RESIST.INC
BUSINESS PLAN
3 Minutes read.
RESIST.INC
Our Purpose
TRANSFORMING RETAIL PAYMENT
Resist Inc. strives to accelerate the widespread acceptance of cryptocurrency as a payment method by revolutionizing retail payment terminals.PROBLEMS WITH CURRENT TECHNOLOGY
01. RELIES ON OLD TECHNOLOGY
Current devices from Ingenico and Verifone only support major credit card companies like Visa, Mastercard, Discover, and American Express. While crypto debit cards exist, they utilize the Visa network and exchange cryptocurrency before payment. They do not transfer cryptocurrency directly from one wallet to another.
02. BULKY EXPENSIVE DEVICES
The devices currently on the market are not only bulky and ugly, but they are also three times more expensive than Resist Inc.'s device
03. LACK OF INTEGRATED SECURITY
A significant number of competitors' devices lack integrated security cameras and rely on WiFi instead of cellular data transfer, leading to security breaches. Additionally, using only tap-to-pay technology is safer and quicker than chip or slide.
SOLUTION
01. PAYMENT INTEGRATION
Resist inc device will be designed to seamlessly accept a wide range of cryptocurrencies, we will partner with an exchange like Coinbase, Kraken or Gemini to create our own wallet. We don't want to create an exchange due to complex regulations but creating wallet is much simpler.
02. BEAUTIFUL AND COST EFFECTIVE
Resist device will boast a sleek, modern phone-like design, featuring a compact form factor that's not only visually appealing but also cost-effective to manufacture at approximately $150 per unit. Our revenue model will be base on subscription and one time sale.
03. CUTTING EDGE INTEGRATED SECURITY
Resist cutting-edge device will feature tap-to-pay functionality and will incorporate advanced facial recognition powered by neural network technology. It will exclusively utilize tap-to-pay for swift and secure transactions, eliminating the need for chip-based methods.
MARKET SIZE OF PAYMENT TERMINALS THAT ACCEPT CRYPTOCURRENCY
CURRENT SOLUTIONS
Currently only Block inc and crypto debit cards allow payments in cryptocurrency. Block inc has around 50 million active customers but only allows bitcoin payments. Crypto credit cards have around 13 million customers and they expect to grow at around 40% per year according to https://www.investorsobserver.com. Both those solutions do not solve the problem completely.
01. PAYMENT TERMINAL MARKET SIZE
According to the official websites of Verifone, Ingenico and Block inc, there are a total of 77 million devices manufactured by these companies.
02. MARKET SATURATION
Around 2 million Block Devices are in the market and they only enable bitcoin payment. Crypto credit cards do not live up to original mission
MARKET SIZE AND OPPORTUNITY FOR CRYPTOCURRENCY
HUMAN POPULATION
As of today, the global population stands at 8 billion people, and based on United Nations predictions, it is projected to reach approximately 10 billion by the year 2050.
01. HOW MANY PEOPLE CAN HAVE WALLET?
There are approximately 5.4 billion adults worldwide, along with roughly 2.6 billion individuals under the age of 18. This vast demographic will all require access to a digital wallet at some point.
02. CURRENT WALLET HOLDERS
In 2022 only 84.4 million individuals had active wallet according to polaris market research which represents a mere 1.48% of the global population. This adoption rate, in line with the technology adoption life cycle, has not yet surpassed the 2.5% threshold, indicating that we are still in the early stages of adoption, primarily with innovators leading the way. However this figure changes quickly according to the same research at 24.5% per year.
UI/UX Design for mobile wallet
The graphing interphase for our mobile app is almost done. Please check the header for more info
Ux/ UI FOr Physical Device
The graphing interphase for our device is almost done. Please check the header for more info
UI/UX Design FoR ADMIN DASHBOARD
The graphing interface for our Admin is 50% done. Please check the header for more info
APPLE USES IT IN IPHONE 14 & 15
YOU CAN FIND IT IN IPHONE
Similar to the functionality found in the iPhone 14 Pro and 15 Pro, we aim to offer a tap-to-pay and money collection features through our customized reader, which will be distributed to various small and big retail stores. Our innovative approach involves integrating NFC technology, specifically NFC antena, beneath the device's screen. In line with modern trends, we believe traditional ports are no longer necessary, favoring the use of MagSafe and inductive charging instead.
LONG TERM VISION
Our long-term vision includes the development of a digital wallet, similar to Apple Wallet, capable of accommodating both traditional credit cards and cryptocurrencies. This comprehensive solution will provide a seamless payment experience for users and contribute to the broader adoption of digital currencies.
