Due to the emerging market, more hassle free handling is the need of the hour in terms of finances and transactions. Lendstar offers easy options for sharing finances with friends over the application or even directly through bank accounts.
Below mentioned are the challenges that were faced during the development for a resourceful application like Lendstar:
Repayment
Pertaining due amount from a friend usually can be uncomfortable or inconvenient.
To avoid the inconvenience for the user, the application will notify the friend of the user to pay back the amount if not paid in certain duration. This notification process will take place via SMS or Email. User can also raise an issue in the support section of the application if he doesn’t receive the due amount.
All at One
Its chaotic for the user to maintain different applications for different purposes like borrowing money, lending money, splitting bills etc.
Lendster allows the user to have all the facilities at one stop. This system will provide all the features integrated. From sending money to repaying money everything can be achieved using this solution.
Database
Maintaining the records and databases of transactions related to finances can be very disorganised and troublesome. This might also result in loss of important details.
This application maintains the data related to user of all the transactions that he has done, he can access the records at any time he wishes to.
Direct Banking
Transactions done directly via bank accounts of the users will increase the ease for the users. The security of the transactions and their details is also a huge priority.
Bank APIs can be used to fetch the data of the transactions that are done directly via bank accounts. This will be highly confidential and secured.
Business Integration
Bills and Invoices to be paid directly via application.
The business should be integrated with the application, in turn improving the flexibility of the system. The data related to the purchases will be recorded by the application completely.
Share Expenses
Expenses and bills to be shared among a group of friends or colleagues.
The bills and statement can be split between people belonging to a group. Each would have their own certain share of amount which would sum up to the total. This can be executed in cases where the account will be maintained for a long term also.
