I suggest you ...

Reduce your fee for high-value pools

I was thinking of using splitzee for a high-value fund-raise of $30,000, then I saw the 3.5% + 1% cash-out fee and thought, no way in hell. $1,500 is WAY too high of a fee to pay a website to solve a relatively simple problem. I would say you should reduce your fee to something closer to 1% total for such high-dollar pools.

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Adam Friedman shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →
under review  ·  AdminSplitzee Concierge (Admin, Splitzee.com) responded  · 

This is a really good point and I wish we could! Part of the problem is that the credit card companies charge us upwards of 2.9% just to process the transactions. So if you brought in $30K Splitzee would get charged $870. Everyone has this problem: to offset their costs, Kickstarter charges 8% and Indiegogo charges 9% or more, so our rates are pretty competitive! (By the way – if you find a better/cheaper way to do it, by all means let us know!)

That said, we charge NOTHING for purchases you make from our partners. So in theory if you spent that $30K through our platform you’d end up paying zero, which is pretty good. :)

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  • Adam Friedman commented  ·   ·  Flag as inappropriate

    Hmm... Here's an idea for you. Allow contributors to use Dwolla -- https://www.dwolla.com -- as a payment option and thus have them pay only 1% (or even less) instead of 3.5%. You'll still make a profit from them AND you may be able to charge Dwolla for new user signups.

    Same idea with PayPal... since PP users can send money to one another at no fee (if it is a gift), then if the recipient has a PP account registered with Splitzee, then give the sender a fee discount for this method too.

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