What’s in it for the User

Deals
Millennials love deals – especially from their favorite community merchants. Research shows that coupons are all but dead, but deals are on the rise and are effective. No one likes to pay full price anymore when they don’t have to. While our deals aren’t set to reduce, or cannibalize existing revenue, they can be used to reward loyal customers.

Wherever the user uses Honey to pay for a good or a service, they will get deals directly from that merchant via a push notification. We believe this will encourage users to use Honey at their favorite merchants to ensure they get the best deals. Deals will create snacking and assist users in making a decision. A good example would be when a user is considering their options they could open Honey to see who is having a lunch time deal.

Decision Making
Research shows that our target users love apps that make life experiences easier, and we accomplish this many ways. For example, based on user habits, Honey can help users decide where to eat meals and where to buy things that are close by. The more data a user chooses to share with us, the better experience we can deliver in helping them make simple decisions.

Merchant Communication
We enable users to communicate directly with a merchant (should they agree to disclose their identity to the merchant), by enabling them to respond to a deal right away. A good example would be ordering tacos directly from the taco truck who just sent a BOGO deal to a user. It also could be used for things such as reserving a space for a yoga class.

User Data Control
Despite what we have all heard in the media about data sharing, our target user would prefer that we have the correct data to better target them with deals they want. We are very much about letting the user see and manage the data we collect/keep on them. Enabling users to control their data and who it gets shared with is not only effective, but the responsible thing to do. We have put a lot of thought into this topic and firmly believe transparency is paramount to successful marketing.

Unique P2P Tools
Our unique and fun P2P functionality enables users to send money to people instantly without having to exchange Personal Identifiable Information (PII). See P2P products here

Payment Flexibility and Ubiquity
Combining P2P and mPOS gets users closer to using one app to pay anyone. We have ideas around giving Honey users the ability to pay big box retailers using an integrated wallet solution, but we don’t have any plans to launch an integrated wallet at this point. It should be noted (as we have elsewhere), that we do not have any plans to enable communication or advertising to big box retailers at this time.

No App, No Problem
Honey users can pay others that do not have the Honey app without having any of the other person’s bank account, phone number, email address or any other PII.

What’s in it for the Merchants

Free payments are a good start. So are instant settlements, but we create a much deeper value proposition for our merchants. We connect merchants to their customers and to their communities.

Free Payments
We do not charge merchants to process payments, we don’t require minimums and we don’t charge a startup fee. In fact, we remove all barriers of entry. As you can see from the Math section on the Payments 101 page this will save a merchant who processes $250,000 a year an average $7,500+ a year.

No Special Hardware / Equipment
Download the app and start using it to take free payments. We do not require merchants to buy special dongles or other hardware to process a payment, because they don’t need any to process a transaction using Honey. We process our transactions using the cloud and we pass information very differently than legacy players.

Target Consumer Behavior
As we cover in the Marking section, we use Artificial Intelligence and Machine Learning to identify behavioral patterns. Do so, enables the merchants to target specific types of customers and behaviors that are near to their physical location or are associated with their business.

Communication / Advertising Platform
Merchants can communicate deals and other types of information to their customer base. Aside from the obvious deal communications, businesses can alert their customers to closings or other pressing business news instantly.

We help them understand their market, their business and their community through sharing statistics and analytics so they can react faster to business trends and generate last-minute revenue. In a nutshell, we are giving them big boy tools in an easy to use interface that is accessed via a mobile app on the fly.

Business Intelligence Platform
As covered briefly in the Marketing section, we give our merchants a platform to run data about their industry, their community and their business. This data could be used to make decisions about offering new menus, new opening hours, new products, new locations etc. The platform is accessible from a mobile interface and designed to give merchants an extensive view into their business.

Next Section: Putting it all Together