HOW RETAIL STORES CAN SAVE MONEY WITH OUR DEVICE
CURRENT SOLUTION
Current Payment fees in retail are quite expensive. Lats say small delly generate $50k per month in revenue. Transaction fees would be around 2.5% on average. The fees for processing transaction would be around 1250$ per month.
OUR WALLET + SOLANA PAY
With solana pay and USDC fees per transaction on average are 0.00025$. Fees are non existing in this solution. If people pay with stable coin the transaction fees on the same store like above would be close to zero so store owner could save 1250$ per month.
CUSTOMER ACQUISITION
INITIAL CUSTOMER ACQUISITION
Initial batch of 1000 units will be distributed to small stores like weed dispensary, CBD stores, delis, liquor store. It seems those stores would be most interested in adapting cryptocurrency. According to crypto.com most crypto credit cards are used for groceries and transportation. All those devices will be sold in NY states as we expect to get financial approval in this state first. The reader will have extra functionality like email recipe, barcode scanner, QR Code Reader, Sales tracker, Age Verification through ID verification. Those features will be only available through subscription.
1k TO 10k DEVICES AND BEYOND
At this point we will use Google, X, and Youtube Ads to acquire customers. We will hire marketing agency to do it. I already have someone who can do it. We will also use door to door sales like in initial step but on top of that we will acquire customers through internet. We will also sale in more state as mode regulations are approved.
100K DEVICES AND MORE
We will sell in all US states. We will try to sell to big Retail chains like Walmart, Macy's, Costco, Autozone, Whole Foods, Lowe's, Home Depot, Walgreens.
SALE
Rasbery PI 4 Model B
We are using Raspberry Pi 4 model B with 8 mb camera and nfc reader as a hardware prototype. We want to work on software first
WOJCIECH POLAK
FOUNDER & CEO
Hello, I started my first business with $500 and eventually I scaled the business to $20k dollars profit per month. The business was profitable so I used those profits to make further investments. I started selling jewelry on Etsy and over time I had created a Shopify store where I was running google, facebook ads with success.
BACKGROUND & EDUCATION
I am 31 years old. When I first came to United States I took some odd jobs. Eventually I enrolled to university where I have studied Applied Physics. I wasn't sure what to study but I knew I wanted to know how universe works. During that time I came across a video on youtube on how to sell things online and decided to try for my own.
If you want to know more about my background. Please check my LinkedIn profile.
Nahom Endale
Nohom currently works for Gap as a front end developer. He has been working on this position for last 5 years. Previously he worked for Amazon and Apple as a contractor
Front-End Developer
BACKGROUND & EDUCATION
Nohom was born in Spain. He attended Universidad Rey Juan Carlos and after that he attended FreeCodeCamp and was polishing his skills at Udacity
If you want to know more about my background. Please check my LinkedIn profile.
FEILIAN HUANG
Software Engineer Intern
Felian currently is a Research Assistant and intern at The Johns Hopkins University. He has been in this position for last 6 months
BACKGROUND & EDUCATION
Feilian grew up in USA. He is a student at The Johns Hopkins University he will graduate in December with masters in computer science. He got his Bachelor in Mathematics and Computer Science from Georgia Institute of Technology
If you want to know more about my background. Please check my LinkedIn profile.
REVENUE AND PROFIT
WE WILL HAVE DIFFERENT MODELS
We will offer 3 different sales plans. We will offer financing plan for the device to speed up adaptation. We think it will be easier to convince store owners to change the device if they can have payment plan.
ONE TIME SALE
Customers will be able to buy Resist Inc device for $350. We will charge transaction fees of 10 cents per transaction.
PAYMENT PLAN FINANCED BY US
Customers will be able to sing a 2 years contract for financing the device. It will be $19.95 per month. We will charge 10 cents per transaction.
Customers will pay $19.95$ for the device and $39.95 for extra functionality like cryptocurrency payments, barcode scanner, inventory tracker, cellular transactions our devices will feature e-SIM technology, enabling them to operate independently of Wi-Fi. Resist device will have ID verification. We will not charge translation fee on this plan. This model would generate revenue of $1308 per device at a cost of 150$ per device in 2 years.
PAYMENT PLAN FINANCED BY US PLUS SUBSCRIPTION
In 2022 they where 300 billion transactions performed each year in retail stores.
