SwiftEdge

Challenge statement

Create an all-in-one fintech solution leveraging current payment terminals power to help small and medium companies optimize their operations, increase customer engagement, and streamline their payment processes.

Description

SwiftEdge is a comprehensive fintech software designed to assist SMEs in streamlining their payment procedures, enhancing consumer interaction, and optimizing their business operations through the use of their transaction machines. Loyalty programs, mobile payments, real-time analytics, inventory management, and invoice and billing management are just a few of the services offered by the suite.

Motivation

Businesses across many different industries frequently use payment terminals, especially those who need a fast, dependable, and secure payment processing system. Here are some examples: 

1. They are used by small and medium-sized retail establishments to handle payments for goods and services. This covers establishments like grocery stores, convenience stores, and clothes stores. 
2. Many restaurants accept payments for meals and drinks using these devices. This comprises restaurants with fine cuisine, cafes, and fast-food chains.
3. Service-based companies handle payments for their services, including hair salons, spas, and healthcare facilities.
4. Can be used to accept payments for festivals and events, such as culinary fairs and music festivals.
5. Public transit systems, taxi services, and ride-sharing businesses use this technology to process payments for fares.

Due to their lack of resources and knowledge, SMEs frequently find it difficult to keep up with the latest technologies. This can lead to inefficiencies, lost sales, and a poor customer experience. 

SwiftEdge software provides a variety of tools and services in order to help these businesses increase their productivity levels, reduce costs, and improve customer satisfaction.

Market validation

Small and medium businesses make up 99.3% of all businesses in Portugal and they generated over 230 billion € in 2020. 

Even though these companies are composed of a small number of employees, one of their main pain points is the lack of efficient processes and organization within the company. For this reason, that’s one of the first areas a business looks to save money and one way to achieve that is to automate repetitive, time-consuming and low-quality yield processes with the help of innovative solutions.

On average, the next biggest cost is inventory, which accounts for 20% of a business’s budget. Though inventory should equate to revenue down the line, it does represent a large upfront cost for small businesses that may be on a tight budget. 

With this in mind, we can see why so many SMEs are searching for ways to reduce costs. 

In Portugal, a third of businesses recognized that they lack knowledge of new technologies. On the other hand, 24% of Portuguese companies increased their investment in new technologies.

These statistics suggest that there is a significant opportunity for a fintech solution like SwiftEdge which aims to help SMEs optimize their payment processing operations and engage with customers through loyalty programs, and real-time analytics. The growing popularity of mobile and contactless payments, as well as the high number of small businesses in Portugal and globally, indicate a strong demand for digital payment processing solutions.

Key features of our software

1. Loyalty programs: Companies can use their payment terminals to create and manage loyalty programs, enabling customers to earn rewards or discounts for making purchases. This can help increase customer engagement, retention, and loyalty.

2. Real-time analytics and reporting: Companies can access real-time data on sales and customer behavior using our software. This can help them identify trends and opportunities for growth, optimize their pricing and promotion strategies, and make data-driven decisions.

3. Inventory management: By integrating their terminals with our inventory management feature, companies can easily track and manage their stock in real-time. This can help improve supply chain efficiency, reduce costs, and prevent stockouts.

4. Invoice and billing management: Companies can generate and manage invoices and bills, set up recurring billing schedules, and streamline their payment processes by combining their payment terminals with our solution. This can help them reduce the time and resources required for manual invoicing and billing, and enhance their cash flow management.

SwiftEdge is designed to be flexible, scalable, and customizable to meet the unique needs of SMEs across different industries. It can be integrated with other software platforms and services, and can be accessed from any device with an internet connection.

Business plan

Software as a service (SaaS) model B2B: 

SwiftEdge would be offered as a subscription-based software solution, which SMEs could access via a web portal or mobile app. The subscription fee could be tiered based on the number of payment processing transactions or the level of analytics and loyalty program features required.

Additionally, it will be offered to SMEs through a referral program, with existing customers incentivized to refer new customers in exchange for a discount or other rewards. This model will leverage the power of word-of-mouth marketing and generate revenue through increased adoption of the SwiftEdge software.

That being said, we offer a comprehensive payment processing solution for SMEs, with the potential for recurring revenue through the SaaS model, customization for specific industries or business types, and a referral program to drive adoption.

Our plan of action

To achieve this goal, we plan to develop a user-friendly and scalable fintech platform that integrates seamlessly with existing payment terminals. The platform will be designed to be highly customizable, so that companies can tailor it to their specific needs and requirements.

We will conduct extensive market research to identify the unique needs of small and medium companies across different industries, and use this data to inform the development of the platform.

In terms of marketing and distribution, we plan to leverage various channels such as social media, email marketing, and partnerships with relevant industry associations and trade groups to reach our target audience. We will also offer free trials and demos to potential users to encourage them to try out the platform and see its benefits firsthand.

In terms of the specific technologies used, the choice would depend on various factors such as the expertise of the development team, the scalability and performance requirements, and the budget.

1. Front-end development: Our application would require a user-friendly interface that would enable small and medium companies to easily manage their payment processing and loyalty programs. The front-end development could be done using modern web development frameworks like React or Angular.

2. Back-end development: Our platform would need a robust back-end system to process payments, track analytics, and manage loyalty programs. The back-end development could be done using a microservices architecture, using technologies such as Node.js and MongoDB.

3. Mobile app development: To enable mobile payments and loyalty program management, our system would require a mobile app that could be downloaded by customers. The app development could be done using cross-platform development frameworks like React Native or Flutter.

4. Hardware integration: Our solution would need to integrate with various hardware devices such as card readers and point-of-sale systems. The hardware integration could be done using standard protocols like Bluetooth and NFC.

5. Analytics and reporting: SwiftEdge would require a powerful analytics and reporting system to enable small and medium companies to track sales, customer behavior, and loyalty program participation. The analytics and reporting could be done using data visualization tools like Tableau or Power BI.

Conclusion

SwiftEdge is a comprehensive payment processing and loyalty program management solution that can benefit SMEs by providing them with a scalable and user-friendly platform to process payments, track analytics, and manage loyalty programs. 

By integrating the current payment processing infrastructure and hardware devices with a comprehensive business management software solution, SMEs can access real-time data and analytics on sales, inventory, and billing. This can help them optimize their business operations, make data-driven decisions, increase customer engagement and revenue, and streamline their payment processes.

 Overall, we are confident that SwiftEdge has the potential to become a game-changer for small and medium companies all over the world.