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First up, this is a question or a talk pace, which has come up because of some sort of personal experience with some of the people that we know, some acquaintances of us. And the question is this. If you are looking to set up an e-commerce site, there’s a number of different options for you to do that. Two very common and relatively easy ways of doing that is you can use Shopify, which is, you know, a law, the largest possibly platform for doing e-commerce online. We can set up your own store and away you go. And the other one is using e-commerce, which is, I think the most popular e-commerce kind of plug in theme setup for WordPress and Web presses of, say, a very, very popular platform for just the Web in general. So many I think a third of the web is run by WordPress or something like that. So, you know, there are there are pros and cons of each. So how about you? You tell us, Mazzello. What what what is that? Your problems, your acquaintances came across when they were sort of trying to set up with these kind of things.

Yes. So I think this is not only for these two platforms, but in general the financial system. And I have a direct experience in their financial system with fintech. I found it. So all the compliance departments are getting crazy. Sometimes they will be shot bank accounts or without telling you why. And then you could be out of business. So so Shopify, essentially, they have they they can get to that situation or you can be thrown into that situation because they give you certain options on payments, on payment gateways. So. So their best one or the one, they’re the best option. When do you see Shopify will be to use Shopify five payments, because your charge I think is two point nine percent and you get paid quickly in two days. So if you call, you know, quick turnaround of goods, then it’s important. Or if you’re doing drop shipping, you need to get paid quickly and at the lowest possible cost. But if you use other payment gateways, then you need to pay. Should be fine. Plus the other fees. You can also get paid later. So it starts getting worse and worse as you go through other options. So then if you’ve got a problem with complaints of Shopify, it’s a huge bottleneck for your business. Whereas if you have your own website and you use more commerce, which is free, then you can connect to that. Then you have a fully operational e-commerce site and then you just plug in any other payment gateway that you get an arrangement with and you can strike. You can use PayPal to cheque out. I mean, you can shop around. So I would say my personal recommendation and what I have done before is to use WordPress. But of course and then the setup is a little bit more complicated compared to Shopify. But I think in the long term, you have more control over your your business. So if you are planning to go big, if you want to itinerate. Right, you know something? Maybe she’ll be fine.

A quick way to do it. You don’t need to do sign anything. You don’t need a server. You don’t need probably othmane. So. So a web domain. So then you just. Yeah. It’s plan play essentially. But don’t be, you know, put off WordPress because you need to do a bit more of a setup because that setup is very easy. In fact, we have a video on our site on how to do it, but there are plenty of videos there. So yeah, I think it’s very cheap and easy way to do it. So I would go for WordPress unless you want to just iterate something quickly. You are not not ready to scale it yet. But anytime from the moment you decide you want to go serious, you know, with your product or service, I would and could be more price or any other platform. But where you have control over your payment options because payment is a huge bottleneck and a key to your business continued.

Absolutely. I think context is obviously the devil’s in the details there. Right. Because I think your choice is going to depend greatly upon your sort of personal context and your business context. And I think you’re right to point out that effectively what you’re coming up against is platform risk. Right. So when you choose to go and use something like Shopify, as in you are using someone else’s platform to get you get pros and cons and the pros are you get to jump ahead.

