopify merchants don't use subscriptions.
- too hard/complex to setup
- they think subscriptions won't work
- never heard of them
So, all you have to do is...
Offer to set it up for them (FREE).
Give them suggestions + ready-made landing pages/integrations (FREE).
Guarantee: Profitable or they don't pay.
Take idk 1% + $0.20 per transaction.
Once they're with you, they're pretty much with you for life.
Might do that.
Especially Number 2. Very easy to setup.
© Asim Akhtar.RSS
Another highly profitable SAAS idea to make later...