7 mistakes to avoid when you launch your own money app
By SendPay Business · · 2 min read
Most new money apps don't fail because the idea was bad. They stall because of a handful of avoidable mistakes in the first months. Here are seven to watch for, and what to do instead.
The seven mistakes
Each one is easy to make and easy to fix once you see it.
- Building for everyone. Pick one group of people and serve them better than anyone else first.
- Calling it a bank. Unless you hold a banking licence, call it an account, a wallet, an app or a platform.
- Hiding the fees. Show the full cost, including any exchange rate markup, before people pay.
- Launching to strangers first. Start with people who already know and trust you.
- Spending on adverts too early. Talk to your first 100 users yourself before you pay for reach.
- Going quiet after launch day. Follow up with everyone who signed up but didn't pay.
- Ignoring the second payment. A first payment is curiosity. A second one means you solved a real problem.
What to do instead
Choose your people, name the big bank or app they use today, and write down what it does badly for them. Build your app, your fees and your first message around that list.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
Can I call it a bank?
In most countries "bank" is a protected word you can only use with a banking licence. Call it an account, a wallet, an app or a platform. The accounts and payments behind a SendPay Business platform are powered by licensed partners.
What should I charge?
Enough to cover your costs and earn a margin, while beating what your users pay today. The free calculator helps you test numbers.
Platform earnings calculator →Is there a step-by-step plan I can follow?
Yes. The free launch checklist takes you from picking your people and naming your app to setting fees, going live and winning your first ten customers.
Digital bank app launch checklist →How do I start?
Pick a template, name it and preview every page before you pay. Your platform can be live on your own domain within 24 hours of confirmation.
Build my platform →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.