LONG TERM VISION
IN 5 YEARS
In 5 years we think we can capture 5% of the marker that is 3.8 million devices. Giving the fact we expect to have 60% devices to have subscription that would generate around $1.1 billion in revenue plus $266 million dollars from financing the device or sale also the would generate 600 million from transaction charges. That would account for 1.966 billion dollars in revenue per year.
IN 10 YEARS
In 10 years we would like to capture 30% of the device market currently on the market that would be 23 million devices. It would amount to $5.5 billion from subscription plus $3.5 billion from device sale. The revenue from translation would be $3.6 billion dollars. That is $12.6 billion dollars total.
IN 15 YEARS
In 15 years we would like to capture 50% of the market. That would be 38.5 million devices. The revenue would be $21.4 billion dollars. Those calculations are based only on subscription and sale. Over time we can have more revenue streams. Giving the 21.4 billion dollars revenue and 20% profit margins what would account for 4.28 billion dollars profit. If we take P/E ratio at 30 the company market cap could be $128 billion dollars.
INVESTMENT AND USE OF FUNDS
I am seeking to raise 500k in funding. It should be enough for a year of development. I will use mostly contractor and overseas workers so all the shares will be for me and investors.
1. UI/UX DEVELOPMENT
I need around $2000 for UI. I will hire graphic designer to do it. The design will be in Neo Art Deco.
4. LEGAL HELP
I need around $10k for legal help with regulations.
2. EMPLOYEES Cost
I need $50,000 for 3 overseas software engineers. They will create payment gateway on linux and will integrate major credit cards, Will create custom bitcoin wallet. Will creating user interface. Create barcode scanner, make database for front camera recording when customers make transactions. Will build in QR code reader. Will discover possibility of using neural nets for facial recognition. The money will be enough for 3000 hours.
3. HARDWARE DESIGN
I need $201,600 for PROMWAD hardware design. It should take around 3360 hours to design ready for production prototype. I got estimation already. It should take around 6 months to complete it.
5. MY SALARY
In order for me to work on the project full time. I need some resonable salary. I think $60k per year would be enough to pay bills in NYC
HARDWARE TECHNICAL SPECIFICATION
WHAT EXACT WE NEED
Resist Inc device will needs one back 8MP camera, 2000mAh battery, magsafe, NFC antenna under the screen, inductive charging at around 10W, 6.5 inches dynamic Amoled display with 1440 x 3040 pixel resolution, 1.5 Gb of ram, snapdragon 662 or similar, 32 Gb of internal memory, e-sim, power off/on switch, bluetooth, gps, wi-fi, polarized gorilla glass 8.
LOOKS & PRICE
The device will look like a smartphone but because it is payment reader it will not need microphone, volume buttons, speaker and so one. That way we can save money on hardware. The device will cost around 150$ to manufacture. The device will have aluminum frame, polarized back gorilla glass and thickness of around 8mm. We will use arch linux as starting OS.
RESIST INC DEVICES VS VERIFONE, INGENICO, SQUARE
Unlike competition we will have only one device at 6.5 inches. the device will run on Linux custom software unlike devices from verifone and ingenico. It will be closed system similar to apple. It will have more ram for smoother operation and functionalities others device lack.
REGULATIONS
NAVIGATION REGULATORY MAZE
Because regulations are difficult to navigate we decided it would be the best to start selling in states with the highest population like New York, California and Texas and then expand to the rest of the country
To start we would like to get permission to operate in state of New York. In order to do it it is required to comply with regulatory agencies like:
New York State Department of Financial Services obtaining licence or being register
Anti-Money Laundering (AML) it should comply with it
Comply with Payment Card Industry Data Security Standard (PCI DSS)
Comply with New York SHIELD Act
WHO CAN HELP US?
Currently we requested quotes from few companies we will see who can help us and at what cost once they come back with estimations
OUR OFFICE
405 Lexington AveNew York, NY 10174
Hours
Monday–Friday
9am–5pm
Phone
(555) 555-555
TIMELINE
2024 Q1-Q2
We will apply for Federal grants.We will start hiring software engineers.We will try to raise pre-seed moneyI will attend Founder Institute acceleratorWill start working on crypto wallet
2024 Q3-Q4
We will integrate stripe api to accept credit cards payments
Will work on email recipe, barcode scanner, QR Code Reader, Sales tracker, Age VerificationWe will receive first production prototype
2025 Q1-Q2
We will get first regulatory approvals done.
Raising seed or series AWe will receive the first batch of 1000 payment processor readersDebugging softwareHiring white hats to find bugs in the software
2025 Q3-Q4
Launching the productSkaling to 10,000 unitsGetting regulatory approval in other statesRaising series A