And a whole class of problems are already pre solved for you by the platform. You don’t have to come up with your own, you know, code for e-commerce. You don’t have the house join us to do any. There’s a whole bunch of problems which go away, but then there’s a few actual problems come along because you are dependent upon someone else’s permission to do the thing that you’re trying to do. And so depending upon how risky, in inverted commas, your the thing that you’re trying to do is or how risky your context is or how risky you appear to those platform holders, that’s the thing which is going to sort of drive a lot of that decision making. So for example, if you are a very vanilla e-commerce seller who is based in the US and is selling something super low risk, relatively low priced, something like that, then by going with something like Shopify that you’re very unlikely to be come across any problems with being turned down because the products is considered too risky or turned down because, for example, you don’t have a U.S. Social Security number or any number of other sort of risk or fraud based cheques that they may be doing. Whereas if you, for example, are, you know, based in a Latin American country and you want to do business through US company, you might set up a year company, whatever, or if you want to do it through a company which has been set up in a sort of not the US or not the U.K., then the likelihood is, is these sort of hoops you have to jump through and all the fraud cheques and things like that are going to be greater. And so it starts to move the calculus towards. OK, well, the more the less exposure I have the platform risks, then the better I am. Because, you know, you can spend a lot of time and energy and money and opportunity cost setting this thing up, only to have the sort of carpet yanked from underneath you by the platform for some really esoteric reason that you have little to no control over. And they’re not that interested in sort of trying too hard to reinstate you. They care more about sort of protecting what it is that they’ve got already. So I’ve got an example as well. A friend of mine and a couple of friends of mine are doing some business in some slightly sort of grey areas. So things like psychedelics and plant medicines and tobacco and things like that. So they’re trying to they’ve got an e-commerce business where they’re sort of involved in selling these stuff. They’re not none of this stuff is illegal, but it’s all, you know, slightly riskier products or more hot, more regulated products than just like standard, you know, things that you might sell on the Internet. And they’ve been on they’ve sold AWEX, they’ve sold on Shopify, they sold in various places. And all of those platforms, one by one, have sort of said, nope, sorry, can’t do that. Most of those platforms, for example, just have a blanket ban on tobacco, even though the class of tobacco they’re actually selling is not as highly regulated as, for example, cigarettes or things like that. And in actual fact, the trouble don’t forget as well as actually the payment gateways are also a platform. There are a necessary platform. You have to use a payment gateway pretty much, but they are the trouble they’ve had is not only with the e-commerce platforms, but they’ve actually had trouble with the payment gateway platforms because the payment gateway platforms aren’t keen on the fraud and so chargeback risk that comes with some of those classes of product. So it very much depends upon the sort of context that you’re going with. So the park they’re having to go down is the really old school like late 90s, early 2000s thing, which I remember clearly from when I first started in Web development, which is where you had to go to a bank and get an open a specific merchant account. And then you had to go and you had to open a specific merchant gateway account with like world pay or one of the, you know, the real low level payment providers and then put that altogether and do the necessary, you know, fill out reams and reams of paperwork and send this and that here and there and all the other. And, you know, all of these platforms like Shopify and Stripe and things like that, they they all take away that whole class of hassle. But you are then beholden to them and they’re sort of regulations and things like that up at the top. So I think it’s very much the case of like assess your own personal contacts in your business context and then if you consider yourself.

Relatively low risk than a platform is a get a good leap ahead.

You effectively sort of start the race a few metres ahead of all your competition, so you might as well take advantage of that. But if there’s a chance that if you put putting all your eggs into that basket and only having the basket, which way from under you, then you should probably reconsider.

I. Yeah. Adding to that, which I agree. But you will be surprised how all of these compliance teams will get so. They don’t. There is not, you know, checklist or any guidelines on what’s risky or not. Some are of use, as you are mentioning before those categories, but others are not uneven. Forget about the prote order service. You could be a U.S. resident sailing with a U.S. company in the US. And but let’s say you source their goods from other countries and then they may just shut your account because you are sending money to China, even Mexico. I have experienced questioning on why we were sending money to Mexico. And, you know, Mexico has all these drug cartels problems and so on. We are in the financial sector lending, but our subsidiary there. But then yet they don’t like, you know, trading our money inflows or outflows with other countries that they consider as high risk. So it’s not only that the product or where we are based, it could be where we are sourcing it as well. So get many things to consider. There is no guidelines. So, yeah, it’s tricky. So you should know when you’re jumping into. She’ll be fine. I should be frank, aren’t you? Not not necessarily. You know, all this stuff. So then you’re scaling and overnight you may be stuck out of business for until you get it sorted. So, yeah, just bear this in mind next time.

Yeah, I. One thing that we haven’t touched upon, which is one of my sort of personal engineer programme sort of pet peeves, is that WordPress is a system that we we won’t go there. No, not on this occasion.

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