The world of digital payment has seen numerous changes over time. Blockchain technology has revolutionized this industry and market niche, making payments easy with a single click. However, despite the increasing need, a major gap between payments made to service providers was still being overlooked.
Numerous people have been through the embarrassing experience of not carrying enough cash to tip their service providers. While the customer may only feel guilty or ashamed, it’s worse for the service providers, especially those who use these tips to survive. As a result, various servers, musicians, valets, etc., remain unpaid for their excellent service.
Dr. Hector Rodriguez and his wife Maria Luna faced a similar situation during their hiking trip. A talented guide throughout the trip accompanied them. However, by the end of the trip, they forgot to pay the guide, which Maria felt guilty about as she had witnessed her mother surviving on the tips her mother received for her services.
Bravo, a digital tip and payment app operated using blockchain technology, is the incredible solution that the duo came up with. The app was designed to reduce the need to carry cash while paying the service providers for their valuable time. The app ensures that the payment method is simple and requires no additional private information, making the payments secure.
Bravo’s payments are made straight to the service provider’s bank account. The app earns two ways: a 2% convenience fee and a $5 subscription method. Customers pay the convenience fee upon each transaction they make to their service provider. In contrast, the subscription plan is for businesses who want to add Bravo as their service payment method, which could also help businesses study consumer behavior.
Bravo appeared on Shark Tank seeking an investment of $150K in exchange for 5% equity in the company. The couple wanted to make Bravo a household name across the nation. A shark’s support could help Bravo reach new heights, and the husband-wife duo walked with that aim in mind.
The couple introduced themselves and the Bravo app. They also showed the sharks on the screen the simple steps one needs to take to make secure digital payments via Bravo. The panel was divided on the service as some sharks questioned the market while others calculated their investment.
The duo talked about their Puerto Rican background, their motivation behind the app, and the numbers to support their valuation. Bravo’s founders told the sharks that they had made a million dollars with their monetization methods by the time the episode was recorded. Despite the great numbers, only two sharks made a combined offer, whereas the rest announced they were out.
Kevin thought the business would need a lot more capital, Barbara found the business model confusing, and guest Shark Alex Rodriquez was confused due to the complex monetization method. On the other hand, Mark and Lori offered a deal together of $150K in exchange for 15% equity. The founders countered the offer by reducing the equity to 10% + 2% advisory shares.
The sharks asked for 2% advisory shares each, making the final offer stand at $150K in exchange for 10% equity with an additional 4% advisory shares. The founders accepted the deal, and Bravo had not one but two sharks’ support.
Our Review of Bravo
Bravo has turned out to be a successful business, building its customer base in a short period. While the business was doing well on its own, the Shark Tank appearance has turned it into a recognized business nationwide. Today, Bravo is making over $2 million in annual revenue.
The unique digital payment method allows individuals to pay off their service providers without needing cash. People often forget to carry cash, which can be embarrassing when paying tips and being empty-handed. Bravo bridges this gap and helps individuals and service providers, making it a win-win for both parties.
Pros of Bravo
In a short time, Bravo has found a community of individuals who need a sustainable solution for paying tips, especially since carrying cash around isn’t the safest option in today’s world. The company’s incredible service has gotten Bravo a loyal customer base. Here are some things customers love about the business:
- Bravo is an easy-to-use app that helps individuals digitally pay tips to service providers, eradicating the need to carry in-hand cash.
- The app’s user-friendly interface makes the app easy to navigate.
- Bravo is easy to set up and requires only a single click on the Apple store’s download button.
- The GPS feature on the app allows individuals to find service providers nearby who can perfectly cater to the individual’s needs.
- The app doesn’t require sharing unnecessary personal details to make the transaction. Only the service provider’s bank account details are required to make the digital payment.
- The business charges only a 2% convenience fee to those who pay the tips using the app.
- Bravo also aids businesses or service providers with a $5 subscription service that allows businesses to make Bravo their primary payment method.
- The payment method from Bravo is streamlined and smooth, with no additional confusing steps.
- The award-worthy customer service has kept the customers coming back.
Cons of Bravo
Despite having a loyal customer base, some things haven’t worked in favor of Bravo:
- People who pay tips using Bravo need to pay an additional 2% fee on the tip they’re paying. This monetization means the customers require extra money, making traditional out-of-pocket money a more affordable option.
- Despite the claims, service providers have reported that it takes up to 3 days for the money to reach their bank account.
- Bravo is only available on the Apple store, making the app unavailable to Android users.
Who Is Bravo For?
Individuals who don’t like carrying cash on themselves can download the Bravo app and easily pay tips to their servers. Bravo can help pay off their service digitally without sharing unnecessary details, whether a musician, valet, or any other service provider. Individuals adopting digital payment methods for increased street crime or other reasons can use the app’s service with only a 2% convenience fee.
Are There Any Alternatives?
Despite the increased demand for digital payments, there aren’t many apps that have worked on making tipping payments digital like Bravo. However, Venmo, owned by PayPal, has recently added digital tip payment via a QR code to their services. What still makes Bravo a more viable option is that Venmo requires the service provider to have a unique QR code, whereas Bravo only requires the account details of service providers.
Our Final Thoughts
Bravo has proved to be a profitable business, though the business still has the untapped potential to go a long way. The business’s profits surely depict the app’s popularity, yet Bravo needs to improve its services to become a household name in digital payments. The business can add other digital payment services and methods to become the only reliable app in the arena.
Bravo is a promising business, and we will continue to see it growing upwards soon.