Money Features

Does the app handle money?

Software that handles money opens the door to a new level of concerns. Not only is there less room for error but heightened security is also a need. Handling chargebacks, which is when a customer disputes a charge, can lead to troublesome situations as well.

It’s generally a good rule of thumb that when you start touching things people care about, expect tension.

Do you charge users for access to the technology?

In recent decades, much of software has become free to the consumers. It’s important to note however that someone is paying for it. The common anecdote remains true, “If you are not paying for a product, you are the product.”

How do you charge users?

In recent decades, much of software has become free to the consumers. It’s important to note however that someone is paying for it. The common anecdote remains true, “If you are not paying for a product, you are the product.”

How is money transacted?

There are many ways of changing money. Credit or Debit Card is the most common but popularity will vary depending on the type of product.

Which currency is permitted?

With the recent rise in Cryptocurrencies, currency selection is more complex than ever. In markets subject to rapid fluctuation, certain currencies can be very costly in fees and exchange rates.

Who is your payment processor?

If your handling money, you will need a payment processor. There are plenty on the market but transaction costs and fees can vary greatly.

Stripe has become a very popular for small to medium tech companies.

Do users transact with you directly?

The most common form of transactions are one way. There is a vendor and a customer. This creates a clean, simple relationship with clear expectations.

When you pay for iCloud storage or a Netflix subscription, your paying directly.

Do users transact with each other?

Facilitating transactions between users is common in escrow arrangements where *trust and credibility* are ultimately the service being sold. With products like Venmo or Cash App, they facilitate a simplified exchange of money.

If you’re building a marketplace, allowing peer to peer transactions may carry with it tax ramifications. Services like Etsy or Airbnb facilitate transactions that likely require one party to incur tax liability.

Are refunds handed in the system?

Refunds are a natural part of charging customers. Payment processors, like Stripe, provide refund capabilities within their customer portal but there is also value to managing this functionality within your application.