A successful start-up and a solution provider go hand-in-hand these days. With the onset of Covid-19 pandemic, we need start-ups that offer a product or service as per changing needs of the marketplace and act as per the need of the hour i.e., following the most important social distancing norm.
How Ezetap is Addressing Evolving Consumer Needs?
‘Ezetap’, is one of the start-ups that is addressing the evolving needs and requirements of consumers by offering a payment solution for delivery. It offers ‘Ezetap Device’, a light weight card reader which can be plugged into any smart device or a smartphone device used by a retailer.
Near Field Communication (NFC) Card payments (Ezetap low cost NFC enabled device), Integrated dynamic QR code payments for retail, Static QR Code, SMS Pay-link and Bulk SMS are some of the easy ways the startup has implemented to help the consumers. Ezetap serves the use Cases like remote payments. The Unique Selling Point (USP) of the solution Ezetap provides is the direct reconciliation. The payment received can be updated on the billing system of the merchant immediately. Also, provides the digital receipts thus, providing a customer-friendly and environmental-friendly service.
The start-up aims to become the single solution for businesses to complete the financial transactions with their customers by using every method the customers want to use.
The aim for ‘Scalability’ led to the need for changing the business model to ‘SaaS model'.
Ezetap: Reason to ‘Pivot’ to SaaS Model
Ezetap started its journey from a single payments offering model to a SaaS business model.
So what made Ezetap to ‘pivot’ to a new model? Abhijit (Bobby) Bose, the co-founder of Ezetap, a merchant payments platform, realised at a very early stage that India is an emerging market and a country like India is very different from the United States. In the US, the payment company makes money through transactions. However, in emerging markets like India, there was no margin and so the management had to take a decision to ‘pivot’ the business model to Software as a Service (SaaS) model i.e., payments had to be transferred to the software business.
Basically, Ezetap is a kind of Amazon Web Services (AWS) of digital payment for business in India. They permit the business to plug into payment infrastructure and for that Ezetap charges the Software as a Service fee.
With the changing times, Ezetap realised it is the time to deliver an enhanced payment network. In a way, the aim for ‘Scalability’ led to the need for changing the business model to ‘SaaS model’ i.e. Software as a Service (cloud-based software technology).
What’s in it for me?
The path taken by Ezetap is to assess the consumer needs, understand where the company stands and decide the business solution. To ensure growth and scalability, this startup considered the strategies to pivot. Amidst these chaotic times for businesses, it is very important for entrepreneurs to analyse how to direct their businesses towards growth and sustainability.
As a small business entrepreneur, one must always be ready to pivot to a sustainable solution for her/his venture. Understanding from many entrepreneurial journeys, one can gain a reasonable understanding and have a larger perspective on strategies for business transformation.