What is a payment platform app?
A payment platform app is a web, mobile, or desktop application that enables users to send and receive money. Payment platform apps usually provide users with interfaces for creating custom invoices and tracking payments. These applications may also include the ability to accept credit card payments from customers.
Payment platform apps are similar to other transaction-processing apps, such as accounting apps, banking apps, financial management apps, and cryptocurrency apps. Some payment platform examples include PayPal, Stripe, Square, and Chase QuickPay.
Examples of payment platform apps built with Crowdbotics:
- App using Stripe Connect as the engine for creating a new payment system. Stripe Connect will be a web app for freelancer community. Will display reports and dashboards not currently offered from Stripe. A bit similar to Venmo or Paypal, but with custom reporting and dashboard for users.
- A payment processing app for student loans. Customers sign up on the app who have existing student loans and pay through a points system.
What is the typical cost to build a payment platform app?
A payment platform app usually costs about $50,000 to build. However, the total cost can be as low as $30,000 or as high as $70,000. A payment platform app with a low number of features (also known as a minimum viable product, or MVP) will be more affordable than an app that includes all intended functionality.
For example, here are some previous payment platform app price quotes from Crowdbotics:
How long does it take to build a payment platform app?
A payment platform app usually takes 233 hours to build. However, a payment platform app can be built in as few as 133 hours, or in as many as 333 hours. The exact timeline mostly depends on how complicated your specific app is. As a general rule, it will take longer if you require highly custom designs, niche features, complex logic, or non-standard release platforms.
For example, some previous payment platform apps build with Crowdbotics received the following hourly estimates:
Not seeing what you’re looking for?
Crowdbotics has quoted and built hundreds of applications for teams of all sizes. Browse our historical estimates by industry and app type to understand possible costs and considerations.
How to successfully grow your payment platform application
A payment platform allows users to send and receive money. If the payment platform is used at least once a month, the app has achieved viral growth. The user base of a payment app can be expanded by adding new features that make it easier to use the app for peer-to-peer payments. For example, Venmo includes an option to pay back a friend who bought you coffee in exchange for buying him or her a drink later.
Risks and challenges of building a payment platform application
Payment platforms face legal and reputational risks associated with fraud, compliance violations, and the handling of sensitive information. It is recommended that payment platforms be designed to meet all applicable regulatory requirements, use strong fraud detection mechanisms, and employ the latest security technology to ensure that user data remains safe.
