7 mistakes to avoid when you launch your own money app
By SendPay Business · · 2 min read
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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.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
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.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
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 launch. Your platform can be live on your own domain within 24 hours of confirmation.
Build my platform →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.