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Bill Clerico: Crypto has no killer app for small business software

Bill Clerico · 1008 WePay CEO on $1b+ in Transaction Volume Helping Your Favorite Online Platforms Process Payments · Apr 28, 2018 · at 4:53

Bill Clerico, CEO of WePay, explains why small business software platforms have not broadly adopted blockchain or cryptocurrency payments.

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“But I think what we found is that in this part of the market, there really hasn't been a killer application of those technologies yet.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

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Insight
Clerico: P2P payments cannot work as a standalone business
“Really because there's no business model, it's about, you know, people expect that to be free and it's very hard to make money on that. So It makes a lot of sense as part of a bigger platform. And, you know, now most people don't know this, but Venmo is owned …”
Bill Clerico Apr 28, 2018 ▶ 11:51 1008 WePay CEO on $1b+ in Transaction Volume Helping Your Favorite Online Platforms Process Payments
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Clerico: Profitability beats revenue, and revenue beats user traction
“The best case scenario is to be profitable. Next best is generate revenue. You know, traction is sort of a nice number three.”
Bill Clerico Apr 28, 2018 ▶ 13:43 1008 WePay CEO on $1b+ in Transaction Volume Helping Your Favorite Online Platforms Process Payments
Assertion Supported
Clerico: Card issuers take vast majority of 3% payment fees
“Actually, we make kind of a tiny fraction of that. The vast majority goes to your credit card company that issues your card as kind of sanctioned by Visa and MasterCard.”
Bill Clerico Apr 28, 2018 ▶ 3:46 1008 WePay CEO on $1b+ in Transaction Volume Helping Your Favorite Online Platforms Process Payments
Assertion Supported
Clerico: WePay processed low single-digit billions in payment volume in 2016
“So 2016 definitely sort of low single digit billions as we were growing but, you know, and sort of doubling year over year.”
Bill Clerico Apr 28, 2018 ▶ 10:27 1008 WePay CEO on $1b+ in Transaction Volume Helping Your Favorite Online Platforms Process Payments
Disclosure
WePay pivoted from P2P after charging consumer fees stalled traction
“Yeah, it was really hard to get traction while we were charging fees. And so it was sort of like, anytime you have to choose between traction and, you know, and monetization, like there's, you need to cut some other strategy for how to monetize. And we figured…”
Bill Clerico Apr 28, 2018 ▶ 14:11 1008 WePay CEO on $1b+ in Transaction Volume Helping Your Favorite Online Platforms Process Payments
Insight
Clerico: Right after college is the ideal time for startup risks
“When you graduate from college, that's such a unique time in your life where you have no responsibilities, you know, no kids, no pets, no burn rate If you're gonna take a risk in your life, that's such a phenomenal time to do it”
Bill Clerico Apr 28, 2018 ▶ 20:54 1008 WePay CEO on $1b+ in Transaction Volume Helping Your Favorite Online Platforms Process Payments
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