How Do We Make Money?

Because Povence doesn't charge its merchant a transaction fee, how does it make money? There is a number of ways that Povence can make money as listed below.

Commission Fees

While there is no transaction fees, there will be a commission fee at checkout for our customers. Since we are in the BOPIS business, this fee is treated as a shipping fee. Theses fees can range from 2-5%.

Withdrawal Fees

There will be fee for users to withdrawal their money. This will start at 2%.

Subscriptions

In order to access the Povence platform, merchants will have to pay a subscription fee. Based on which tiers the merchant is subscripted to, their withdrawal and subscription fees will be reduced. Customers can also opt-in to a subscription as it will not only offer them additional benefits but reduce both their commission and withdrawal fees as well as their subscription fees. Subscriptions start at ₩25,000 per month

SimplaCoin Token

Cryptocurrencies as of late have been given a bad rep and deservingly so. One of the many stated applications is it's use for commerce. This couldn't be farther from the truth. Due to its volatility nature, ₩5,000 won can be worth either ₩10,000 today or ₩3,000 tomorrow. However, despite it's many faults, Povence's founder has found an upside for its use.

The company's token, SimplaCoin, will not be used for conducting transactions due to its vialuty nature. Instead it will be used to pay for the company's subscription fees. The SimplaCoin is used to subsidize the fees.

Listing Fees

Povence charges merchants a fee to list their products. This does not include the quantity of items, just the product itself. Starting fees are ₩100 per item.

As you can see, there is a number of revenue models for Povence to generate income. Hopefully in the near future, Povence will introduced new additional revenue streams which can reduce or eliminate the fees above.

Povence

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