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@MrJasonGrad Such an effortless way to make money. I have always loved this idea. I loved this idea so much so that two friends and I tried to build this exact business ~3 years ago. I'm very curious how you handle CC fees? My understanding was most processors charge a fee per transaction which eats away at "round up" margins. Do you batch? process everything through some free service? What percentage goes to charity? Are you 501(c)3? b corp? how does Bstow make moneys. Excited that someone is doing this!
@mrmikesmith Thanks Mike!
-We do batch and process everything once a month through a processor which has a flat fee per transaction ($0.25). Pretty sure some fintech will emerge in the next year that makes this free.
-Bstow is a for-profit corporation. Didn't want to work behind the same broken barriers which non-profits exist. Trying to disrupt giving culture.
-Bstow has a processing fee. We are currently still testing before we finalize what that is but pretty confident we take one of the lowest processing fees I've seen from any donation platform.
I'm a sucker for pretty much anything in the "social good" space, but I'm not sure how this is going to get users, or donations. It doesn't address a real pain point, and I wish it weren't true, but "doing good" isn't enough of a value prop to get (most) people to sign up or take action.
What sort of accounts would I link to Bstow?
@drewmeyers Great question. I revised my original post to be more clear.
Bstow democratizes giving by lowering traditional barriers to entry for people that otherwise wouldn't be involved - users have a choice of any non-profit and can use it with most banks/cards at any store/online merchant. That way almost anyone can help to solve some of the worlds toughest problems as they go about their normal routine.
Doing good sure makes our team feel great over at Bstow!
Hi Everyone - Thanks for the warm welcome to the Product Hunt community. We are currently testing Bstow and working on adding super engaging feature sets. Here is a quick breakdown:
-Link a credit or debit card, pick any non-profit, and Bstow automatically rounds up your spare change and sends it to the non-profit you chose
-Set a monthly limit on contributions
-Contribute more at any time
-Track your progress and compete against your friends
-Donations are tax deductible
Let us know if you would use an app like this, what types of features you would like to see, and/or which non-profit you would choose.
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