What’s the best way to find product market fit?

Bill Gurley (General Partner at Benchmark Capital)
All Markets Are Not Created Equal: 10 Factors To Consider When Evaluating Digital Marketplaces | Above the Crowd | By Bill Gurley

A true marketplace needs natural pull on both the consumer and supplier side of the market. Aggregating suppliers is a necessary, but insufficient step on its own. You must also organically aggregate demand. With each step, it should get easier to acquire the incremental consumer AS WELL AS the incremental supplier.

What’s the best way to do effective marketing?

Bill Gurley (General Partner at Benchmark Capital)
The Dangerous Seduction of the Lifetime Value (LTV) Formula | Above the Crowd | By Bill Gurley

Marketing executives like big budgets, as big budgets make it easier to grow the top line. The LTV formula “relaxes” the need for near term profitability and “justifies” the ability to play it forward – to spend today for benefits that are postponed into the future. Consider that most companies limit any “affiliate fee” they would be willing to spend to 5-10% of sales. Yet when they are marketing, they use different math. They use LTV math, and a… (read more)

What’s the best way to create your business model?

Bill Gurley (General Partner at Benchmark Capital)
All Markets Are Not Created Equal: 10 Factors To Consider When Evaluating Digital Marketplaces | Above the Crowd | By Bill Gurley

Payment Flow. All things being equal, being part of the payment flow is superior to not being a part of the payment flow. This is due to the fact that it is much easier to extract reasonable economics when you are in the flow of payment. The supplier not only looks to you as a provider of revenue, but they receive that revenue “net of the fee.” Contrast this with a marketplace where you add value first, and then send a bill to the supplier at lat… (read more)

What’s the best way to find product market fit?

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: Hypergrowth

Fast growth comes from overwhelming the smallest possible audience with a product or service that so delights that they insist that their friends and colleagues use it.

Paul Graham (Co-Founder & Partner at Y Combinator)
Default Alive or Default Dead?

Here’s a common way startups die. They make something moderately appealing and have decent initial growth. They raise their first round fairly easily because the founders seem smart and the idea sounds plausible. But because the product is only moderately appealing, growth is ok but not great. The founders convince themselves that hiring a bunch of people is the way to boost growth. Their investors agree. But (because the product is only moderate… (read more)

David Skok (General Partner at Matrix Partners)
Managing Customer Success to Reduce Churn | For Entrepreneurs

Customers bought your product to get a clear business benefit. To make them happy, I believe that you need to make sure they are getting the business benefits they hoped for.

Eric Ries (Author, The Lean Startup)
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

Marc Andreessen, the legendary entrepreneur and investor and one of the fathers of the World Wide Web, coined the term product/market fit to describe the moment when a startup finally finds a widespread set of customers that resonate with its product (p.219)

Raju Rishi (General Partner @ RRE Ventures)
When Revenue Isn’t The Answer

Product/ market fit is ultimately about repeatability. If you understand who your customers are, what causes them to buy your product, and how to make your solution their number one priority, then you’ve found product/ market fit. But if you haven’t, you need to make some hard choices and keep searching.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
The Grind vs The Pivot – AVC

Everyone knows what a pivot is. You launch something, it fails to get product market fit, so you change direction and launch something different. But there is another approach to finding product market fit and I call it the “Grind.” The Grind is when you launch something, it fails to get product market fit, and you grind on it, week after week, month after month, year after year, until it does. Usually the entrepreneur who chooses The Grind is ob… (read more)

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
Revenue Traction Doesn’t Mean Product Market Fit – AVC

Not only does the organization need to learn how customers will acquire and use the product, it is also true that the product itself may not be exactly what the market wants. In other words, launching a product is not the same thing as acheiving product market fit. The organization may need another six months, a year, or even longer to get to product market fit.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
Revenue Traction Doesn’t Mean Product Market Fit – AVC

I am thinking of a company, which will remain nameless, that ended up selling itself in a fire sale. The company had strong revenue traction early on, and with that traction raised a big round of financing, which then led to a big increase in headcount, for both sales force and product/engineering, and then faced a lot of churn in its customer base. That led to a very difficult period where the company worked hard to iterate on the product while … (read more)

Eric Ries (Author, The Lean Startup)
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

The value hypothesis tests whether a product or service really delivers value to customers once they are using it.

Eric Ries (Author, The Lean Startup)
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

“…the growth hypothesis…tests how new customers will discover a product or service…from initial early adopters to mass adoption…A likely way this program could expand is through viral growth. If that is true, the most important thing to measure is behavior: would the early participants actively spread the word …?”

