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Trinidad and Tobago has been without a local online payment mechanism for too long. Consequently, many entrepreneurs and established businesses have failed to undertake or could not fully realize online business opportunities. Many of my earlier business ideas crash landed for the same reason.
Many years ago I had an idea for a local mobile payment system. I did the business plan and then took it to a local technology firm. For the first time, the plan made contact with the harsh realities of the real world. After the meeting, I shelved it and pursued other ideas within my power to execute.
Paywise happened by accident. I wanted to start a crowd funding site to provide a mechanism for entrepreneurs to test their ideas for market acceptance. Of course, a payment system was required. I decided to use a payment gateway offered by a local bank. However, my application was rejected. Aggravated and frustrated I realized that something had to be done.
A few weeks later, I participated in the first Startup Weekend event. It was a thrill to see may great ideas developed within 54 hours. Like Silicon Valley many ideas were internet based and cutting edge. However, it was deflating to realize that despite their brilliance, young entrepreneurs had little or no chance in Trinidad and Tobago to make money online. This pained me and then I decided to create a local payment mechanism.
So Paywise was created. The prototype was an absolute flop. People liked the idea but it was too burdensome to use and required customers standing in a bank line to make payments. However, it was important for me to understand and assimilate the needs and requirements of a payment mechanism.
Paywise is a unique ecommerce solution. Firstly, it is a non-credit card based system. Payments are made using cash and LINX cards only. Secondly, it integrates seamlessly into your online store. During checkout Paywise captures the customer order information. Thirdly, it uses a network of retail agents to collect payments. Customers pay for their orders at the nearest Paywise agent. Afterwards, Paywise deposits the payments received into the merchant’s bank account.
The main benefits of using the system are low cost, next day settlement, wider market reach and ease of use.
In 2013, Paywise was one of the Ideas 2 Innovation awardees. The award was used to develop the current version of the system. This met its greater acceptance. We continue to improve the system functionality and widen its usage.
With Paywise entrepreneurs can now pursue their online dreams. Sure there will be challenges but a local online payment mechanism is not one of them. 