SME Simplified (SMEzy)

This project is regarding the simplification of banking administration process for SMEs

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Inspiration

SMEs have to do a lot of manual work since these are small organizations, especially the banking side of things, and most importantly these require Loans to be lend by banks and it's not easy to get a credit score without viewing the company's history of transactions, debts and debts on products by consumers, all these can be automated and the payments can be made simplified.

What it does

The product uses an automated solution for transactions using Razorpay APIs and keeps track of all the records and transaction history of the consumers.

How we built it

We first went through by getting a KT of SMEs and We prepared a solution where the payment process can be automated. we created an HLD and Architectural diagram to understand the flow ad visualize it ,and we finally had to choose Razorpay APIs since these are best for the payments of enterprises.

Challenges we ran into

Exploring about the Razorpay side to understand enterprise side of payments was a challenge, we had to understand about the API to decide which one is best because Razorpay provides two kinds of APIs for Payments. RazorpayX is especially good at enterprise levels.

Accomplishments that we're proud of

Building simplified but automated products like these will provide an easy solution of payments and reduction in time for the business administration side of things, it's a win to win for both SMEs and banks because we have all the data that bank will need to lend a loan

What we learned

We got exposed towards SMEs and it's banking side of things as general, we learned overall development of the product and management. Coming up with quick solutions in less time is something of a message a hackathon gives and it was an amazing learning.

What's next for SME Simplified (SMEzy)

The product can be integrated with Notifications such as email and whatsapp to send the payment links to the consumers, we can add offers, fast payment quick discount offers and a lot, we can provide these software to banks where bank agents can keep track of the data and decide on lending a load by providing a good credit score.

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