My rough estimate for the reduction in fees vs competitors is 20 million USD per month, and we’re growing so this is constantly increasing!
I glanced around the website to see if this statistic was cited anywhere (or a similar statistic like “total fees saved”), and I couldn’t find it.
If anyone can create a version of this number that’s a bit less rough, I think it would be a fantastic addition to the careers page — it’s hard to picture what most other startups could do to match that as an attraction for impact-focused candidates.
Yeah good point, I’ll try to figure out something less rough.
The main source of inaccuracy is that I’m not sure what the right counterfactual is for someone doing a Wave payment. It’s probably some proportion of each of: not doing the transfer at all, using some informal method, and using our main comptetitor. For simplicity in my estimate I just assumed that all transfers would have been done using our competitor.
I glanced around the website to see if this statistic was cited anywhere (or a similar statistic like “total fees saved”), and I couldn’t find it.
If anyone can create a version of this number that’s a bit less rough, I think it would be a fantastic addition to the careers page — it’s hard to picture what most other startups could do to match that as an attraction for impact-focused candidates.
Yeah good point, I’ll try to figure out something less rough.
The main source of inaccuracy is that I’m not sure what the right counterfactual is for someone doing a Wave payment. It’s probably some proportion of each of: not doing the transfer at all, using some informal method, and using our main comptetitor. For simplicity in my estimate I just assumed that all transfers would have been done using our competitor.
The “all transfers use our competitor” assumption seems reasonable enough; I don’t think the estimate has to be very rigorous.