BillingFox is a usage based billing service built to be the best way to get paid for just about anything. It’s built on top of the Stellar SDK and utilizes Stripe Connect. It was built as an entry for 2017’s third Stellar Build Challenge.
How does it work?
BillingFox operates on three core services. Stellar, Stripe and the BillingFox API.
Stellar acts as the financial undergirding for BillingFox. Providing a tokenization engine much like Bitcoin or Ethereum. Within their network BillingFox creates and maintains a network of accounts which give and receive a token unique to BillingFox. Stellar acts as the financial ledger keeping track of who has what and how much.
Stripe acts as the currency platform allowing BillingFox to move from tokens, cryptocurrencies and computers to cold hard cash in your bank account. Their service Stripe Connect is a top notch tool allowing BillingFox to safely, securely and in a controlled, maintained environment move money from your users to you. All without you ever having to really do much of anything beyond creating an initial connection.
The BillingFox API is the last piece of the puzzle and while it might sound tricky or feel like black magic at times. It’s actually just simple, smart and straightforward. You give us a user and then begin spending their credit balance.
What’s the ratio of $$ to user credit?
Simple. If a user clears a $10 invoice we’ll credit them 1,000 credits. 1 credit = 1¢ Use this information to decide how much you want to spend per call when it comes time to make those calls. This is also obviously helpful for deciding on your account settings page what to set the initial credit and alert level at.
How much does BillingFox cost?
BillingFox has a fixed fee of 5%. However this is added on top of Stripe’s fee of 2.9% + 30¢ per transaction. So for example if a user where to clear that $10 invoice, Stripe would take 59¢, BillingFox would take 50¢, leaving you with $8.91.
Who’s behind BillingFox?
Tyler van der Hoeven is the man behind the curtain 👋 I’ve built several large scale apps in the past including a budgeting app which I sold in early 2017. I work fulltime for Baremetrics, a subscription analytics startup. I also teach at Thinkful, write courses occasionally and have my own creative agency. I live with my wonderful wife in beautiful Knoxville, Tennessee.
What is BillingFox?
How does it work?
What’s the ratio of $$ to user credit?
How much does BillingFox cost?
Who’s behind BillingFox?