QRIS Plus — Merchant Selling Strategy
Analysis document for the device + QRIS Plus service selling side to merchants. Inputs from:
qrisplus-device-landed-cost-estimation.md— device COGSimport-of-record-setup-checklist.md(merchant_docs/docs/development/import-of-record-setup-checklist.md) — import playbook
Final Business Model: Subscription Service (Option C)
Merchants do not buy the device — merchants subscribe to the QRIS Plus service which is bundled with device access. The device is legally bundled into the service contract; for tax and accounting purposes, the device is expensed as Year 1 COGS (at onboarding), not sold outright to the merchant.
Payment structure:
- Onboarding fee Rp 350,000 (VAT inclusive) — service activation + device access
- Daily service fee Rp 2,000/op-day (VAT inclusive) — platform subscription, permanent
- MDR share 0.3% of transactions — revenue share from acquiring bank (not charged to merchant)
- Shipping Rp 50k / 100k / 200k per tier — one-time at onboarding
The device remains bundled in the service → can be reclaimed if a merchant churns (operational option).
1. Revenue Structure & Final Pricing
1.1 Pricing to Merchant (all VAT 11% inclusive)
| Component | To merchant | Kesles revenue (ex-VAT) | Output VAT | Timing |
|---|---|---|---|---|
| Onboarding fee | Rp 350,000 | Rp 315,315 | Rp 34,685 | One-time, at activation |
| Shipping Tier 1 (Sulsel) | Rp 50,000 | Rp 45,045 | Rp 4,955 | One-time |
| Shipping Tier 2 (Regular) | Rp 100,000 | Rp 90,090 | Rp 9,910 | One-time |
| Shipping Tier 3 (Far) | Rp 200,000 | Rp 180,180 | Rp 19,820 | One-time |
| Daily service fee | Rp 2,000/op-day | Rp 1,802/op-day | Rp 198/op-day | Daily during subscription |
| MDR share (from bank) | — | 0.3% of transaction | N/A (B2B pass-through) | Per transaction |
1.2 Total billed to merchant per tier at onboarding
| Tier | Region | Onboarding + Shipping | Daily fee (per day) |
|---|---|---|---|
| 1 Local | Sulsel | Rp 400,000 | Rp 2,000/day |
| 2 Regular | Other Sulawesi + Java + Bali + Kalimantan | Rp 450,000 | Rp 2,000/day |
| 3 Far | Sumatra + Papua + Maluku + NTT | Rp 550,000 | Rp 2,000/day |
1.3 Positioning vs competitors
| Competitor | Entry price | Daily fee | Notes |
|---|---|---|---|
| Kodi Wallet | Rp 1,299,000 | Rp 2,500 | Device sold outright |
| DOKU Merchant | Rp 1,499,000 | Rp 3,000 | Device sold outright |
| ESB | Rp 1,199,000 | Rp 2,000 | Device sold outright |
| LinkAja Merchant | Rp 999,000 | Rp 1,500 | Device sold outright |
| Kesles QRIS Plus | Rp 400,000 – 550,000 | Rp 2,000 | Subscription — lower barrier |
Selling proposition: Onboarding barrier is 60–75% lower than competitors because merchants do not need to pay the full device price up front. This is very powerful for acquiring small UMKM merchants with limited cashflow.
2. Lifetime Revenue per Merchant (5 years)
Assumes avg active 85% × 300 op days = 255 billable days/year.
