Assignment Task
CASE ANALYSIS
TRANSFORMING THE ECONOMY BY EMPOWERING MERCHANTS
THE MOTIVATION
Mark was twenty years old and living in Thailand. One day he decided to sell his own car to build a bar on the beach. He knew the owner of an existing bar, so he made an agreement with him and started running the bar with the help of some friends. Simon was a little bit older. He was thirty and working at an Australian start-up company after building his first company, which helped foreign students during their stay in Australia. The entrepreneurs metduring 2014 when Mark participated in an Entrepreneurial competition that Simon was organising; however, they were living in different countries, so communication was irregular. In early 2015 they again met briefly and spoke for the first time about a problem they had both seen and suffered from firsthand: it was a total nightmare for a business to check and control every sale or transaction made with a credit card, as the way these transactions were recorded depended largely on what bank the credit cards were affiliated with. In Asia, every credit card company takes a different amount of time to pay merchants. For example, credit card A may pay you 18 days after the transaction was made, while credit card B will make that same payment in 28 days. To make it even more complex, transactions made in instalments are paid to the merchant in 48 or 72 hours depending on the card provider, and of course you also must consider discounts and promotions as well as taxes and deductions. When one of the main newspapers in Thailand published an article pointing out that merchants who did not monitor and control their payments lost up to 7% of their income, it was the final push Mark and Simon needed to narrow down the product they wanted to build – along with the fact that there were 500,000 PoS (Point of Sale) terminals in the country. Knowing when and how much money is received each day is vital information for every merchant, to make better decisions and therefore grow the business. With that in mind, in 2016 Mark and Simon decided to start a Fintech company called, EMPOWER, with a platform that gives merchants and businesses a simple way to understand and monitor their cash flow using payment analytics.
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