71–80 of 97 posts
Before reading this thread, I had all but written off cryptocurrencies. This is the use case. Now the only thing missing is content compelling and unique enough for people to buy the tokens to access it.
Funny that it will be art that will do what gambling, drugs, money laundering, tax evasion, and black markets could not.
I’ve worked in the fintech space for 6 years this month. I’ve been a ceo/founder, vp of product, and managing partner. there’s no way to shortcut this, you’re going to need a chief compliance officer and to adhere to the right financial regulations, likely money transmission but possibly others as well. you need to contact a lawyer and get started BEFORE you process your first payment. i will warn you, starting down…
> this is a hard life for a solo entrepreneur and i do not recommend it wothout having raised a minimum of $2-5 million usd Let's not get everyone in the mindset that venture capitalism in the US is a good thing. Many startups and entrepreneurs in Europe and other continents have found success without raising any capital.
Literally just use Stripe or something.
There needs to be a Patreon alternative. I decided to contribute to a favourite author and found that I could register for an account, but logging on and paying people? Ha! I'm not a robot but I'm fscked if I'm going to battle through 19 Captchas (I gave up at 19). I even wrote to Patreon but not even the courtesy of a reply was forthcoming. Sod'em /rant
There needs to be a Patreon alternative. I decided to contribute to a favourite author and found that I could register for an account, but logging on and paying people? Ha! I'm not a robot but I'm fscked if I'm going to battle through 19 Captchas (I gave up at 19). I even wrote to Patreon but not even the courtesy of a reply was forthcoming. Sod'em /rant
Earlier quoted context omitted.
How did you handle taxes for the creators?
Why can't the creators handle their own tax?
If the creator does it they now need to deal with the authorities in multiple countries, that doesn't work for any but the really big ones. If I do it, I now need to collect the receipts and list then on my tax return to pay the VAT. Or the service just takes care of it for me, like Patreon does.
Honestly, if I had to deal with paying the VAT "manually" I don't think I would back anything.
I’ve worked in the fintech space for 6 years this month. I’ve been a ceo/founder, vp of product, and managing partner. there’s no way to shortcut this, you’re going to need a chief compliance officer and to adhere to the right financial regulations, likely money transmission but possibly others as well. you need to contact a lawyer and get started BEFORE you process your first payment. i will warn you, starting down…
Can you email me on my username at gmail dot com or update your profile? I would really like to reach out and get your thoughts on some topics/issues. Thanks.
Earlier quoted context omitted.
How did you handle taxes for the creators?
Why can't the creators handle their own tax?
If you're accepting payments from the EU within the EU, you have to collect evidence of where the payer is from, pay different VAT amounts (i.e. different percentages per country) and have VAT paper work to prepare every year. It's time consuming, you're likely to make mistakes and that's only for the EU.
For what it's worth, I use https://paddle.com/ for a paid Chrome extension who deal with country specific tax for me. They're more expensive than Stripe though.
I’ve worked in the fintech space for 6 years this month. I’ve been a ceo/founder, vp of product, and managing partner. there’s no way to shortcut this, you’re going to need a chief compliance officer and to adhere to the right financial regulations, likely money transmission but possibly others as well. you need to contact a lawyer and get started BEFORE you process your first payment. i will warn you, starting down…
> this is a hard life for a solo entrepreneur and i do not recommend it wothout having raised a minimum of $2-5 million usd Let's not get everyone in the mindset that venture capitalism in the US is a good thing. Many startups and entrepreneurs in Europe and other continents have found success without raising any capital.
Many startups and entrepreneurs can work great with minimal capital, both in Europe and outside Europe. The claim of this comment was this is the wrong business to be in if that's your goal (and I think that claim is intended to apply equally well in Europe).
Earlier quoted context omitted.
Not OP, but I think there are tons of different application of the basic idea that patreon is based on. I took this as a technical question which could also be worded as "how do I build a service where I can link a buyer with a seller and earn money on that transaction?"
The OP specifically states that they know the technical part and are asking about the "financial side". But - > "How do I build a service where I can link a buyer with a seller and earn money on that transaction?" I googled that exact phrase just to see what came up, and the first link was this: https://www.sharetribe.com/academy/how-to-design-your-market... Which highlights Paypal and Stripe as clear and strong answ…