2.1 Revenue breakdown per merchant (Tier 2 Regular, ex-VAT for Kesles)
| Year | Onboarding | Shipping | Daily fee (255 days × Rp 1,802) | MDR share* | Total/year |
|---|---|---|---|---|---|
| Year 1 | 315,315 | 90,090 | 459,510 | 650,250 | 1,515,165 |
| Year 2 | — | — | 459,510 | 650,250 | 1,109,760 |
| Year 3 | — | — | 459,510 | 650,250 | 1,109,760 |
| Year 4 | — | — | 459,510 | 650,250 | 1,109,760 |
| Year 5 | — | — | 459,510 | 650,250 | 1,109,760 |
| Lifetime | 315,315 | 90,090 | 2,297,550 | 3,251,250 | Rp 5,954,205 |
*MDR share: 0.3% × avg daily txn Rp 850,000 × 255 billable days = Rp 650,250/year
2.2 Gross profit per merchant
| Component | Rp |
|---|---|
| Lifetime revenue (5 years, ex-VAT) | 5,954,205 |
| Device COGS (Year 1) | (732,978) |
| Actual shipping to merchant Tier 2 | (100,000) |
| Gross profit per merchant | Rp 5,121,227 |
For Tier 1 (Sulsel): gross profit ~Rp 5,121k − Rp 55k shipping delta = Rp 5,066k For Tier 3 (far): gross profit ~Rp 5,121k − Rp 100k shipping delta = Rp 5,021k
Average lifetime gross profit per merchant: Rp 5,050,000 (blended)
2.3 Payback period per merchant
Break-even per merchant (when cumulative revenue ex-VAT = total cost per merchant):
| Tier | Total cost (COGS + shipping) | Monthly revenue (daily fee ex-VAT + MDR) | Payback |
|---|---|---|---|
| 1 Local | 732,978 + 50,000 = 782,978 | ~92,500/month | ~7.8 months |
| 2 Regular | 732,978 + 100,000 = 832,978 | ~92,500/month | ~8.4 months |
| 3 Far | 732,978 + 200,000 = 932,978 | ~92,500/month | ~9.6 months |
Tier 1 break-even is fastest — Year 1 acquisition strategy focusing on Sulsel is well-aligned.
3. 5-Year Projection (Growth Projection Panel)
3.1 Panel inputs for the subscription model
The existing panel fields are kept as-is with new interpretation for Option C:
| Panel field | Baseline value | Interpretation in subscription model |
|---|---|---|
| Merchant Targets (Y1-Y5) | 300 / 1000 / 3000 / 6000 / 10000 | Cumulative merchants EOY |
| Device Price | 315,315 | Onboarding fee ex-VAT (NOT "device sale price") |
| Shipping Charged | 90,090 | Blended shipping ex-VAT (Year 1–5 weighted avg Rp 100k VAT-inclusive) |
| Promo | 0 | No price promo (focus on healthy margin) |
| Unit Cost | 669,630 | Device FOB from Coherent Plus |
| Landed Cost | 63,348 | Freight + insurance + PPJK |
| Daily Fee | 1,802 | Rp 2,000/op-day ex-VAT |
| MDR Total % | 0.7 | BI rule (informational) |
| MDR Kesles % | 0.3 | Share from bank (ex-VAT pass-through) |
| Avg Daily Transaction | 850,000 | Per merchant per day |
| Op Days | 300 | Billable days per year |
| Active Base % | 85 | Active-transacting merchant (not setup/repair/churn) |
| Churn % | 20 | Merchants lost per year |
| Output VAT % | 11 | PKP — VAT collected from merchant on onboarding + daily fee |
Note on the "Device Price" label: this field now contains the onboarding fee, not the device price. The device is not sold in the subscription model. Panel labelling has not been updated — a future enhancement to do once Option C is the final decision.
3.2 5-Year Revenue Projection (existing panel formula)
Device margin per unit (panel calculation, nominal):
- Selling = Device Price + Shipping − Promo = 315,315 + 90,090 − 0 = 405,405
- COGS = Unit Cost + Landed Cost = 669,630 + 63,348 = 732,978
- Device margin/unit = 405,405 − 732,978 = −Rp 327,573
The panel will display a negative annual Device Margin — this is correct for the subscription model (device expensed at onboarding, recovered from recurring service fee + MDR in subsequent years).
5-year projection:
| Year | New Onboard | avgActive | Device Margin (−) | Fee Revenue (+) | MDR Revenue (+) | Total Revenue/year |
|---|---|---|---|---|---|---|
| Y1 | 300 | 128 | −98,271,900 | 69,196,800 | 97,920,000 | +68,844,900 |
| Y2 | 700 | 550 | −229,301,100 | 297,330,000 | 420,750,000 | +488,778,900 |
| Y3 | 2,000 | 1,700 | −655,146,000 | 918,420,000 | 1,300,500,000 | +1,563,774,000 |
| Y4 | 3,000 | 3,900 | −982,719,000 | 2,108,340,000 | 2,983,500,000 | +4,109,121,000 |
| Y5 | 4,000 | 6,800 | −1,310,292,000 | 3,676,080,000 | 5,202,000,000 | +7,567,788,000 |
| 5Y Cum | 10,000 | — | −3,275,730,000 | 7,069,366,800 | 10,004,670,000 | ~Rp 13.8 billion |
Tipping point: Year 2 revenue (~Rp 489M) is already >8× Year 1 — recurring revenue effectively kicks in. Year 3+ scales exponentially as the active base grows.
