Moneda

The main purpose of Moneda is to facilitate the small businesses to receive payment by Bank by swiping card junk fees. Moneda also offers eCommerce capabilities, enabling small businesses to sell their products or services online. Additionally, end users can communicate with merchants and make custom payments through their banks.

• Scan and Pay by Bank
• In-App end to end chat
• eCommerce capability
• Local Community to boost the businesses

Project Problems

Small businesses face significant financial strain due to transaction fees when accepting debit and credit card payments. Debit cards incur a fixed fee of around $0.07 per transaction, while credit cards charge 2.25% plus a $0.01 fee per transaction. These "junk fees" can substantially erode profit margins, particularly for businesses with high transaction volumes. Finding strategies to reduce these fees is essential for enhancing the profitability and sustainability of small businesses.

Project Challenges

• Technical Integration: Implementing pay by bank and real-time payment features requires substantial changes to existing payment systems, which can be technically complex and resource-intensive.
• Customer Adoption: Convincing customers to switch from familiar card payments to new methods can be difficult, as it requires building trust and ensuring seamless user experience.
• Security and Compliance: Ensuring that new payment methods are secure and comply with regulatory standards adds another layer of complexity and cost.
• Provider Limitations: Using popular platforms like Stripe has its drawbacks. While Stripe offers a robust payment processing solution, it primarily focuses on card payments, and its support for alternative payment methods like pay by bank and real-time payments is limited and can be more costly.