New low cost invoice payment software - feedback

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Hello

I’ve recently founded a technology company, building financial tools for sole traders and small businesses. 

Our first product is a simple and low cost invoice payment tool. This allows the user to:

  • Drag and drop invoices to upload details
  • Automatically distribute the invoice to their customer via email / text / WhatsApp 
  • Take low cost digital payment
  • Manage paid / unpaid invoices and easily chase where necessarily 
  • Reconcile activity to accounting platforms 

Vs existing solutions we offer: 

  • Lower cost: no monthly fees, a flat 1% for payment 
  • Designed for sole traders and small businesses: our focus is simplicity, we aim to win by saving time through an improved UX for these users 

I’m looking to speak with accountants / bookkeepers / small businesses to get early feedback on the product and understand what other problems that we might solve for you and your clients. 

Much appreciated if anyone is willing to help!

Many thanks 

Sam 

Replies (11)

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By David Ex
08th May 2024 15:27

What are you offering for the time and expertise you want to access?

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By Leywood
08th May 2024 15:37

How much are you offering?

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By SamJennings
08th May 2024 15:46

Hi David and Leywood.

We can offer free payments on the tool for 3 months as part of helping us test.

Beyond that, happy to do an Amazon voucher etc. if needed for the time commitment.

Thanks

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Replying to SamJennings:
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By Leywood
08th May 2024 16:11

SamJennings wrote:

Hi David and Leywood.

We can offer free payments on the tool for 3 months as part of helping us test.

Beyond that, happy to do an Amazon voucher etc. if needed for the time commitment.

Thanks

How much?

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Replying to Leywood:
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By SamJennings
08th May 2024 17:14

Happy to do £50 for 45mins

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Replying to SamJennings:
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By Leywood
08th May 2024 19:12

Insulting

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Replying to Leywood:
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By SamJennings
09th May 2024 09:20

Hi Leywood

Sorry that is not the intention! We are of course limited for resources right now, so this is meant as a "thank you for helping us" for people who are keen to anyway (and maybe find it interesting / rewarding / might see early access as valuable), vs pure reflection of what the professional time is worth.

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Stepurhan
By stepurhan
08th May 2024 16:27

Fees. Flat 1% of what? Is there a cap on those fees? Is there VAT on top of that? Will the flat 1% apply to all transactions? (You might not want to answer yes to that last one. See if you can work out why I think that)

What security is there in place for payments?

What security is there in place for client data?

What software packages will it integrate with?

Those are just the immediate questions I can think of. Even if you have solid answers for those, I'd still want an incentive for being part of your market research. You aren't the first here to claim a new wonder offering you expect us all to leap at.

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Replying to stepurhan:
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By SamJennings
08th May 2024 17:23

Thanks - all great questions!

1% of the invoice amount (rounded to the nearest penny on each transaction, rounded up where relevant). VAT will be billed on top of this.

For payments we partner with FCA authorised institutions, our payment provider holding funds on behalf of clients has full UK banking authorisation.

For our own security, we are working to be ISO27001 compliant, and have rigorous controls in place already across product, application and infrastructure security. Our founding team's background is in building infrastructure for tier 1 banks, so we are fairly well versed here.

We'll first be integrating to Xero, then quickly follow based on client needs to QBO, Sage, Freeagent and other accounting softwares. We are also looking to work with key vertical ERPs.

Please let me know if interested in taking part based on £50 for 45 mins. Thanks!

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Replying to SamJennings:
Stepurhan
By stepurhan
08th May 2024 21:43

SamJennings wrote:

Thanks - all great questions!

1% of the invoice amount (rounded to the nearest penny on each transaction, rounded up where relevant). VAT will be billed on top of this.

You skipped a couple of my questions there. Both the ones that are more important for you to consider than me oddly enough.
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For payments we partner with FCA authorised institutions, our payment provider holding funds on behalf of clients has full UK banking authorisation.

For our own security, we are working to be ISO27001 compliant, and have rigorous controls in place already across product, application and infrastructure security. Our founding team's background is in building infrastructure for tier 1 banks, so we are fairly well versed here.

So you don't say who you are working with, how working with them links with your app, and you're still working on security. I'm going to ignore your founding team's background, because I don't know if tier 1 infrastructure design for banks is directly applicable to this app and I also don't know who they are. (You're a new member so no history here to confirm what you are saying can be relied on)

How do you test a payment system if no-one is willing to transfer any money? Because I can assure you no-one is going to want to transfer money without both of those things in place.

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We'll first be integrating to Xero, then quickly follow based on client needs to QBO, Sage, Freeagent and other accounting softwares. We are also looking to work with key vertical ERPs.

How close are you to integrating with Xero? Again, a pretty key thing to have in place before testing starts. A system that doesn't already integrate with at least one of the major players in accounting software is going to have a pretty small market.
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Please let me know if interested in taking part based on £50 for 45 mins. Thanks!

I'm not convinced you have a minimum viable product to test yet, so it's a no from me.
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By johnthegood
09th May 2024 05:34

Not sure I follow what you are trying to solve here, we already have payment services built in to most accounting software, the likes of Go Cardless is already 1%, and the accounting software already distributes and chases invoices - why would we need to add anything else?

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