3.3 Output VAT (new panel field)
With Output VAT % = 11, the panel automatically computes Net Revenue = Total Revenue × (1 − 0.11):
| Year | Total Revenue (gross) | Output VAT | Net Revenue | Cum Net |
|---|---|---|---|---|
| Y1 | 68,844,900 | 7,572,939 | 61,271,961 | 61,271,961 |
| Y2 | 488,778,900 | 53,765,679 | 435,013,221 | 496,285,182 |
| Y3 | 1,563,774,000 | 172,015,140 | 1,391,758,860 | 1,888,044,042 |
| Y4 | 4,109,121,000 | 452,003,310 | 3,657,117,690 | 5,545,161,732 |
| Y5 | 7,567,788,000 | 832,456,680 | 6,735,331,320 | 12,280,493,052 |
5-year cumulative net revenue: ~Rp 12.3 billion (after Output VAT remitted to the state — offset against Input VAT from device COGS).
3.4 Year 1 Full P&L Estimate
Revenue (ex-VAT):
| Stream | Rp |
|---|---|
| Onboarding fee (300 × 315,315) | 94,594,500 |
| Shipping (blended 300 × 63,063 ex-VAT *) | 18,918,900 |
| Daily service fee (128 avgActive × 1,802 × 300) | 69,196,800 |
| MDR share (128 × 2,550 × 300) | 97,920,000 |
| Total Revenue Year 1 | Rp 280,630,200 |
*Weighted avg shipping ex-VAT: (70% × 45,045) + (25% × 90,090) + (5% × 180,180) = Rp 63,063
COGS:
| Component | Rp |
|---|---|
| Device COGS (300 × 732,978) | 219,893,400 |
| Actual shipping (300 × 70,000 blended VAT-inclusive) | 21,000,000 |
| Total COGS | Rp 240,893,400 |
Year 1 Gross Profit: Rp 280,630,200 − Rp 240,893,400 = Rp 39,736,800
Operating Expenses (Baseline locked — Scenario A, 5-person team):
| Category | Rp/month | Rp/year |
|---|---|---|
| HR (Ops Manager + Sales Lead + 2 Sales Reps + CS + 0.5 Admin) | 31,500,000 | 378,000,000 |
| Office & Warehouse Makassar | 4,500,000 | 54,000,000 |
| Marketing & Sales (digital + event + commissions) | 6,666,667 | 80,000,000 |
| Tech & Infrastructure (cloud + monitoring + SaaS tools) | 4,500,000 | 54,000,000 |
| Professional Fees (accountant retainer + legal + tax consultant) | 4,000,000 | 48,000,000 |
| Compliance & Licensing | 1,000,000 | 12,000,000 |
| Other (travel, training, 5% buffer) | 2,333,333 | 28,000,000 |
| Total Year 1 OpEx | Rp 54,500,000 | Rp 654,000,000 |
Year 1 EBITDA: Rp 39,736,800 − Rp 654,000,000 = −Rp 614,263,200 (loss)
⚠️ Year 1 loss ~Rp 614 million — as expected for a fintech subscription in acquisition phase with a complete team. Year 2 gross profit rises to ~Rp 489M, still in deficit vs OpEx Rp 950M → starts breakeven Year 3 when avgActive 1,700 merchants generates revenue Rp 1.5B+/year.
3.5 Funding Requirement — Baseline Locked
24-month cash flow with Baseline OpEx:
| Period | Item | Rp |
|---|---|---|
| Month 1-2 | PO 1 (COGS + import taxes + shipping + PPJK) | 416,525,100 |
| Month 1-12 | Year 1 OpEx | 654,000,000 |
| Month 13-24 | Year 2 OpEx (scale up +45%) | 950,000,000 |
| Month 13-14 | PO 2 (500-1000 units for Year 2 scaling) | 750,000,000 |
| Month 18-24 | Compliance + unexpected buffer | 100,000,000 |
| Total Outflow | Rp 2,870,525,100 | |
| Year 1 Revenue | −280,000,000 | |
| Year 2 Revenue | −488,000,000 | |
| Creditable Import VAT (offset) | −40,093,798 | |
| Total Inflow | Rp 808,093,798 | |
| Minimum cash gap | Rp 2,062,431,302 | |
| + 25% contingency buffer | Rp 515,607,826 | |
| Real funding target | Rp 2,578,039,128 (~Rp 2.6 B) |
Funding gap vs Rp 2B already committed: Rp 600 million — must be raised within 3 months (before OpEx full rate kicks in).
