BREAKING DOWN Shared Spirits ‘Fintech’
The term financial technology can apply to any innovation in how people transact business, from the invention of digital money to double-entry bookkeeping. Since the internet revolution and the mobile internet revolution, however, financial technology has grown explosively, and fintech, which originally referred to computer technology applied to the back office of banks or trading firms, now describes a broad variety of technological interventions into personal and commercial finance. According to EY’s Fintech Adoption Index, one-third of consumers utilize at least two or more fintech services and those consumers are also increasingly aware of fintech as a part of their daily lives.
Read more: Fintech Definition | Investopedia https://www.investopedia.com/terms/f/fintech.asp#ixzz5L3rwesOQ
So where does this place Shared Spirits?
Shared Spirits is a platform built to automate sampling and activation programs for spirits, wine and beer brands. By virtue of this activity, the drinks and activities associated with these multi-billion dollar programs have to be paid for in some fashion. Traditionally, the participating bars, venues, event spaces, festival organizers and others in the supply chain have had to be paid via their point of sale systems, triggering significant merchant account fees. These fees range from 1.3% to 2.9% with associated .30 cent transaction fees woven in for good measure.
When brands trigger campaigns with Shared Spirits that over time will amount to hundreds of millions in campaign spends, all dollars paid to the establishments taking part will be paid without those charges. Bars, venues, restaurant chains and everyone in the retail and on-premise world will be fortunate participants in the value proposition brands will be bringing to the table by virtue of their use of the Shared Spirits platform.
This is just one of the high value reasons venues, restaurants and bars should be considering running their beverage programs with the Shared Spirits add-on. Brands that use the Shared Spirits Campaign Marketing Machine will experience heretofore unheard of metrics, data and knowledge as to the effectiveness of their campaigns, all while saving their key accounts substantial money.
For the customary Shared Spirits app user, that person simply gifting their friends and colleagues drinks with the app, Shared Spirits provides a complete mobile pay experience for the drink.
Shared Spirits pays the venue/bar/restaurant for that redemption, again without the need for that operator to have paid a merchant account provider for the processing of the payment for that drink.
We’re hopeful you’re seeing the insightful inventive ways Shared Spirits is solving expensive problems for all players in the spirits, wine and beer supply chain.
For more information, reach out to Shared Spirits with a call to either the office at 650-999-0423 or our Co-Founder and CEO’s direct cell at 615.710.1405