Eric Ries (Author, The Lean Startup)
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

Pivots come in [10] different flavors. The word pivot sometimes is used incorrectly as a synonym for change. A pivot is a special kind of change designed to test a new fundamental hypothesis about the product, business model, and engine of growth. (i) Zoom-in Pivot, (ii) Zoom-out Pivot, (iii) Customer Segment Pivot, (iv) Customer Need Pivot, (v) Platform Pivot, (vi) Business Architecture Pivot, (vii) Value Capture Pivot, (viii) Engine of Growth P… (read more)

Sachin Rekhi (Group Product Manager at LinkedIn)
Video: The Hunt for Product/Market Fit | Sachin Rekhi

Your value proposition and this is not your feature list. This is not your product roadmap. This is simply the value promise that you’re giving to your customers. This again [is] really important to distinguish from your [idea or] solution. The question becomes “Is the problem you are solving important?”

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
The Startup Curve – AVC

It turns out, like most success stories, the answer was simplifying the service. Taking features out. Reducing the value proposition to a clear and simple use case. This was not done in a vacuum. This was done by releasing a less than perfect product to the market, finding a few customers who wanted a less than perfect product, and then listening carefully to those customers to get to the ideal product.

David Jackson (Founder, Seeking Alpha)
The only startup goal worth your undivided attention | A Founder’s Notebook

Most startup founders know that success comes from figuring out a repeatable, scalable business model. And yet… so many of us get distracted by other issues along the way. An exercise: “What’s our repeatable, scalable business model? Which parts aren’t yet working well enough and therefore still need figuring out?”

Sean Ellis (CEO at GrowthHackers)
Figuring Out Your Way to Startup Success

With each new startup, I immediately started working to uncover the “must have” experience before I formed preconceptions about how and why a product would be useful. This involved a rigorous process for identifying the most passionate users and then getting their unstructured feedback about how they were getting value.

Eric Ries (Author, The Lean Startup)
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

The solution to this dilemma is a commitment to iteration. You have to commit to a locked-in agreement—ahead of time—that no matter what comes of testing the MVP, you will not give up hope. Successful entrepreneurs do not give up at the first sign of trouble, nor do they persevere the plane right into the ground. Instead, they possess a unique combination of perseverance and flexibility. The MVP is just the first step on a journey of learning. (p… (read more)

David Jackson (Founder, Seeking Alpha)
Is your product a “must-have” according to this definition? | A Founder’s Notebook

A must-have product enables you to (i) get a job done which you otherwise couldn’t get done at all, or (ii) get significantly more of the job done, or (iii) get the job done in a significantly less painful way.

Sam Altman (President at Y Combinator)
Startup advice, briefly – Sam Altman

Listen to what your users tell you, improve your product, and then listen again. Keep doing this until you’ve made something some users love (one of the many brilliant Paul Buchheit observations is that it’s better to build something a small number of users love than something a lot of users like).

Austen Allred (Growth at LendUp, Cofounder Glasswire)
The 4 characteristics of the most addictive products | A Founder’s Notebook

As I tried to drill down into why so many people, including myself, love and use certain sites/apps/services, I’ve found common threads that tie addictive Internet products together: Rapid Cadence. Signs of User Activity. One-Click Interaction. Notification of Interactions.

Eric Ries (Author, The Lean Startup)
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to … – Eric Ries – Google Books

A startup’s job is to (1) rigorously measure where it is right now, confronting the hard truths that assessment reveals, and then (2) devise experiments to learn how to move the real numbers closer to the ideal reflected in the business plan. (p.114)

Alex Turnbull (CEO of Groove)
How We Got 2,000+ Customers by Doing Things That Didn’t Scale

[in an email Groove says…] My goal is to have a conversation – via Skype or phone – with every Groove customer. All 2,000+ of you.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
The Truth About Gamification – AVC

Gamification can amplify things people already like to do. But it cannot get someone to do something they aren’t inclined to do in the first place.

Sachin Rekhi (Group Product Manager at LinkedIn)
Video: The Hunt for Product/Market Fit | Sachin Rekhi

You want to try and achieve synthesis across your user interviews. This means looking for commonalities across the conversations. You don’t have statistically signficant information yet. A good way to help find this synthesis is to create a common set of questions

Sachin Rekhi (Group Product Manager at LinkedIn)
Video: The Hunt for Product/Market Fit | Sachin Rekhi

Use a mix of aided (open ended) and aided questions to get feedback. “What’s your biggest issue” vs “rank these issues”. If your issue isn’t on their ranking or open-ended … you probably have a nice to have product.