Recommended funding source: Hybrid KUR Bank Rp 300M + Convertible Note Rp 300M. Details in funding-plan.md (to be created).
4. Sales Rep / Partner Commission
Referral scheme via partner.partner_reps (migration 056). For the subscription model, commissions are not based on the device price (no device sale), but on merchant acquisition + optional trailing revenue.
4.1 Commission structure options (revised for subscription model)
| Model | Commission to sales rep | Impact on Kesles |
|---|---|---|
| A. Flat per acquisition | Rp 150,000–200,000 per merchant onboarded | Upfront cost, simple |
| B. % onboarding fee | 30% × Rp 315,315 = Rp 94,595 | Lower upfront |
| C. Trailing fee share | 10% daily fee × 12 months | Low upfront, aligned incentive |
| D. Hybrid ⭐ | Rp 100,000 upfront + 5% daily fee × 6 months | Balances motivation |
4.2 Recommended Year 1 Hybrid Model D
- Upfront Rp 100,000 per acquisition (after merchant pays onboarding fee + minimum 30 days daily fee — activation validation)
- Trailing 5% × daily fee revenue for the first 6 months = 5% × Rp 1,802 × ~180 active days = ~Rp 16,218 per merchant
- Total commission/merchant acquired via rep: ~Rp 116,218
Assuming 40% of Year 1 merchants are acquired via sales rep (120 of 300):
- Total Year 1 commission: 120 × Rp 116,218 = Rp 13,946,160
- Absorbed from the OpEx marketing budget (already included in Rp 70M Year 1)
4.3 New migration required
partner.partner_rep_commissions — disbursement tracking table:
-- Draft migration 062 (future work)
create table partner.partner_rep_commissions (
id uuid primary key default gen_random_uuid(),
partner_rep_id uuid not null references partner.partner_reps(id),
merchant_id uuid not null references merchant.merchants(id),
scheme_version smallint not null default 1,
upfront_amount bigint not null default 0,
trailing_amount bigint not null default 0,
currency varchar(3) not null default 'IDR',
period_start_date date,
period_end_date date,
status varchar(20) not null default 'pending',
-- status: pending / approved / paid / cancelled
paid_at timestamptz,
created_at timestamptz not null default now(),
updated_at timestamptz not null default now()
);
5. Accounting & Tax — Option C Detail (Subscription Service)
5.1 Correct accounting treatment
| Event | Debit | Credit | Notes |
|---|---|---|---|
| Buy device (PO 500 units) | Inventory Rp 366,489,075 | Cash Rp 366,489,075 | Device stock on balance sheet |
| Pay Import VAT 11% | Input VAT Rp 40,093,798 | Cash | Creditable |
| Pay Import PPh 22 | PPh 22 Tax Credit Rp 9,112,227 | Cash | Creditable |
| Onboard merchant | Cash Rp 350,000 | Onboarding Revenue Rp 315,315 + Output VAT Rp 34,685 | Revenue recognition |
| Release device to merchant | Device COGS Rp 732,978 | Inventory | Device expensed when bundled subscription is active |
| Bill daily fee (monthly accrual) | Cash/Receivable | Service Revenue Rp 54k + VAT Rp 5.9k | Monthly tax invoice |
| Receive MDR share from bank | Cash | MDR Share Revenue | Bank issues tax invoice to Kesles |
5.2 Kesles Tax Reporting
- Monthly periodic VAT return:
- Input VAT: Import VAT + VAT from bank on MDR + VAT from operational vendors
- Output VAT: VAT on onboarding + VAT on merchant daily fee
- Difference: Underpayment/Overpayment → remit/offset
- Annual corporate income tax return:
- Revenue: 12-month accrual of Onboarding + Service + MDR Share Revenue
- Expenses: Device COGS + OpEx + other costs
- Tax credit: Import PPh 22 from each PO
- Monthly PPh 21 return for employees (standard)
5.3 Required accountant consultation
⚠️ Before going operational:
- Consult a certified public accountant to validate Option C classification. This document is a best-practice recommendation, but the final decision must come from your certified accountant
- Set up a chart of accounts that supports a breakdown of Onboarding Fee, Daily Service Fee, MDR Share, Shipping as separate revenue sub-accounts
