Financial Software to Improve Payment Processing

Financing, just like any other industry, tends to have problems with its software. But some of these problems occur more often than others and have a noticeable impact on the performance of entire businesses. Today we unveil the most common issues with financial software and how to prevent them.
financial software development

Purpose of FinTech

Custom financial software development, or as it is often called lately FinTech custom software development, is a field constantly evolving alongside methods of money transactions. Nowadays, almost every business focuses primarily on electronic payment types, as it has become safer, more efficient and more comfortable for both businesses and customers. FinTech aims to improve all these processes and automate them as much as possible. But there is always competition between businesses in quality of payments which mainly rely on financial software, which we will discuss in the current article.

Why Choose Custom FinTech Software Development?

As mentioned before, there is quite a big competition between financial service companies. In this case, a company that has faster software operations and safer, more user-friendly security measures will always win the customer. For example, nobody would want to spend an unreasonable amount of time to pass the bank’s security measures just to send a money request and receive this transaction an hour later. That’s why custom FinTech software development is aimed to optimize and automate the transactional processes of individual companies as much as possible. Further, we will discuss the main issues that arise in financial businesses that make their payment processes less efficient, which are solvable by custom FinTech software development.

Recurring Problem of Financial Software

The most common reason why financial software might lose its efficiency is that it tends to get outdated, just like software in other industries. As financial hardware such as POS terminals or ATMs gets updated, the software that the company was using to keep track of sales and money transactions might not be able to keep up with its speed and efficiency. Not only does it heavily impact the quality of basic payment processes, but also the security measures have a much higher risk of being violated. There always exist individuals who would like to exploit outdated software and they just need time to find its weaknesses, so the best option is to keep your software always up to date. Plus, the older interface and security measures will most likely push away the clients, as they will simply choose a more appealing alternative.

When Else to Look for Custom FinTech Software Development Services?

When a business overgrows its current accounting software. As there occur more and more transactions, accounting software that was primarily built for small businesses might start lagging and holding up payments. Or even worse, start crashing, making the payments completely inaccessible. The most common example is checkout at some of the online stores, where it takes ages to fill up all the required information and then wait even longer to find out that the payment was declined or something was written incorrectly. This also affects the invoicing. Quite often it might take hours, or in some cases days, to process and send out an invoice to a client simply because the invoice system is completely overloaded. To avoid that, companies often choose custom accounting software to have an option to rescale it along with the size of their business and add new features to it if needed.

custom fintech software development

Custom FinTech Software by Diatom Enterprises

Over the last couple of decades, we had experience delivering custom financial software solutions not only to financial services companies, but also businesses from other industries. Some of our latest accomplishments include custom accounting software and custom account receivable software. The accounting software was developed for a logistics company, as an addition to their already existing software. It allowed the company to increase financial visibility and automate most of its financial processes, such as payments, invoicing after cargo delivery and data gathering for financial statistical analyses. And account receivable software was developed for the hospitality industry. Primarily it was aimed to make the payments more effortless for the customers, but it heavily reduced the workload also for the employees.

Our company, Diatom Enterprises, is a leading fintech software development company in Latvia, Europe. Among our projects, we have extended experience in the FinTech industry, delivering custom financial software solutions to international businesses. Contact us today to learn more about our financial software development services and keep your business ahead of the competition.