What’s PayLex

Paylex equally values customers as well as merchants and hence we have created a product in which we try to maxmize revenue for the merchants by allowing them to accept payments in a single swipe safely with the power of rapid checkout toolkit while the customers can deposit certain amount and earn interest while getting a hassle free buying experience.

Inspiration

We love building innovative products and we wanted to create something creative for this hackathon and the problem that merchant all around the globe faces is bad or complex checkout which requires too much information. It just takes a second before the customer can change there mind. We wanted to speed up that time while also incentivizing customer so we developed a unique solution and experience for the customers as well as merchants.

The basic flow is as follow the consumer deposits certain amount of money which he earns interest on and can use to easily buy products while merchants get a benefit from having a quick checkout which decreases there left out cart and increases the churning. Making both happy.

Innovation

The UI and UX design themselves are very unique and they are articulated keeping in mind the principles of marketing and human psychology. The innovation lies in creating value for both consumers and merchants to keep it an attractive proposition for both.

Flow

  • User Creates an account which in itself is rewarding
  • Deposits certain amount of money by using rapyd's embeddable checkout
  • Can pay with a swipe to merchants that are connected with paylex
  • Earns interest on the money lying around
  • Gets various discounts from our merchants

Features

  • - Embeddable checkout for faster deposits and better Onboarding
  • QR and embeddable JS support for merchants
  • A dashboard for merchants to quickly analyze their payments
  • SIngle swipe payments for hassle free checkout
  • A tab to manage expenses

Challenges we ran into 💪

Creating a app that will be loved by both consumers and sellers , designing the flow and being creative.

Accomplishments that we're proud of 😎

  • Integrating Rapyd's checkout toolkit to our app
  • Developing a working prototype

What's next for Paylex

We want to work towards making it more simpler to integrate paylex in various e-commerce platforms we want to make plugins that directly integrate

  • Making plugins for ecommerce platforms
  • Giving analytics to user on their spends
  • Market testing the product

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