Alex Turnbull (CEO of Groove)
How We Got 2,000+ Customers by Doing Things That Didn’t Scale

[In their welcome email Groove would send] “If you wouldn’t mind, I’d love it if you answered one quick question: Why did you sign up for Groove? I’m asking because knowing what made you sign up is really helpful for us in making sure that we’re delivering on what our users want. Just hit “reply” and let me know. “

Slava Akhmechet (Founder at RethinkDB)
57 startup lessons

Be relentless about working the game of numbers while the product is between the two extremes [product love or product hate]. Even if you don’t sell anything, you’ll learn invaluable lessons.

Sachin Rekhi (Group Product Manager at LinkedIn)
A Lean Alternative to a Business Plan: Documenting Your Product/Market Fit Hypotheses | Sachin Rekhi

The most efficient way to operate during the earliest phases of a startup lies in between a formal business plan and unstructured iteration. 1. Target Audience. Who is the target audience is for your product or service? Be as specific as possible. 2. Problem You’re Solving. What specific problem or pain point does your solution solve for? 3. Value Propositions. Value propositions shouldn’t be the features that you are building, but the “promise … (read more)

Bill Gurley (General Partner at Benchmark Capital)
All Markets Are Not Created Equal: 10 Factors To Consider When Evaluating Digital Marketplaces | Above the Crowd | By Bill Gurley

A true marketplace needs natural pull on both the consumer and supplier side of the market. Aggregating suppliers is a necessary, but insufficient step on its own. You must also organically aggregate demand. With each step, it should get easier to acquire the incremental consumer AS WELL AS the incremental supplier.

What’s the best way to do effective marketing?

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: Instant yes

The instant yes is precious. It’s earned, it doesn’t last forever, it’s easily abused.
Not the yes of, “I’ll look it over and if it makes sense or fits in my calendar or is profitable then of course, I’ll do it,” but the yes of, “yes.”

Do you want to try our daily special, it’s really good? Do you want to see my new project proposal? Will you come to this event I’m holding? Will you contribute to this discussion? Can I borrow $500?

How man… (read more)

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: Obvious or elegant?

A friend used to eat a food, out of a white generic can, that had one word on the label: MEAT.
On the other hand, Vogue magazine isn’t called, “That magazine with expensive dresses and skinny sad models”. It’s really tempting to believe that the answer to your marketing problem (what to name it, how to describe it, what to write about it…) is to be obvious, brutal, direct, hyper-clear.
And that can certainly work. It works for fire alarms. I… (read more)

Jeff Bezos (Founder & CEO of Amazon)
The Institutional Yes

Another thing that we believe is pretty fundamental is that the world is getting increasingly transparent—that information perfection is on the rise. If you believe that, it becomes strategically smart to align yourself with the customer. You think about marketing differently. If in the old world you devoted 30% of your attention to building a great service and 70% of your attention to shouting about it, in the new world that inverts.

Bill Gurley (General Partner at Benchmark Capital)
The Dangerous Seduction of the Lifetime Value (LTV) Formula | Above the Crowd | By Bill Gurley

Marketing executives like big budgets, as big budgets make it easier to grow the top line. The LTV formula “relaxes” the need for near term profitability and “justifies” the ability to play it forward – to spend today for benefits that are postponed into the future. Consider that most companies limit any “affiliate fee” they would be willing to spend to 5-10% of sales. Yet when they are marketing, they use different math. They use LTV math, and a… (read more)

Belle Beth Cooper (Co-founders of Hello Code)
People Don’t Buy Products, They Buy Better Versions of Themselves – The Buffer Blog

Here’s how our friends at User Onboarding explained features vs. benefits: “People don’t buy products; they buy better versions of themselves. When you’re trying to win customers, are you listing the attributes of the flower or describing how awesome it is to throw fireballs?”

David Jackson (Founder, Seeking Alpha)
Focus on the job, not the customer type | A Founder’s Notebook

Focus on the job, not the customer type

Allison Johnson (Founder west, Former Head of Marketing at Apple)
Allison Johnson: We Have Enough Companies Like Apple on Vimeo

Marketing is when you have to sell to somebody. If you aren’t providing value, if you’re not educating them about the product, if you’re not helping them get the most out of the product, you’re selling. And you shouldn’t be in that mode.

