BillPayForCoins.com Business for Sale PRICE REDUED

[rileyA.]

This is for the complete business including the following:
-LLC is based in California. New owner will need to file a NEW LLC and our current LLC will be closed out with the sale of the business.
-FinCen Registration. We are currently registered with FinCen. We will update the registration with new ownership information.
-Domain Name registration is good through April 14, 2014
-SSL Certificate good thru June 2014.
-You can either assume existing shared hosting account or we can transfer to your own webhost.
-Front-End Website professionally designed with professional logo.
-Custom Built Bill Payment Backend system for customer use
-Administration panel to allow you to easily change payment and payee status.
-Client List (Current clients will be notified of sale and be given the opportunity to remove their information)
-Payee List (We will provide information of ALL payees that have been paid since creation of our service)
-We will teach you how we have been running the business so you can continue operations.
-Business was mentioned on Forbes.com
-Has over 800 Unique Visitors Monthly, over 6000 since April.

Financial Summary:
-Total USD Volume Amount of Bill Payments processed: Over $46,000 USD.
-For detailed information please inquire here on the forums or email admin@billpayforcoins.com.

Reason for Selling:
BillPayForCoins is a partnership among three friends. Running this business together has proven to test our friendships, and unfortunately, each one of us has differing ideas for the operations and the future of the business. Because of this, we’ve decided it is in the best interest of the company to part ways. We have spent countless days and nights building the infrastructure from the ground up and creating customer loyalty; we do not want our work to go to waste. BillPayForCoins is a turn-key, ready to operate business, which has been operating successfully for the past few months; it is ready for somebody who can take it to the “next level”.

Asking Price:
We are asking 50BTC OBO. Proof of funds (BTC ADDRESS) required with any offers. You must send 0.03333 coins to another address and then back to yourself so we know you are in control of the address with the funds. Buyer covers escrow fees. Escrow will be provided by JohnK., with a 1.5% Fee.

[rileyA.]

In reply to flibbr, I would encourage you to read the listing.

-we have a customer base.
-we were mentioned in a Forbes article
-we are a MSB that is registered with fincen (we were registered before mtgox)
-it is not just a website, it has a fully functional bill payment backend with administration panel
-we have contracts with different bill payees signed and on file as part of the sale.
-site has ssl certificate and other security and privacy measures in place.

This business has a huge growth potential to the right person. It is NOT just a website.

Thank you for your interest in our listing.

[smoothie]

To be honest I can't see why any one of the partners including yourself doesn't just buy out the business and run it, IF it is profitable.

Hire your own staff and you are making profit.

I can't see why someone would want to sell a business that is profitable. Your reasoning about your partners not working out with each other makes sense but why not one of you wants to step up and buy it from your partners makes little sense if the business is successful and profitable.

[rileyA.]

Flibbr,
Here is a reply to your points brought up. Thankyou for bringing all this up. They are all good points and I will address them all.

1. Our Customer Base situation. You asked more information about our customer base, so here is the statistics.

Total Payments to Date: 50
Average Payment Amount: $921.33
Total UNIQUE customers: 31
Customers that made 2 or more payments: 9

With these figures, around 25% of our customers are repeats and much like a subscription service, they keep coming back each month to pay their bills the next month.

2. Forbes Article Mention
Yes, profit numbers are important, but having a business get recognition in a publication is worth mentioning in a for sale ad. It is an achievement. I am not saying it to name drop, I am saying it as a "selling point" of the business.

3. MSB Registration
The form is available online. The registration is free (no fee). It is a long lengthy form with lots of complex terminology and if you were doing it yourself, you'd definitely want legal counsel to look over it for you. You must also have a legal business entity to tie to the MSB registration. (in our case it was our LLC) You must then submit it to them and it can take anywhere from 2 weeks to 2 months for them to "accept" it and add your business to the online registry of MSB's. So yes, it is worth something. It is worth the time that it takes to take care of it.

4. LLC
We are transferring ownership of the LLC to the new owner(s). This is in itself worth a few hundred dollars as well as the time that it takes to receive the paperwork (state filing times vary, but California, which is where our LLC is filed takes over 1 month) Keep in mind you CAN'T register with FINCEN till you have an LLC filed.

5. Website
The website is built using PHP and MYSQL. It is well documented throughout the code and it is straightforward. Any person familiar with php programming could take it and do whatever they wanted to do with it easily with a very low learning curve. As far as "standardized commercial software"... what standardized commercial software handles the ability for customers to pay bills directly in Bitcoin? I don't think this exists, which is the reason it HAS to be a fully customized website.

6. Contracts
The contracts are signed and in hand.... Sure, again, if you wanted to go do it again, of course it CAN be re-done, but we are selling a complete package WITH contracts that are SIGNED and in hand. Again, this is an asset worth stating.

