As the financial world continues to steer toward a reality free from checks, trips to ATM machines and even cash, you don't want to miss an opportunity to serve your customers or potential customers who are ready to take the leap. Some might have already found peer-to-peer payment systems, and now you need to attract them to your business.
By taking on this type of service, you will become part of the evolution—versus revolution, according to The 2014 Forrester Report—that is already in ever-accelerating motion. The great thing about the mobile P2P ecosystem, at this point, is that it is in a constant state of flux, which gives you the opportunity to step in and make your mark without feeling like the odd man out.
Regardless of the type of business you run—be it a bank or a private online payment company, ready to leap into the buzzing P2P market—there is one matter you need to decide from the outset: Should you build your own P2P app or work with an existing internet payment company?
What Are the Benefits and Challenges of Building Your Own App Versus Forming a P2P Payment Partnership?
Each option—build your own or partner up—comes with its own benefits and challenges when it comes to making sure you have a high-quality and user-friendly person-to-person payment system app.
The Benefits of Building Your Own P2P App
Easy Integration with an Existing Mobile App. If you already operate a mobile app or online P2P website for your financial institution, you may not need to take too many steps to add a meaningful and user-friendly person-to-person payment system. The single most important consideration in the whole process is ensuring your app offers optimal convenience for your users. If your users discover something else out in the wide world of P2P payments, you may lose them. Your experienced mobile app development team can help you iron out all the wrinkles to design and implement a seamless user experience.
Control of the App. By building your own P2P app, or integrating this function into an existing app, you have full control, which means you can develop and perform updates as you see fit to improve your app for your users. Your development team can continually work to find ways to ease the customer experience with things like automated formatting for matters like eliminating the confusion over whether a user needs to enter spaces between their credit card number, or if they can enter everything in one string of numbers, shares ThinkApps.
Brand Exposure. Since P2P payment system services are nearly always free, the main thing businesses stand to gain—besides continued customer loyalty—is brand exposure. As long as you do your market research while keeping your users happy with an easy user interface (UI) and user experience (UE)--meaning don't include too many obtrusive advertisements, for one—creating your own P2P app can keep your current customers happy while you attract new business.
The Challenges of Building Your Own P2P App
Building a Mobile App Development Team. You may have a solid IT team that expertly attends to daily data security and in-house user tasks, but you might not have anyone ready to take on mobile app development. With the right professional staffing team, you will find the right team members to easily fit into your IT department while also ready to build an app your customers will love.
Developing a Marketing Campaign to Draw Current and New Users. Some of your existing customers may already use another P2P payment system, and your job is to draw them—and new users—to your mobile payment app. Work with your marketing team to design a marketing campaign to reach your audience, letting them know all the benefits your peer-to-peer payment app has to offer.
The Benefits of Partnering with an Existing P2P Payment System App Service
Becoming Part of an Existing Network. If you join a well-known P2P payment system app service, you can enjoy the benefits of their app development, marketing research and marketing campaign.
Updates and Glitches Are Taken Care Of. If something goes wrong with the app, your partnering company likely already has a team ready to perform maintenance and repair.
The Challenges of Partnering with an Existing P2P Payment System App Service
Lack of Ownership and Control. You may be able to negotiate some special features for your business within the app, it is more likely that you will need to adapt to the company's app's features and updates. You may enlist the services of legal experts to help come to an agreement that works for your business and the P2P organization.
Confusion for Your Customers. While becoming part of a network, like the Zelle network for the banking industry, removes the worry over development, you may face some marketing challenges. Your customers may be initially confused that they are using your service, which falls under a different name.
Learn More About Your Staffing Needs for Your P2P App
At ICS, we understand that all the new developments with peer-to-peer payment systems are as confusing as they are exciting. We can definitely help businesses—from banks to online payment startups—determine staffing needs for smooth development and implementation. Contact us to find the solutions to your problems, regardless of which path you choose.