MXNEY: Financial App For Ecommerce
Case study
MXNEY: Financial App For Ecommerce
We have developed a feature-rich application to take financial management to a whole new level.
Head Of Technology Feedback
Client Testimonial | Christian Nørgaard Madsen, Partner & CTO at MXNEY.io
About the project
Perfsol is proud to present one of our most successful projects. We have developed a feature-rich application to take financial management to a whole new level. The client set out to create software to collect stats from platforms and shopping systems, control sales, as well as determine revenues. Designed for the e-commerce segment, the application optimizes all financial management processes. Let's go through the process of creating this application step by step.
Challenge
The client was interested to develop a user-friendly application for the e-commerce site where the entrepreneurs could monitor the efficiency statistics from different sources and have constant access to the experts' support in order to increase their income.
All in all, we needed to equip the app with basic functions such as accepting and sending payments as well as provide integration with different payment systems. Moreover, we needed to develop it with security features in full compliance with all the standards and regulations in fintech. The client knew that it was not our first project in the fintech industry and relied on our experience and good references. Needless to say, our specialists did their best and showed what a truly high level of expertise means.
Business case
For such an interesting project we assembled a team of the best professionals. Professional developers, analysts, designers, and project managers gathered to make the client's idea a reality. Generally, we needed to equip the application with a handy list of transactions, a cash-flow viewer, the ability to use direct debit schemes, and an online money-forwarding feature. Besides, the application had to display all credit documentation, as it is very important for e-commerce.
No less important during the development were the integrations. Since the main idea of the service is to centralize all financial services for e-commerce, it was necessary to provide integration with the maximum number of third-party services. Below you can see what we needed to implement.
Integrations:
- Connection with multiple shopping platforms (Shopify, Magento, WooCommerce, Prestashop, Shoporama, Smartweb)
- Integration with banking services (accounts, cards, and IBANs)
- Connection with Aiia Open Banking (Mastercard)
- Integration with Facebook ads manager, Google Analytics and Google ads.
Cards management
All your cards can be added to the platform and managed in one place.
Real-time funds information
The platform keeps track of all payment deadlines. You can view details related to your loan repayments from a single dashboard.
Easy to use mobile version
An admin panel indicates various client data, including funding agreement, loan repayment status, and balance.
Shopping platform
Our developers have added an option to connect your shopping platform just in few clicks.
Solution
In the end, MXNEY turned out the way the client wanted it to be. The app was fast, user-friendly, looked great, and covered all users' needs. In terms of functionality, we implemented:
- Transactions list;
- Security regulations: KYC, KYB;
- Credit documentation;
- Working with Direct debit schemes;
- Online wire transfers.
MXNEY lets business owners collect stats from platforms and shopping systems to control sales. With the app, the entrepreneur can determine the potential and actual revenues in order to know exactly where to expand his business. Having banking operations and cash flow stats in one place significantly optimizes financial management for e-commerce and allows the entrepreneur to spend time on strategic planning instead of painstaking calculations.
The client was fully satisfied with the work of Perfsol developers and continues to cooperate with us for post-release support and further development of the software.
Christian Madsen
Head Of Technology, MXNEY
What evidence can you share that demonstrates the impact of the engagement?
Before working with them, we had three developers in-house, and from January to May, we released around four different features in one project. With Perfsol, from May to the beginning of August, we have released nine different features in two different projects — our development speed has increased a lot.
Also, the scalability we have has been perfect for us. We can hire a new developer within one month, whereas we would have a three-month recruiting period in Denmark.
How did Perfsol perform from a project management standpoint?
We almost always hit the target when it comes to our estimates for different tasks. Of course, there are some alternatives, and also, as we are a startup, we change things and change focus sometimes, so they have done things perfectly.
In terms of communication, we have a Slack channel where we communicate all day long. They are responsive — I feel like I can get in touch at any time of the day and get a quick answer. We also have a daily meeting for about 20 minutes to catch up on all of our features or tasks — it's like they are in-house because they're reachable, and I can even text them all day long. We had one weekend where one of our systems was down, and I immediately messaged them in our Slack group; two of the guys were on the case even on the weekend, so it was perfect. We have also been using Trello and Jira for project management.
We technically have a B2B relationship, but I see it as a close collaboration where they are working for us in a different country — they are dedicated to our company, which is fantastic.
What did you find most impressive about them?
They've been good at getting their heads into our business, so they understand what we're trying to do. In the beginning, we had long meetings about what we are trying to achieve; our goals and visions, what our product is, and how we can make money. I have worked with other agencies that didn’t put themselves into the project and didn’t understand it.
Are there any areas they could improve?
I don't think there's anything they can improve on — I think they are great, and we're happy with them.
Do you have any advice for potential customers?
I recommend that you use some hours to let Perfsol understand your business and the scope. They're good at that, and I think it allows for the best collaboration. Also, engage with them personally as well — they're located only three hours from us, and I'm flying down there in a couple of weeks to meet them in person, and I think it is essential too. It goes beyond a supplier and customer relationship.
