Payment Service MVP Development for Financial Service Company
Our client is a finance management company for people running small and medium businesses.
The platform’s primary objective is to simplify financial transaction processing for small businesses, gig contractors, individual entrepreneurs, and others. It provides a single point of communication through a web/mobile app, where parties can send funds to each other based on direct customer-initiated payments using different payment methods like a payment card, bank account, and the system’s internal balance.
Banking and Finance
COUNTRYUSA
Business Challenges
Capability to seamlessly operate over 10,000 US small businesses
The client needed to simplify funds transferring between over 10K of small businesses, individual entrepreneurs, and their customers and/or between each other. At the same time, they needed to provide a seamless user onboarding and experience.
The application had to be easy to use, cross-platform, and be able to handle a total load of over one million users migrating from the old system.
Our Approach
Payment Service
Our primary task was to create the central feature of the product, which is a payment service. To handle a high payment load and be compatible with third-party integrations, we have implemented a custom, event-based, scalable webhook handler service. It receives all updates from third-party systems and asynchronously redirects them to respective receivers based on defined rules.
The Sombra team also participated in developing a notification service, which is an internal service that handles all kinds of notifications that are sent within the app, including:
- funds transferred,
- transaction canceled,
- invoice created,
- invoice paid.
Sombra’s engineers have developed a solution that allows users to transact with multiple payment methods and collect important data for further analysis.
Additional tasks we had throughout the development process:
- web view optimization,
- interface performance optimization,
- email notifications design,
- accessibility support,
- QA testing,
- UI testing.
Business Value
We participated in delivering an MVP version of the app within 3 months for its listing on the App Store, Google Play, and the web.
- The users (entrepreneurs and small businesses) can receive payments from their contractors or customers in various forms, like customer-initiated payments via Apple Pay, Google Pay, credit or debit cards, and bank account transfers.
- The app’s end-users can use different feeless payment methods for payments to/from other app users, such as debit cards, bank account transfers, and personal platform balances.
- A thought-through UX design allows a seamless payment process.
- Complete KYC-based signup flow including bank account verification.
- We help our client with user adoption of a new platform. Currently, the system supports 2000+ live users making thousands of payment transactions per day.
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