startup, Software, Blockchain

The Power of the Receipt!

Q: Who cares about receipts?

A: Everyone but the consumer.

Q: But why do they Care?

A:

I think most will be surprised when they see whats on a receipt. I mean I was when I first set out on this venture. 

From  Snipp

From Snipp

I know Its pretty crazy. But why has no one created a company like Repit before now? It would be very expensive let me break it down.

First, form a legal agreement with a business to allow for the collection of the data from every POS system. A quick figure if there are 80 businesses in a shopping mall and each has on average 2 POS systems. And to form an agreement with a business is 10,000 in legal fees, $500 for each POS installation. that comes out to (($500 * 2) + 10,000) * 80 = $880,000 before any profit is made. And then there is no incentive for the Business to give this data other than you paying for it.

By making this system autonomous on the blockchain. The agreement is the cost of gas, and installation is now as easy as a software upgrade. Furthermore, a business in this era needs to access their receipt data. Repit just provides this as a service.

So now that we know whats on a receipt, Why it is useful?

From Snipp

The Where, The Who, The What, and Amt - For How much, Then When, The How. How much more can you ask for? And because receipts are so centralized and paper. It's hard to integrate them with third-party applications. Repit looks to solve this problem. 

During my research, I found that Credit card companies don't have the itemized receipt they only know the where and the who and how much. With that, they are able to create huge databases that provide business and marketers with loads of useful data. see for yourself here.

Wrap Up:

Receipt data is valuable and we only need to provide the right incentive to obtain this data. 

 

More to come