Payix is a leading FinTech company that provides collections tools, payment processing resources, and business intelligence solutions to U.S. lenders and auto dealers.
Offering white-label services and real-time loan management system (LMS) integration, Payix helps their clients connect with borrowers and improve payment collections and communication – especially with their secure, engaging, and affordable mobile application.
From the beginning, Payix has recognized the benefits of supercharging its development capabilities by working with an outsourced development partner. However, working with a third-party development firm doesn’t always come without risks.
Prior to partnering with Koombea, the team at Payix found themselves in a complicated situation with their current outsourced development partner who – although having exceeded expectations earlier in the relationship – was beginning to show signs of strain. Over the span of just a few weeks, both the quality of the work being produced as well as the issue resolution responsiveness had drastically declined, directly impacting Payix’s ability to achieve strategic goals.
After scouring the market for qualified nearshore development partners and interviewing potential candidates, Payix decided to partner with Koombea.
Koombea’s deep and verified expertise was substantial, but their ability to quickly step in and rescue Payix from a disintegrating situation was a key factor in the decision making process.
Within hours of formalizing the relationship, Koombea took charge and began to transition Payix away from their current development partner, ultimately completing the transition sooner than expected and with no disruption to business operations.
Payix hasn’t looked back since.
The company’s existing technology platform made it difficult to onboard clients, which directly impacted the bottom line.
In the past, creating new client environments took Payix months; they had to code each new environment from scratch, and build the needed infrastructure in AWS.
Furthermore, as the company attempted to scale, the Payix team was having to dedicate more and more internal development resources to onboarding new clients.
It soon became clear that the rigidness of Payix’s current platform, combined with the lack of professionalism and competency of their previous development partner, was costing the company opportunities to increase revenue.
Payix needed to rapidly meet market demand, but was being held back by their outsourced development partner.
Payix’s previous developer lacked the capacity and competency necessary to customize a revenue-driven FinTech platform.
Prior to partnering with Koombea, Payix’s outsourced development team lacked the development capabilities needed to build a platform that could sustain company growth and drive revenue.
The team had a myopic approach to technology, leveraging only a narrow set of technology stacks, which limited Payix in terms of feature development.
On the other hand
Koombea’s unique Agile approach to full stack development leverages whichever technology stack is most conducive to building and supporting the best digital solutions possible.
A rescue development team was needed, FAST.
The most immediate challenge Payix faced before working with Koombea was the inability to get contracted clients up and running on the platform so that the business could generate revenue.
Essentially, the company lacked the technical capability and support to consistently expand their technology platform to sustain client growth. This stifled revenue generation had left the Payix leadership team in a perpetual state of frustration.
As they began their search for a software development partner to help put things back on track, the team settled on the following specific search criteria:
- Partnership and transparency with regular feedback, cohesive project flow, open and honest communication, regular check-ins, weekly scrum sessions, and visibility into project risks
- A quality work product that would allow issues to be quickly identified and resolved cost effectively
- A dedicated team focused on Quality Assurance (QA)
- A fully equipped team of digital strategists, software engineers, and designers highly skilled at developing and supporting FinTech companies
- A thorough understanding of Payment Card Industry Data Security Standard (PCI DSS) requirements
The Koombea team delivered a flexible and scalable payment platform that enabled Payix to ramp-up business growth.
Koombea developed a platform with a UX that is simple and easy-to-use, and that is reliable for clients. Thanks to their ongoing partnership with Koombea, Payix now has a reliable development partner who supports their ongoing software needs.
Since working with Koombea, Payix has evolved beyond lengthy processes put in place by their prior development team. Agile development has enabled them to improve their solutions on a rolling basis.
Client onboarding time has decreased drastically, which means revenue generation begins much sooner and the company can support its strategic growth initiatives.
Payix’s digital solutions will only grow stronger in the future, as they now have access to Koombea’s development resources moving forward. If Payix has additional project requirements, Koombea will build, test, deploy, and update new features as needed.
When asked how he felt about working with Koombea, Payix CEO Chris Chestnut had the following to say about the relationship:
“The Payix team is very thankful to Koombea for stepping in and helping us move past our previous development partner. With Koombea now by our side, we’re achieving our client on-boarding goals and maximizing revenue opportunities”.
QA & Performance Testing
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Whether you’re a startup or Fortune 500 company, Koombea has the team and fintech knowledge needed to deliver a product that will boost your bottom line. Contact us today!