Allison Johnson (Founder west, Former Head of Marketing at Apple)
Allison Johnson: We Have Enough Companies Like Apple on Vimeo

The marketing team was right next to the product development and engineering teams. So we understood deeply what was important about the product, what the team’s motivations were in the product, what they hoped that product would achieve, what role they wanted it to have in people’s lives.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
Content Marketing Simplified – AVC

There is a growing market out there for content marketing. In many ways I see this as the future of online marketing. Instead of paying tens of millions of dollars a year (or more) creating banner ads and paying to run them on pages filled with someone else’s content, marketers can create their own web and mobile presences and use the most efficient form of advertising, pay per click advertising, to drive traffic to these pages and then engage in… (read more)

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: Hot: A theory of propulsion

Today, we’re getting virtual punches, from every direction, all self-propelled, many of them amplified. The ideas that propel themselves on the tailwinds of culture will dominate, opposed only by the people who care enough to propel ideas that matter instead. Maybe you.

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: Self awareness in the face of marketing

Mostly, marketing is what we call it when someone else is influenced by a marketer. When we’re influenced, though, it’s not marketing, it’s a smart choice. Do you use that toothpaste because they ran ads that resonated with you, or because you think it actually makes your teeth whiter? It doesn’t have to be this way… The thing is, placebos work even if you’re smart enough to know that they’re placebos. We can create better decisions and more am… (read more)

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: 3-D printers, the blockchain and drones

On the other hand, it took a long time for the story of the mobile phone to be deeply understood. For years, it was seen as a phone without wires, not a supercomputer that would change the way a billion people interact. Most of the stories of Bitcoin haven’t been about the blockchain. They’ve been about speculators, winning and losing fortunes. And most of the stories of 3-D printers have been about printing small, useless toys, including little … (read more)

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: The mythical 10x marketer

Beyond that, the 10x marketer embraces two apparently contradictory paths: Persistence in the face of apathy. Important marketing ideas are nearly always met with skepticism or hostility, from co-workers, from critics and from the market. Showing up, again and again, with confidence and generosity, is the best response. The willingness to quit what isn’t working. Sometimes the marketer faces a dip that must be survived, but the 10x marketer is a… (read more)

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: Hacking reciprocity

“Helping other people” is not what they’re doing. What they’re doing is hacking reciprocity as a tool to help them get what they want. They’re trading favors. Some people have had success with this, but please don’t denigrate the very human activity of actually helping others by conflating it with trading favors. If you want to help other people, go help them. Without regard for credit or for what you get in return.

David Jackson (Founder, Seeking Alpha)
Overcoming the biggest barrier with a first-time buyer | A Founder’s Notebook

How can you earn a potential customer’s trust? Prove you’re acting in their best interest by truly understanding their needs. To do that, ask the right questions and get inside their head. Then, once they know you understand their needs, avoid hype about your product.

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: The most important question

The most important question in marketing something to someone who hasn’t purchased it before is, “Do they trust me enough to believe my promises?” Without that, you have nothing.

Intercom (A fundamentally new way to communicate with your customers)
Price is what you pay, Value is what you get – Inside Intercom

Tip: Customers who have bought your product recently will describe it far better than you can

Reid Hoffman (Partner & Co-Founder at Greylock Partners)
LinkedIn’s Series B Pitch to Greylock: Pitch Advice for Entrepreneurs

Be wary of adjectives and especially adverbs. Anytime you use qualifiers like “very”, you’re overstating your point, which shows that you’re nervous about it.

Andy Raskin (CMO for hire, Director of Product Marketing at Mashery)
What I Learned Crafting Messaging for 15 Startups — Firm Narrative — Medium

1. Conversations about messaging are really about strategy. 2. The hardest thing about messaging is leaving things out. 3. Strategic messaging matters for recruiting. 4. Differentiation can become a distraction. Prospects have to understand what you do before they’re ready to learn how you do it differently

Slava Akhmechet (Founder at RethinkDB)
57 startup lessons

Don’t guess. Measure.

What’s the best way to create your business model?

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: Revenue Models – Subscriptions – AVC

The big gotcha in subscription revenue models is churn. If you churn more than 10% of your customers every year, subscriptions can be a challenging model. You need to grow new customers at 10% just to stay even.

Unknown (who knows!?)
Wensing, M. – The Anatomy of Profitable Freemium

Using a free car analogy, the kinds of premium value (types of freemium) include: Cargo Freemium (Examples: Dropbox, iCloud), Airbag Freemium (Example: WordPress, Red Hat), Bomb Freemium (Example: Yammer, Salesforce to a lesser extent), Cruise Control Freemium (Example: GitHub), and Bells & Whistles Freemium (lots of examples).

