ennovent is introducing a radically new payment model to one of its online services, the “Requests,” to ensure fair prices for members and the financial viability of the service. Requests allow network members to source human, financial and other key resources with the support of other network members through a crowdsourcing mechanism.
ennovent has become the first commercial venture to undertake use of the FairPay pricing system. Peter Scheuch, founder of ennovent says that, “As a for-profit company with strong ethical values, we believed that the Fairpay model would be a good solution to setting fair prices for the value provided through our service.”
FairPay turns conventional ideas of transactions on their head, with an entirely new architecture for buyer-seller relationships in a networked economy. With FairPay:
- Individual members determine the price that seems fair to them after they receive the value, while also having incentive to set a price that ennovent will also consider to be fair.
- If the price is considered unfair, that will limit future opportunities for that member to get services on a FairPay basis.
Unlike conventional Pay What You Want pricing that often results in prices that are unfair to the seller, the FairPay process creates an ongoing dialog that lets users pay what they want as long as both they and ennovent agree prices are being fair. This ensures that users pay a price that provides ennovent with a fair profit, and does it in a way that continually adapts to the value delivered to each individual user for each transaction.
The result is that FairPay solves the problem that ennovent faced of setting the “right” price for such widely varying transactions, and instead applies an adaptive process through a user dialog. FairPay provided a structure for such dialog that can be responsive to extreme differences in value obtained, results, costs incurred by ennovent, and the user’s ability to pay.
ennovent is starting with the “Free Trial/Survey Mode” of FairPay within the next weeks. In addition to introducing a new payment model, this approach provides ennovent a rich understanding of the resource needs of its members, and their perception of value and willingness to pay, while limiting ennovent’s financial investments and risks.
Richard Reisman, inventor of the Fairpay pricing model shares with us his thoughts on this partnership: “Teleshuttle has been pleased to collaborate with ennovent to refine and test the FairPay process in a commercial application that promises to showcase its power.”
Teleshuttle is developing FairPay as a solution to the dilemma of pricing digital offerings that is win-win for both buyers and sellers over a very wide range of value propositions. This can create a more efficient and sustainable economy, changing the way business is done in the 21st century. Teleshuttle offers free consultation to businesses interested in applying the FairPay process.
To learn more about Fairpay pricing, click here.
To join ennovent please click here.