The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

This idea is CENTS validated!!! Serious entrepreneurs, any comments?

Accelerate wealth. Build a business that pays freedom. Join more than 70,000 entrepreneurs and register for the Fastlane Entrepreneur forum. Remove ads? Join the INSIDERS.

Aryan2193

New Contributor
Oct 1, 2021
4
4
11
Hi,

Have you ever been frustrated to do business payments, struggled with cheques, net banking, keeping track of receiving cash, and doing manual reminders? (Please let me know your own frustrations in the comments below)

My idea is to provide a better web-based platform to make B2B payments. The focus is not on credit card payments but to replace cheques and net banking which is not very convenient in making transactions. We aim to make these payments faster and with more ease, along with other features to make business settlements easier.

It will also automate recurring accounting entries on the most used accounting platforms to eliminate human error, along with automatic reminders to your customers near the due date, among other features. My target market is small and medium-sized businesses.

I would really appreciate any ideas/comments on this idea. I have already spoken to my target market but I thought this forum will also be a great place to further validate the idea before taking it further ahead.

Thanks
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Last edited:

Eudaimonium

Contributor
Jun 8, 2017
30
22
42
Germany
Have you studied previous attempts (failed and successful) to provide this in that market? Are you inspired by already existing payment gateways in other places?
 

Aryan2193

New Contributor
Oct 1, 2021
4
4
11
Have you studied previous attempts (failed and successful) to provide this in that market? Are you inspired by already existing payment gateways in other places?
No, I have only looked at successful businesses in the market, not the failed ones. Thanks for the input.
I have worked in this space for a year and this was a big inconvenience for us as the solution that we wanted didn't exist as needed. The current players in the market are strong but what I want to bring to the market is different.
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
I've Read Rat-Race Escape!
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
32,656
124,709
3,751
Fountain Hills, AZ
I can't say one way or another. However I can say that I'm sick of paying PayPal and other providers 3% of my gross just to accept payments.
 

Rabby

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Aug 26, 2018
1,540
4,551
1,133
Florida
These are just general comments about the space...

Some of the onerous things about payments come first from the need to verify accuracy and intent, and then as a derivative of that, all the laws and rules that have grown up to enforce fairness and rule of law. Finding ways to implement the same security, verification of intent, dispute resolution, etc, better or with less cost (in time, effort or money) to the customer could obviously make a company competitive.

Other onerous things about payments come from government requirements related to their ability to tax everyone on transactions and income. In some cases, the way this is implemented is also annoying (please fax us your W-9!).

Are some of the annoying things you're making better in your platform driven by regulations, industry standards, security and verification, etc? If so, can your implementation of the concept meet those standards, or find ways around them, or drive changes in standards?

That's where my mind would be going if I was doing something in payments, because I imagine there's a point where you hit a regulation wall when you try to do things much differently. That can be either a problem or an opportunity, depending on how you choose to look at it :) Good luck!
 

OverByte

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 18, 2014
259
344
180
Canada
Need definitely exists. PayPal is decent user experience but the fees are egregious. would much prefer a service where the fees are flat instead of relative to payment. Any large payments and I have to get snail mail or wire transfer.

I think regulation is big reason for lack of competition in this space (know your customer anti money launder regulations, support for audits, documentation filing, etc). Definitely an entry barrier if you can pull it off. Compliance is likely costly though.
 

Itizn

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Sep 25, 2019
250
347
169
My thoughts are that what Venmo formed as was the right approach, until they sold to PayPal of course.

What I mean is that having payments transition into a social network. The more active you are (whether through paying different people and companies through the platform) the more the user gets incentivized to continue on the platform.

A flat rate would work, and the top "performers" get rewards. A month with no fees, a free meal, etc.

Just my loose thought because I, too, am sick of PayPal.
 

Aryan2193

New Contributor
Oct 1, 2021
4
4
11
Thank you so much for the insight.

High fees are definitely frustrating and also make it difficult to do high-value payments.

As per my own research, regulations will definitely be a pain to go through and I still have to understand them properly. But it's also an entry barrier and part of the process, thanks for making it clearer.

I hadn't thought about the Venmo approach. It's definitely worth going through. The network effect will make the business more valuable to join. Thank you so much for bringing that up Itizn.

I am sure all action-taking entrepreneurs must have used payment services in their model. Please do comment on any problems you have faced in this space.

Thanks
 

Sponsored Offers

Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Text... (via @Black_Dragon43 ) A forum user recently said something poignant. "Don't ask a...
  • Sticky
MARKETPLACE NEW: The Best School for Going Fastlane (Now open for summer enrollment)
With 300+ students, the method and/or main sources of traffic don't saturate? Seems web design...
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Hi - I sent out some emails with the updates but I'll PM you now also, thanks. The issue is...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Chris is super sharp and is aware of many facets of entrepreneurship and can help get your...

Learn Fastlane Business Skills & Get Profitable Within 30 Days...

Get Started Now

Don't like ads? Remove them while supporting the forum. Subscribe.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom