Local online payment acceptance is a problem in Trinidad and Tobago. Enterprise is crippled by the absence of easy to use and affordable payment system to monetize entrepreneurial ideas. On accepting the challenge to create an online payment system the idea was to have a workable solution with minimum development work. There is nothing wrong with this philosophy at the onset. However, the nature of some projects demand a level of undertaking that goes beyond the minimum effort, in order to get off the ground.
The first version of Paywise worked as follows. Merchants integrated Paywise into their website. During checkout when the customer selected the Paywise payment option an invoice would appear stating the list of banks at which the buyer can deposit the payment to the merchant’s account. Later, the buyer goes to the bank of his choice and makes the deposit. Simple.
The system had several drawbacks. I recall having a long debate with a friend who was adamant that no one will not go and stand in a bank line to make a payment. I countered by saying persons do so now. However, she was right. This version did not offer much in a way of a solution to the problem. All it did was handed customers a list of payment banks. This is not what people were looking for in an online payment solution.
The version also required that merchants open and maintain bank accounts at each bank in the country. This was to facilitate customers making payments at the most convenient bank location. This posed another problem. Instead of one bank account merchants now had to maintain several bank accounts at all the banks.
No one used the system. They liked the concept. As entrepreneurs developing a solution you will soon understand that customers have a sense of how thing should work, even if they have not seen a similar solution. They understand this from the premise of several key evaluation points: ease of use, convenience and perceived value. This version of Paywise did not meet their expectations, especially when they have used similar systems.
The experiment cost a few thousand dollars but it was a learning experience. You cannot cut corners on a straight line. Some tasks are inherently complex despite being simple in concept. While this is true sometimes we only appreciate the full gamut of the undertaking once we have dispensed with our simplistic viewpoint. The initial Paywise was an experience that provided greater insight into what was needed and how to go about it. After all, the first car produced was not the Ferrari.
So the second version of the system was created. This was more akin to what the aesthetics, functionality and convenience of a payment system that people wanted. There was no standing ovation but at least there was appreciation for the strides made and a general consensus that it was more practical than its predecessor. We continue to make efforts to improve the payment experience.
The least effort principle should be used to test the waters initially. Once you have answered the relevant questions and understand what you are about…take the bull by the horns.