Digital payment methods came into existence as an alternative to withdrawing money from banks and ATMs. A few years back, people were so used to standing in long queues, making their way towards the banks’ cash counter. To avoid long queues and waiting time, ATMs were installed so that people could withdraw money then and there. The number of withdrawals from the ATM has restrictions above which the user has to pay an extra service fee. To abolish all these constraints, many payment apps were launched. The payment apps started gaining people’s attention as they can transfer money instantly and without any restrictions. One of the forerunners in payment apps is the Venmo app. Developed by Braintree, the Venmo app excelled in providing a secure medium for processing payments. Here, we will see the ins and outs of the app and how it will benefit your business.
To gain the trust of the user, the app must have high-level security features. We shall start with the security features of the Venmo clone script.
FCA compliant– The app bows to follow the rules and regulations imposed by the Financial Conduct Authority.
Real-time monitoring– Users do not need to panic about their funds’ safety, as all the transactions are monitored against fraudulent activities.
Biometrics- The best and highest level security feature is biometrics. Users can register with the app by providing their biometric information.
With this, we will move on to the features of the payment app.
Digital wallet– The user can store his/her funds in the app’s wallet. For this, the user needs to link the app with his/her bank account.
Send money– The user can send money to his/her contacts by synchronizing the app with the contact list. Once the contacts are linked to the app, the user can send money by choosing the receiver.
Receive money– Like sending money, the user can receive money from contacts by sending a reminder text to them.
Send invoices– Consider, a user runs a business. The user can send bills/invoices to customers for every business transaction via the app itself.
One time password (OTP)– The user’s identity is validated through OTPs. Whenever the user logs in to the app, the app will generate an OTP to make sure the right person is accessing the particular account.
Push notifications– The push notifications are meant to send instant updates regarding the app or any transactions. For example, user A receives a sum of 1000 from another user. In this case, the user will receive a notification stating that “you have received 1000rs from user B.
Payment history- The user can view all the past transactions, like amount sent, received, and date and time.
Let us not stop with these features. Get to know the other advanced features of the app.
QR code- The user can easily make payment to the receiver by scanning the receiver’s QR.
Chatbots– The user may need assistance at any point in time while using the app. The user can seek help from the chatbots that are programmed to answer any user-related queries.
Claim refunds– There are chances when any transaction fails. If the user faces any such uncertainties in transactions, he/she can claim for refund. The user will get back the amount within a stipulated period.
Currency conversions– The user can make transactions with different currencies that the app supports.
How can you bring cash into your business with this payment processing application?
Credit card payments– Some of the users may perform transactions via credit cards. For every transaction that happens via credit card, you can deduct a certain amount as service charges.
Instant transactions– As we all know, the conventional transfer of money via banks takes time to reflect in the account. But, the application processes the payments immediately. You can impose an additional cost for processing the payments even at a higher speed.
Merchant charges– As seen before, there may be users who prefer the app for business transactions. Those users are liable to pay commission fees to you as they use your app as a medium for their business.
Narrowing down, you will get to know the functioning of the app right from registration to reviews.
Step 1– The user can make transactions from the app only after completing the registration process. The user should give mandatory details like name, email address, contact number, etc., and register with the app.
Step 2– As a second step, the user will have to link his/her bank account to the app. Linking the bank account enables the user to transfer funds with other users.
Step 3– Next, the user has to sync his/her phonebook or contacts with the app to be transferred.
Step 4– The user can make any number of transactions and receive the invoice after each transaction.
Step 5– Based on the payment app’s performance and speed, the user will rate the app.
Introducing a business against all the prospective competitors is no easy job. It requires an intense level of planning and execution of a business plan. Yet you can make your business competent and straightforward with the right payment app development solution.