Posted by Payaca on September, 2020.
The big idea
When I launched Payaca I set out to create a very simple software solution that enabled small business to connect customers to finance options for free and win more work in the process. The original idea was that we could keep it free as for businesses and customers while making a small commission from the lender for each arrangement.
What we learnt
We had some success using a couple of carefully selected lenders, however, we found that we could only offer the best rates to a smaller percentage of customers than we needed to. We also learnt that businesses loved the simplicity of our app but wanted more functionality and we felt this was an area we could deliver something a lot more user friendly than other software on the market.
The way forward
Firstly we took the decision to use pretty much the whole of the market with finance, we now connect with over 40 lenders to ensure we find the best rate for each customer. We also added credit cards with 0% interest periods to the mix to really focus on making it as easy as possible for customers to secure funding and choose your business.
We’ve completely opened up finance but this means we don’t earn a commission from the majority of lenders anymore. As a business, we are now focussed on delivering value through our software and to do so we’re introducing small subscription fees. I’m really excited about all the updates we’ve rolled out of the last couple of months, from adding your team and allocating jobs to our Xero and Quickbooks integrations. We’ve really stepped up our game, expect more valuable updates to start coming thick and fast.
As always I really welcome your thoughts and feedback.