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I had $10 of inKind to a participating donut shop once and it didn't work while I was at the register with a big line behind me. Gave up and now I don't wanna buy this very good deal and have problems again lol
I had $10 of inKind to a participating donut shop once and it didn't work while I was at the register with a big line behind me. Gave up and now I don't wanna buy this very good deal and have problems again lol
If you haven't added a credit card, try doing so even if you are using the InKind cash back and/or planning to pay by Apple Wallet. I kept getting an error message until I inputted my CC info. You don't actually need to pay by CC to complete the transaction.
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I have no clue how they are able to make profit with huge discounts like this.
Not sure one of the restaurants said to me that InKind actually pays them and they don't lose money but I really see that the restaurant gotta put skin in the game too. A lot of the restaurants it's usually ones that need more traffic. It's not like Cheesecake Factory is using InKind lol
I have no clue how they are able to make profit with huge discounts like this.
They give restaurants loans and the restaurants can pay them back at like 50% on the dollar for Inkind dollars spent at their restaurants. Restaurants are filling empty seats with people who wouldn't otherwise be there. Variable costs are fairly low for restaurants that aren't that busy. Basically just food cost. So they still profit. Everybody wins.
I had $10 of inKind to a participating donut shop once and it didn't work while I was at the register with a big line behind me. Gave up and now I don't wanna buy this very good deal and have problems again lol
The app is veeeeery slow & crashes frequently. I tell my husband to go sit while I try to pay, it requires a lot of patience & preferably no line behind you.
I have no clue how they are able to make profit with huge discounts like this.
InKind appears on the surface to be a restaurant discount/promotion company, but it is, in fact, a restaurant financing operation. That's why you'll see a lot of their participating restaurants are growing small chains or regional restaurant groups that are opening new locations.
Here's how it works:
A restaurant group looking for financing to open new locations will traditionally take on a huge amount of debt at relatively high interest rates. InKind offers an alternative form of financing where they exchange cash for food credit. For example, they'll give a restaurant $200,000 in exchange for $400,000 worth of dining credits.
Those credits become currency for InKind to offer its members. Extending our example, if every InKind member bought all of their credits at a 30% discount, then got 20% back upon spending the credits, InKind would still net $224,000 on their $200K investment. So yes, InKind is subsidizing its growth with promotions and coupons, but they aren't exactly losing their shirt.
For the restaurant, broadly speaking, labor costs are fixed and food costs are 20-25%. So paying back the loan gradually over time via food credits is a great deal for them.
So it's not a ponzi scheme or an unsustainable model. It's a clever financing scheme. If you see a restaurant you like on InKind, spend your credits there. They might drop off the network, but only if their loan is "paid off" and they don't want to finance any further expansion.
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Funny
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If you haven't added a credit card, try doing so even if you are using the InKind cash back and/or planning to pay by Apple Wallet. I kept getting an error message until I inputted my CC info. You don't actually need to pay by CC to complete the transaction.
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Also a majority of gift cards get lost or go unused. So pure profit then.
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The app is veeeeery slow & crashes frequently. I tell my husband to go sit while I try to pay, it requires a lot of patience & preferably no line behind you.
Here's how it works:
A restaurant group looking for financing to open new locations will traditionally take on a huge amount of debt at relatively high interest rates. InKind offers an alternative form of financing where they exchange cash for food credit. For example, they'll give a restaurant $200,000 in exchange for $400,000 worth of dining credits.
Those credits become currency for InKind to offer its members. Extending our example, if every InKind member bought all of their credits at a 30% discount, then got 20% back upon spending the credits, InKind would still net $224,000 on their $200K investment. So yes, InKind is subsidizing its growth with promotions and coupons, but they aren't exactly losing their shirt.
For the restaurant, broadly speaking, labor costs are fixed and food costs are 20-25%. So paying back the loan gradually over time via food credits is a great deal for them.
So it's not a ponzi scheme or an unsustainable model. It's a clever financing scheme. If you see a restaurant you like on InKind, spend your credits there. They might drop off the network, but only if their loan is "paid off" and they don't want to finance any further expansion.
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