7. SSL Certificate
Again, you are saying that a 99 dollar ssl certificate is nothing... yet you are saying right there that its a 99 dollar ssl certificate... so how you equate $99 = 0, I am not sure... SSL certificates that have certain keywords in them such as "trust" "billpay" or anything financial like that are subject to MUCH more rigorous screening then a typical ssl application. I have gotten many ssl certificates in the past and this was BY FAR the hardest to obtain taking over 2 weeks to get approved. Again, with our business, this is all done and turn-key ready to go, no waiting required.

8. Growth Potential
You are right, every business DOES have growth potential and room for improvement. I see no issues with stating this in the listing.

9. Customer Info
As stated above, here is customer info:
Total Payments to Date: 50
Average Payment Amount: $921.33
Total UNIQUE customers: 31
Customers that made 2 or more payments: 9

-Customer lifetime can truly be FOREVER or as long as they have bills to pay and wish to pay for them with bitcoins.
-The amount a customer earns us per month depends on the volume of bill payments they pay.

Our profits are currently extremely low because much like coinbase is currently offering 0% for the first 1,000,000 USD processed, we are offering 0% processing in order to gain customers and gain a good reputation for the long haul. As stated, we have a very high amount of repeat customers and feel that they will continue using our service even when it gets to the point that we impose a small fee with them.

Our business model has been to gain customers now for the long haul and to focus on long term growth. In our experience so far with customers, we view every new customer as a new "unofficial" subscriber. Once they start, they will keep using us.

While I did take your comments as harsh, I do understand where you are coming from and I hope that my explanation here has answered your questions.

Our asking price is 300BTC Or Best Offer. People can submit any offers and we will review them. Things are ONLY worth what somebody is willing to pay. That being said, we felt that 300btc is not that far-fetched, but if you think it is and are interested in submitting an offer, feel free to make an offer of any amount and we will review it.

[rileyA.]

To be honest I can't see why any one of the partners including yourself doesn't just buy out the business and run it, IF it is profitable.

Hire your own staff and you are making profit.

I can't see why someone would want to sell a business that is profitable. Your reasoning about your partners not working out with each other makes sense but why not one of you wants to step up and buy it from your partners makes little sense if the business is successful and profitable.

Of the three partners, we all have other interests and commitments.

I personally manage a large construction company which is a full time job of 50+ hours per week. It proves difficult for me to give BillPayForCoins the attention it needs while still being able to perform at my main career.

My partner Derek is also the owner of a High performance automotive shop which is his first love and main focus.

Arthur has many projects ongoing and other startups. He is a serial entrepreneur and this is just one of his many logs in the fire.

Neither of the three of us want to take on the responsibility of another business by ourselves which is why we involved each other in the first place to help spread out the load. While buying each other out is an option, we don't want any sour feelings among friends later so we all agreed that all of us selling our interests in the company together would be the best way to part ways of the business without stepping on anybody else's toes.

We were friends before putting together this business and we are planning on being friends after the business has been passed on to a new owner. We don't want any jealous feelings of "You bought me out" etc... further down the line.

You mentioned hiring a staff to run it. As I stated above, our business model currently was to gain as many customers as possibly by offering 0% fees. While this is not a PERMANENT fee structure, it does not leave enough income to support staff.

Again, as stated in previous post, the listing price is 300BTC OBO. If you have an offer, put it on the table. We realize a business is only worth what somebody is willing to pay regardless of what we feel it is worth.

[rileyA.]

PRICE REDUCED SIGNIFICANTLY:

Asking price:
120 BTC OBO

With this new price comes one change in sales terms:
-buyer is now responsible for escrow fee entirely.

[rileyA.]

Final price Reduction:

50BTC

[AndrewWilliams]

Great website, awesome idea.... but where's the profit??

You have processed $46,000.

If you charged even, 2%, that would be only $920 in gross.

My assumptions:
It says you've had 6K hits since April, not bad, but assuming you got you majority of your profits in the last month or two, it's only making $400 in gross a month.

That's $4,800 a year gross.


And that's not accounting for your the cost to run the site and any fees the third parties charge for bill payment services to you.

And also, I noted on your site you are advertising 0% fees (up to $9,000). So the $46,000 you have processed so far has only been for 0%?



Bottom line: How much profit did the website generate last month?

[TimeIsBitcoin]

I was hoping someone would pick this up and reopen. I wanted to use it within a few months.

rileyA, wouldn't you rather lower the price drastically and have someone else continue operating it, rather than not sell it at all?

[oldbushie]

I agree that it should reopen; us Bitcoin users really need some way to pay bills using Bitcoins in order to close the loop. BillPayForCoins was the only site that allowed this in the USA.

[chadwickx16]

Its a shame that they couldn't get this sold or someone to take over the daily maintenance. I would have put in an offer, but they literally made no money. Too bad, I'm local to their offices too.

[btcsql]

this kind of business I really don't think is feasible right now. good luck keeping a bank account open..

[AndrewWilliams]

It's too bad he never answered my questions...


Sorry, it just is not a profitable business at that price point and at the current stage of development.

[eoJ]

lol at closing it down without taking any offer at all. Something's better than nothing.