SUBSTACK 101 KICKSTART — Monetization 1 - An often-asked question from my subscribers is whether they want to support me but don’t want to subscribe. They would like to pay for content they like in small amounts—1, 2, 5, or 10 USD or EUR or GBP or … Substack does not support such a model, despite the fact that I have read dozens of discussions related to this. However, I learned meanwhile that Substack does not prioritize the wishes and needs of the writers. So the writers helped themselves, and you find, meanwhile, on many Substacks the integration of Buy Me A Coffee-Links to close this gap. This is understandable, but is it smart? No, using Buy Me A Coffee is anything but smart. Let’s make a little sidestep here. I have run and organized online businesses for twenty-five years and have learned over time that small retailers have no clue about their payment costs. That probably applies to Substack businesses, too. They get told that the cost of the payment processor is very reasonable and can be neglected. Really? Let’s look at the prices we must pay for Stripe here on Substack and elsewhere. It sounds great — 2.9% of the transaction plus $0.30 in the US. Let’s do the math: ...
Ko-fi is slightly better than buymeacoffee for small payments, at least from the receiver's perspective.
Correct, but there are better options, you can find them here.
You're a life savior for this!! Thank you so much 😭😭
You are very welcome! Spread the news!
This is a MUST-READ for every Substack writer! 👉 Stripe OWNS BUY ME A COFFEE! And the math shows BUY ME A COFFEE IS A RIPOFF!
Thank you!
Stripe is also a ripoff what youll learn in the coming episodes.