SUBSTACK 101 KICKSTART — Monetization 4 - Another way to start monetizing outside the Substack subscription model is to use an existing CashApp account in addition to Stripe. With CashApp, you leave the world of Stripe and PayPal behind you and make your monetization more robust. You won’t be canceled on all three platforms at the same time. CashApp is owned by Block Inc., which was formerly Square. CashApp can be used only in the USA and the UK; international usage is impossible. However, both countries have a solid user base, with more than 50 million users. You might ask now: “Why are you telling us a solution not usable in more countries?” I want to inform you that PayPal and Stripe are more expensive—PayPal costs between 3.2% and 11.0% for domestic payments, and Stripe costs between 5.9% and 33.0%.With CashApp, you pay 0.0% if you use a private account (not allowed for business) and a flat fee of 2.75% with a business account. Wow! Think about it. Let's assume you generate $10,000 in yearly revenue on Substack. Then you have payment costs if you pay an average of 8% to Stripe (and that is modest) of $800. And you pay 10% to Substack, which results in $1,000. $1,000 for a platform that is flawed in many aspects, often causes problems, and lacks professional support. Your cost of operation with Substack is very high—18% of your income, or $1,800 in this use case. That is a higher “tax rate” at Substack than many small business owners suffer from the IRS. You pay $1,800 literally for nothing. With CashApp, you go down to $275 or nothing (not allowed). Have you ever earned $1,525 faster? That is not the real effect because not all your customers use CashApp. But you can ask them and explain why you prefer payments via CashApp. In my experience over the years, many customers honor such requests. Especially with CashApp, the use is easy and self-explanatory for the customer.
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SUBSTACK 101 KICKSTART — Monetization 4 - Another way to start monetizing outside the Substack subscription model is to use an existing CashApp account in addition to Stripe. With CashApp, you leave the world of Stripe and PayPal behind you and make your monetization more robust. You won’t be canceled on all three platforms at the same time. CashApp is owned by Block Inc., which was formerly Square. CashApp can be used only in the USA and the UK; international usage is impossible. However, both countries have a solid user base, with more than 50 million users. You might ask now: “Why are you telling us a solution not usable in more countries?” I want to inform you that PayPal and Stripe are more expensive—PayPal costs between 3.2% and 11.0% for domestic payments, and Stripe costs between 5.9% and 33.0%.With CashApp, you pay 0.0% if you use a private account (not allowed for business) and a flat fee of 2.75% with a business account. Wow! Think about it. Let's assume you generate $10,000 in yearly revenue on Substack. Then you have payment costs if you pay an average of 8% to Stripe (and that is modest) of $800. And you pay 10% to Substack, which results in $1,000. $1,000 for a platform that is flawed in many aspects, often causes problems, and lacks professional support. Your cost of operation with Substack is very high—18% of your income, or $1,800 in this use case. That is a higher “tax rate” at Substack than many small business owners suffer from the IRS. You pay $1,800 literally for nothing. With CashApp, you go down to $275 or nothing (not allowed). Have you ever earned $1,525 faster? That is not the real effect because not all your customers use CashApp. But you can ask them and explain why you prefer payments via CashApp. In my experience over the years, many customers honor such requests. Especially with CashApp, the use is easy and self-explanatory for the customer.