- e-Faktur templates for Onboarding + Shipping (one-time) and Daily Fee (monthly accrual)
- Merchant service contract that explicitly mentions "device bundled in service" (not sold), so Option C substance is defensible against a DJP audit
6. Final Recommendations & Action Items
6.1 Decisions already locked
- ✅ Business model: Subscription Service (Option C)
- ✅ Onboarding fee: Rp 350,000 VAT-inclusive (Kesles net Rp 315,315)
- ✅ Daily service fee: Rp 2,000 VAT-inclusive (Kesles net Rp 1,802)
- ✅ Tiered shipping: Rp 50k / 100k / 200k per tier
- ✅ MDR share: 0.3% from bank (pass-through)
- ✅ No Year 1 price promo — focus on healthy margin
6.2 Growth Projection panel scenario inputs
Primary scenario: "Baseline Subscription · PO 500 · Form D"
| Field | Value |
|---|---|
| merchant_targets | 300, 1000, 3000, 6000, 10000 |
| device_price | 315,315 (= onboarding fee ex-VAT) |
| shipping_charged | 90,090 (= blended shipping ex-VAT) |
| promo | 0 |
| unit_cost | 669,630 |
| landed_cost | 63,348 |
| daily_fee | 1,802 |
| mdr_total_pct | 0.7 |
| mdr_kesles_pct | 0.3 |
| avg_txn | 850,000 |
| op_days | 300 |
| active_base_pct | 85 |
| churn_pct | 20 |
| ppn_output_pct | 11 |
6.3 Action items before launch
Legal & Tax
- Consult a certified public accountant to validate Option C (subscription service) classification
- Set up chart of accounts with 4 revenue sub-accounts: Onboarding Fee, Shipping, Service Fee, MDR Share
- Set up e-Faktur templates for onboarding (one-time) + service fee (monthly)
- Draft merchant service contract that is explicit: device bundled in subscription (important for audit substance)
Technical
- Re-label panel field from "Device Price" to "Onboarding Fee" — future enhancement for clarity
- Implement a remote-disable mechanism for the device — option to reclaim if a merchant churns (supports subscription substance)
- New migration
partner.partner_rep_commissionsfor tracking sales rep commissions - Billing workflow: automatically generate monthly tax invoices for each active merchant × Rp 2,000 × op days
Operational
- Prepare pricing brochure for the 3 shipping tiers (Sulsel Rp 400k / Regular Rp 450k / Far Rp 550k onboarding, Rp 2,000/day)
- Train sales reps on the subscription model (positioning: "60-75% lower barrier than competitors")
- Communication template for merchants: clarify "You subscribe to a service, not buy a device"
Financial
- Funding locked: Rp 2.6 billion for 24 months — Rp 2B already committed, Rp 600 million gap to be raised within 3 months
- Year 1 OpEx locked: Rp 654 million (5-person team + full operational Scenario A Baseline)
- Source for the Rp 600 million funding gap: recommend hybrid KUR Bank Rp 300M + Convertible Note Rp 300M (see
funding-plan.md) - Set up cashflow tracking to monitor payback period per merchant (~8 months)
- KPI dashboard: LTV/CAC ratio, churn rate, activation rate, DAU/MAU
6.4 Alternative scenarios worth building in the panel
- "Defensive Year 1 · 200 merchants" — if acquisition is slower than the 300 target
- "Aggressive Year 1 · 500 merchants" — if sales reps are very effective, requiring a second PO in Year 1
- "Non-Form D MFN" — fallback if Coherent Plus fails to issue Form D
- "Rp 2,000 ex-VAT" — alternative pricing of Rp 2,220/day (if Rp 2,000 becomes net revenue)
7. References
- Growth Projection panel:
planning_growth_projection_panel.dart - Landed cost doc:
qrisplus-device-landed-cost-estimation.md - Variable cost analysis:
qrisplus-variable-cost-analysis.md - IoR playbook:
import-of-record-setup-checklist.md(merchant_docs/docs/development/import-of-record-setup-checklist.md) - partner_reps schema: migration 056 (
056_create_partner_reps.sql) - Business pricing formula:
business-price-calculator-formula.md - VAT 11% (non-luxury): UU HPP 7/2021 + Presidential announcement 31 Dec 2024