A while ago, we started a project called Eating Dots (opens in a new tab) with the goal to make it easier for people to order food directly from their phone when dinne-in. A fairly simple solution for not having to wait for the waiter to come and take your order. It was already something validate Square and MrYum in other countries so we though, why not build one for the brazilian market as well? We were very excited about the idea and we were sure that we were making the difference. We heard a lot of great feedbacks and people encouraging us to keep pushing but no matter how better our product was or how convincing we were, we simply couldn't our business expand. The reason? It always coming down to the same thing: "The fee is too high".
Well, that was our biggest a problem, how can you even think about innovating in a place where the bare minimum is already too high? For a startup, with low volumes and no investors, your starting fee on payment gateways like Stripe are around 3.99% + R$0.39 per transaction with a super short 30 days wait for your payout... All of that in a country where businesses are already suffocated by high taxes and constantly devaluating currency.
We started to look around for a solution that would fit our needs but we didn't find any that would be simple enough for us to use. It needed to be something that we could just plug into our startup and say: "We have 0% fee, good luck you with your credit card only"...
We knew that we could build a solution that would be 0% fee, with faster payouts and that would be available for everyone, no matter the size of the business. Something that all 24.3 million software developers around the world could use without even having to ask for permission. Something that would be as easy as using Stripe or PayPal and any 12 years old developer could write few lines of code and start getting payments in minutes, not days.
This is how bamotf was born and why it matters.
If money is this tool in which we express our values and Bitcoin is the solution for the corruption of values, it is our duty to make it spread and to make it spread faster.
- Wlad Paiva