RayPal

Collect and organize bank payments across borders.

Comment 1

Benaiah Alumona created this project portfolio and has provided a link to his profile page on Rapyd community. You could find Chukwunonso Richard Iwenor in the Rapyd community via https://community.rapyd.net/u/richardstar/summary You could also find Samuel Ikoro via https://community.rapyd.net/u/devbash1

Inspiration

Foreign exchange fees on multiple online card payments for each large transaction across borders could be very costly. According to a publication by Nilson Report; credit, debit and prepaid cards generated $9.443 trillion in purchase volume in 2021 up 23.2% from 2020. U.S. merchants who accepted those cards as payment for goods and services paid $137.83 billion in processing fees, an increase of 24.3% from the prior year. https://nilsonreport.com/mention/1586/1link/

What it does

Raypal is a web application that leverages on Rapyd Virtual Account API and Rapyd Wallet to provide Virtual International Bank Account Numbers that businesses can use to accept bank transfer payments in various currencies of various regions where customers are located.

  1. Such solution cuts out the foreign exchange charges that come from converting every single international payment into your preferred currency.
  2. Enable businesses to expand quickly into new territories.
  3. Simplify financial reconciliation across borders. https://www.openpayd.com/uk/blog/what-are-virtual-ibans

Product Features and Uses Cases;

From our web app sellers may create, copy, share, disable or delete payment links to virtual accounts and wallets.

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Buyers may make fractional or complete payment deposit per person per invoice, or per group per invoice.

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Buyers may convert currencies of invoices.

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Sample Notification Successful for Payment

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Verify and update respective wallets. Download and display payment QR codes digitally or physically.

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See notifications of received payments on respective dashboards. Payment links and payment QR codes from our apps could be displayed by sellers in websites, physical stores and in description or comment sections of social media apps like Whatsapp, Twitter YouTube and TikTok. Buyers may open the secure payment links or scan payment QR codes from physical objects and locations.

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Buyers may receive email notifications of payments. Open links in emails to complete payments Open links in emails to request refund.

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Merchants may also decide to withdraw funds from their wallet in a different currencies.

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Challenges we encountered;

Initially, our signature calculations were wrong until we ensured that there were no white spaces and numbers were wrapped up in strings.

Previously, we couldn't make API calls to Rapyd wallet until we switched our project at that time to sandbox mode for the purpose of the hackathon and adjusted the time of the host laptop computer to match with EST time zone.

We experienced bugs after we deployed our app to live servers, so we debugged our app.

Enabling notifications to buyers was challenging initially, but now, we have a mailer within our app that handles notifications.

How we built our app;

ReactJS was used for client-side development of our web app .

Node Js and Express JS were used for the server-side development of our web app.

MongoDB was installed for the management of our database.

Our app leverages Rapyd Virtual Account API and Rapyd Wallet API for organizing necessary account information and transactions.

We leveraged a third-party API for currency conversion.

What's Next For RayPal

Implement settings for RayPal web application to enable sellers to select other countries and other currencies if they travel from one country to another or when they may want to accept payments from customers in other countries.

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