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buySAFE provides a service that guarantees online transactions between merchants and consumers. This gives consumers peace of mind when shopping online and drives more sales for merchants. buySAFE uses surety bonds to back every transaction, providing the strongest form of purchase protection. The company has partnerships with major online marketplaces and payment providers to distribute its products. It seeks $5-10 million in funding to expand its team and implement new distribution deals to capitalize on the growing $1.5 billion market for online transaction trust services.
buySAFE provides a service that guarantees online transactions between merchants and consumers. This gives consumers peace of mind when shopping online and drives more sales for merchants. buySAFE uses surety bonds to back every transaction, providing the strongest form of purchase protection. The company has partnerships with major online marketplaces and payment providers to distribute its products. It seeks $5-10 million in funding to expand its team and implement new distribution deals to capitalize on the growing $1.5 billion market for online transaction trust services.
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buySAFE provides a service that guarantees online transactions between merchants and consumers. This gives consumers peace of mind when shopping online and drives more sales for merchants. buySAFE uses surety bonds to back every transaction, providing the strongest form of purchase protection. The company has partnerships with major online marketplaces and payment providers to distribute its products. It seeks $5-10 million in funding to expand its team and implement new distribution deals to capitalize on the growing $1.5 billion market for online transaction trust services.
Copyright:
Attribution Non-Commercial (BY-NC)
Formati disponibili
Scarica in formato DOC, PDF, TXT o leggi online su Scribd
5350 Shawnee Rd. Suite 302 Alexandria, VA 22312 Phone: 703-354-6701 x102 Fax: 703-997-0883 Email: jeff@buysafe.com Web Address: www.buysafe.com
Business Description: The problem buySAFE solves is simple and straight
Management: forward - most online shoppers perceive a great deal of risk when buying online, Jeff Grass - CEO especially from a merchant they know little about. Shoppers react to perceived Steve Woda - SVP Strategic Grwoth risk in one of two ways, they avoid the transaction altogether, or they discount the Jim Mercier – VP-Legal & Claims price they would otherwise be willing to pay. This is results in fewer sales and Hans Dreyer – VP-Operations lower profits for online merchants, especially those that lack a national brand that gives every shopper a feeling of complete trust and security. Frank Ganis – VP-Marketing Corinne Tosaki – S. Director – Tech buySAFE prequalifies sellers and gives them a clear signal of trust and credibility and then fully guarantees their transactions with a surety bond - the broadest form . of online purchase protection available. Very simply, buySAFE provides shoppers Industry: online transaction trust & the two things they care about most - 1) that the merchant is trustworthy, guarantee services professional and will deliver as promised and 2) that if for any reason they don't, the buyer is fully protected by a trusted third party. For sellers, buySAFE provides Number of Employees: 15 an 'unfair' competitive advantage by enabling quality sellers to make their buyers feel safer, resulting in increased sales and profitability. Bank: Bank of America Company Background: buySAFE enjoys a strategic partnership with the financial services giant - The Hartford Financial Services Group and a large Auditor: TBD insurance & surety brokerage firm - Thomas Rutherfoord, Inc. buySAFE initially launched in the eBay marketplace and is now expanding quickly into eCommerce Law Firm: Cooley Godward more broadly via a number of very significant distribution partnerships. Management: Amount of Financing Sought: $5-10 Jeff Grass – CEO – Founder, PayMyBills.com,McKinsey& Co., Travelers Group million Surety Underwriter, Wharton MBA Steve Woda – Founder/SVP-Strategic Growth – NY Regional Manager – St. Current Investors:($3 million) Paul, VP - Assurance Capital, Wharton MBA The Hartford Financial Services Jim Mercier – VP-Legal – General Counsel, Hartford Bond, surety claims expert Group; Thomas Rutherfoord, Inc.; Products/Services: buySAFE provides a strong signal of crediblility and a Various Angel investors comprehensive third party guarantee in eCommerce transactions. This gives buyers complete peace of mind, driving increased sales and profitability for online Use of Funds: Build team, implement merchants and the marketplaces they participate in. buySAFE is uniquely newly signed distribution deals, M&A positioned as the world’s first and only online commerce bonding service – utilizing its deep expertise in surety bonding to provide this truly unique solution. Technologies/Special Know-how: buySAFE’s core process is patent-pending. buySAFE has built a unique real-time risk management capability to enable it to successfully guarantee millions of dollars of eCommerce transactions between thousands of sellers and buyers. buySAFE is a licensed insurance agent in all 50 states and has built a competence in highly efficient and effective underwriting and problem resolution capabilities Market: buySAFE targets small and medium-sized (SMBs) eCommerce retailers in online marketplaces such as eBay, AOL, etc. that lack a national brand that can enable their shoppers to feel completely safe and secure. On ebay, buySAFE’s target market is the 180,000 PowerSellers who sell $1000+ per month. Beyond eBay, buySAFE’s target market is the 200,000+ U.S. based small business eCommerce retailers. buySAFE’s currently addressable market is $1.5B and growing at 30-50% annually. buySAFE’s service is completely free for buyers. Sellers pay 1% of the final transaction price for both the buySAFE credibility signal and for bonding their transaction with a guarantee from a trusted financial institution. Distribution Channels: buySAFE intends to primarily leverage its current and future distribution partners for distributing its product in a cost-effective manner. buySAFE now has in place major distribution partnerships with major eCommerce marketplaces, large seller solutions providers and major eCommerce payment and storefront providers. Competition: No direct competitors exist as there are major culture, skill-set, regulatory, IP and distribution barriers. Numerous indirect competitors exist that can seen in two groups – 1) partial risk elimination solutions (e.g. feedback, merchant ratings, buyer protection plans, credit card charge-back protections, etc.) and 2) complete risk elimination solutions (e.g. online escrows). Note, partial risk solutions do not yet solve the problem and online escrows are a failed model due to seller working capital constraints and high costs. Financial Projections (Unaudited): (dollars in thousands) FY2004 FY2005 FY2006 FY2007 FY2008 Revenue: <20 1,500 12,700 38,000 72,000 EBIT: (3,000) (3,900) 780 11,400 28,000