SprayPay FinTech payment app and software developed
The concept behind SprayPay is a strong example of simple yet thoughtful FinTech innovation. With SprayPay, consumers can make purchases in Dutch webshops and pay in installments. SprayPay elegantly guides consumers through the process, the necessary credit check takes only a few seconds, and as the proverbial cherry on top, SprayPay donates a portion of the purchase amount to a charity of choice.
CHALLENGE
Enable quick installment payments, without complicated contracts, in the checkout process of webshops.
APPROACH
Together with the product owner on the client side, the product was developed according to the GO Digital Product DNA.
RESULT
- Enabled fast and compliant installment payments
- Consumers are checked with relevant authorities in just a few seconds
- The back office is easy to adjust to changing market conditions or regulations
- SprayPay received an investment of EUR 20 million from a German investor in 2021 to accelerate growth
Installment payments with a FinTech app
Software development for the lender
In essence, installment payments are the same as taking out a loan. Such an agreement is subject to several legal conditions. The developed software guides the consumer through the process of entering into this agreement. When entering such an agreement, the lender is required to inform the consumer’s partner, which the software does automatically.
The consumer is also checked by relevant authorities. After identification via the consumer’s bank, this happens within seconds.
A complex process made simple
The developed software guides the consumer through a relatively complex process. GlobalOrange has developed a simple yet powerful wizard that provides the consumer with a clear overview of all the steps in the process. This prevents confusion, optimizes conversions, and ensures all steps in the process are clear. The user experience determines the product’s success.
Future-proof software platform
The developed back office is exceptionally flexible. If market conditions or regulations regarding credit provision change, the system can easily be adjusted by the product owner. The software is ready for the future!
Easy integration into webshops
SprayPay, in addition to being a solution for consumers, is a welcome addition to the available payment methods for webshop owners. The developed platform is easily integrable into popular e-commerce systems like Magento and WooCommerce via plugins. Additionally, the ability for installment payments via SprayPay is quickly implementable through the platform’s API.
Growth through scalable SaaS solution
SprayPay’s software is highly scalable and developed for the future. SprayPay can effortlessly grow with the usage of the product or a growing number of users. Scalability can be considered the holy grail of modern, successful businesses. It can be seen as the ability of an organization to grow “on-demand” without requiring significant investments. The platform is also easy to extend, allowing for rapid addition of new innovations or functionalities.
Best of breed
We believe that a best-of-breed software solution is needed to achieve the best result. It is important to know that we are independent in our choice of partners and suppliers, so we can always build the best custom software for your business. GlobalOrange has implemented SprayPay on Amazon Web Services. Amazon provides the perfect platform for developing software. The big advantage of AWS is that we can add features to a product in a fast and stable way. This allows us to build better quality software. The system fully automates testing of changes and sometimes implements them within twenty minutes.
SprayPay can grow in this way without the variable costs significantly increasing. Ready for the future!
Success factors
Domain Knowledge
GlobalOrange has extensive experience in the development of financial applications, including in the areas of accounting, invoicing, projections, reporting, financial processes, and certification (including PCI/DSS and ISAE).
Relationship
The role of product owner is, as is customary at GlobalOrange, fulfilled by the client. Thanks to intensive, daily communication, decisions are made quickly, and improvements and new ideas are implemented rapidly.
Agile & Lean
In addition to the Agile software development methodology, GlobalOrange applies the Lean Startup approach to drive innovation. This ensures a strong focus on value creation.
Custom software for FinTech startups
Would you like to learn more about developing software applications for FinTech? Then get in touch with our custom software specialists. Or visit the website of SprayPay to learn more about their payment app.
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