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
You Are Working Too Hard And Not Getting Anywhere – AVC

The moral of this story is sometimes you have the right product but the wrong business model. Fixing the business model can fix the company. It certainly did in the case of TACODA.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: Revenue Models – Licensing – AVC

The only form of licensing that USV is actively investing around is the open source model. We think open source is an attractive form of licensing that creates network effects in the developer and user community and we have had success investing in the open source model.
That said, licensing is probably the least interesting business model to me of all the ones we are covering in this series. It is possible that entrepreneurs will invent new way… (read more)

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: Revenue Models – Transaction Processing – AVC

For financial transactions, the fees are generally small, typically in the 2-4% range. For banking transactions, the fees are often much smaller than that because the credit and fraud risks are lower. For logistics (shipping and handling), the fees vary but relate to the costs of providing the service. For telephony, the fees are generally expressed per minute or per message and are generally low but can be high in certain markets. Platform dist… (read more)

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: Revenue Models – Peer to Peer – AVC

The thing about peer networks is most of the value is created by the participants in the network. The business doesn’t do that much. It provides the basic infrastructure so that the market can work. It provides trust and safety and governance. And it provides customer service and support. The participants in the network do most everything else. That means these businesses can and should operate very efficiently at scale.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: Revenue Models – Subscriptions – AVC

The emergence of the subscription model has made the software business better. In the old upfront license fee model, software companies would trade at 2-4x revenues. Now they trade at 6-8x revenues. That reflects the recurring, almost annuity nature of the subscription model.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: Revenue Models – Commerce – AVC

Retailing is a tough business. The difference between what you buy the product for at wholesale and sell it at retail is called your gross margin. Amazon’s gross margin ranges between 20% and 25% depending on what time of year it is. The holiday quarter brings the lowest gross margins because retail makes up a larger perecent of revenues. At Amazon’s size, a 25% gross margin turns into a lot of money. But a smaller online retailer can really stru… (read more)

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: Revenue Models – Advertising – AVC

I would break up advertising into two big buckets; ads that are sold and ads that are bought. The first is a relationship business, requires a direct salesforce or a salesforce that you can tap into, and will bring a higher revenue per impression in most cases. The latter is a data business, automated by machines and software, is a volume game and will bring a lower revenue per impression in most cases. Much of the online advertising market is mo… (read more)

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: The Revenue Model Hackpad – AVC

I think six of them are truly definitive revenue model categories (advertising, commerce, subscription, transactions, licensing, and data). The other three (peer to peer, mobile, and gaming) could be folded into the first six since they mostly map to existing models (mobile ads are ads).

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
Some Thoughts On The Louis CK “Experiment” – AVC

The business model of going direct to the fans is powerful, it has none of the negative issues of the existing business model (like fucking with the architecture of the net in a naive attempt to quell piracy) and is going to work bigtime.

Eric Ries (Author, The Lean Startup)
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

Sustainable growth is characterized by one simple rule: New customers come from the actions of past customers. There are four primary ways past customers drive sustainable growth: 1. Word of mouth. 2. As a side effect of product usage. 3. Through funded advertising. 4. Through repeat purchase or use.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
MBA Mondays: Revenue Models – Gaming – AVC

I have been waiting for non gaming web and mobile services to adopt the virtual goods model but have yet to see anything that feels like it is working really well. Virtual goods is another excellent implementation of the freemium approach to business model.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
How To Be In Business Forever: Week Four – AVC

I went ahead and created a Business Model Canvas of my own using bmfiddle.com.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
A Lens Into The Future Of Enterprise Software – AVC

We know that “freemium SAAS” works well for horizontal enterprise applications like Dropbox, Slack, Google Apps, etc and I believe we will start seeing freemium SAAS models applied to vertical applications as well. We already are.

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
The First Law Of Internet Physics – AVC

many users * low arpu >>>> few users * high arpu

Fred Wilson (Co-Founder and Partner at Union Square Ventures)
A Lens Into The Future Of Enterprise Software – AVC

I am seeing a bunch of new SAAS companies get started whose entire value proposition is building on the open APIs that most enterprise SAAS products have released in the past few years. If you are in finance, or HR, or marketing, or sales, you are now using a host of SAAS applications to get your job done and a big trend in the market is new applications that tie all of those together (via APIs) so that you can have a single view into your workfl… (read more)

Bill Gurley (General Partner at Benchmark Capital)
All Markets Are Not Created Equal: 10 Factors To Consider When Evaluating Digital Marketplaces | Above the Crowd | By Bill Gurley

Payment Flow. All things being equal, being part of the payment flow is superior to not being a part of the payment flow. This is due to the fact that it is much easier to extract reasonable economics when you are in the flow of payment. The supplier not only looks to you as a provider of revenue, but they receive that revenue “net of the fee.” Contrast this with a marketplace where you add value first, and then send a bill to the supplier at lat… (read more)