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Pandascrow: The Journey From Adam.

Author on Pandascrow blog

Oyindamola

Growth

Pandascrow: The Journey From Adam.
JP Morgan once said – "The first step towards getting somewhere is to decide you’re not going to stay where you are”.

Our everyday mantra at Pandascrow is progress, impact, and results. This motivates us to look for ways to improve our services constantly.

For the past 2 years, Pandascrow has been working tirelessly to build a solution that not only provides security for online transactions but also profers a seamless, fast, and flexible payment experience for our users.

Our Genesis

Pandascrow began in 2020. Pandascrow was developed with programming languages PHP, JavaScript, and simple HTML whilst utilizing an SQL database. The minimum viable product (MVP) was hosted on a shared hosting platform with a secure domain.

Initially, it was terrible. We had many unnecessary MVP features such as milestone payment, crowd payment, one-time payment, payme, group pay, and quick pay.

Like most early-stage startups, we invested a lot of resources in features that did not align with our product goals and the needs of the target market.

Our Mistakes and Lessons Learned.

We would be dishonest to say our rocky start was the only problem we faced. As a budding Saas company, the journey of Pandascrow has been riddled with errors and lessons.

Despite having an experienced team of professionals and a second-time founder as CEO/CTO we faltered in a few areas. We failed to perform ample market research, hence we overlooked certain audience needs and demands. Most of our decisions and developed products were based on personal preference and gut rather than data-driven facts.

We see these mistakes as stepping stones to what led to where we are today. We learned that we lacked clarity and tended to give an unfamiliar answer to a general issue. We complicated a common problem with our unfamiliar approach to solving it. In due time, we corrected these mistakes.

Corrective action

Our first step to a turnaround was to narrow down the problem to specific industries and conduct a user survey within those industries.

Hence, we improved solution communication through the built product. The industries we began to focus on were; internet marketplaces, real estate, social commerce, social good, cryptocurrency, and e-commerce.

Rebuild, and launch version 1.1.

v1.1 was successfully launched in May 2022. The solution had several improvements as a result of in-depth audience research and thorough niche analysis.

We resolved payment fraud in specific industries. We also removed unnecessary MVP features like; group pay, quick pay, and other features. With the absence of cumbersome forms, user signups increased by 40%. Due to payment simplification, transaction rates increased by 20%. We also witnessed a 3% increase in referrals.

However, we still had an unresolved UX problem; the product was complex and confusing. This prompted us to establish 8 key factors for the development of the product upgrade.

    Objectives for user payment experience

    The top 8 objectives for an improved payment experience are:

  • Security:Safety is our watchword at Pandascrow, in this new update we doubled down on security in online transactions by improving our security infrastructure; partnering with secure and trusted brands.
  • Risk:We hope for the best but prepare for the worst. Hence we've secured insurance and fail-proof plans in case things go south. This would ensure minimal loss in the face of a setback.
  • Reputation:We focused on building our brand reputation by securing meaningful testimonials from our users on social media.
  • Efficiency:We value time at Pandascrow. As such, we've enhanced the performance speed in v2.0
  • Mobility:Improved management of downtime or failed processes in transactions on our platform.
  • Ease of use:Making money is hard, so why should payment processes be harder? We focused more on a seamless user experience in v2.0
  • Privacy:We aim to offer data protection from third-party access. We ensure transparency in the usage of data gotten from our users.
  • Emotional appeal:Payment should be stress-free and appealing. We've developed a delightful experience for the users of pandascrow. All these factors point to one major objective — trust in our products and services.

Growth phase

After taking all these factors into account, we've experienced gradual growth in terms of sign-ups, usage, transactions, social community audience, and other growth-related ripple effects.

We also saw an increase in revenue, new web visitors, referrals, and feature requests by users. We created a channel between customers and support systems, and partnered with key businesses like Fincra and Dojah in Nigeria and overseas.

Right now

Currently, Pandascrow v1.0 mobile app is set to be released on the Google Play Store and the Apple Store. Also, we have published our API for public B2B consumption, and released our checkout for payment integration.

Future aspirations

We are expanding to areas of increasing demand for our solutions like North America, Ghana, and South Africa. Some companies and organizations are on our roadmaps for strategic partnerships as well. As we climb the ladder of becoming a successful sought-after escrow platform, we look back at our humble story; which propels us to keep climbing.

The vision to make the online space a fraud-free haven for every transaction spurs us on. We can't wait to share our new solution with you. We hope you stick around for the exciting developments to come. Cheers to a world of zero limitations!

Team Pandascrow.

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