Johnson: Revi monthly churn is sub-1% excluding COVID-driven restaurant closures
Eugene Johnson · POS System Does $15m GMV, Biz Makes 1%, $1m+ Run Rate Serving 150 Customers · Feb 6, 2022 · at 13:29
Eugene Johnson, founder of restaurant POS and ordering platform Revi, details the company's merchant retention metrics to Nathan Latka.
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“Churn is only 2.8% since COVID and that includes businesses... Monthly... And that includes businesses that we lost to COVID. So if you take those businesses out, you know you know, those businesses who didn't survive COVID, You know, it's sub one percent.”
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More from Eugene Johnson
Johnson: Revi hardware costs $500 and pays back in 3-4 months
“It costs us about 500 bucks to purchase all the hardware. We usually make our money back within, you know, three or four months.”
Eugene Johnson: Revi grew GMV from $2M in 2019 to $15M in 2021
“So to put it in perspective, in 2019, we did two million dollars in GMV. In 2020, we did five. This year we're on track to do 15.”
Johnson: Revi charges merchants a transaction fee of around 1%
“It depends on their volume, but it's usually around one percent.”
Johnson: Revi earns a sweet spot of $1,000 monthly per merchant
“I would say a thousand is a sweet spot, you know, that's probably where most people land.”