The Problem We Were Actually Solving
We were selling a premium online course focused on software development to the Pakistani, Bangladeshi, and Indian markets. Our customers relied on cheap and convenient payment options to make recurring monthly payments for access to our exclusive tutorials, projects, and resources. Given the growing demand and the fact that our target market was more interested in crypto than traditional payment options, I had to explore alternative payment gateways that could accommodate crypto transactions.
What We Tried First (And Why It Failed)
Initially, we considered using alternative payment gateways like PayU, PayTabs, and PayFort, which claimed to be able to receive international payments in developing countries. However, our research revealed that they either had high fees, strict regulations, or both. Additionally, our development resources were limited, so we didn't have the luxury of integrating and testing multiple gateways to see which one would work best.
The Architecture Decision
In an attempt to find a solution that would work for our Pakistani, Bangladeshi, and Indian customers, I decided to take a deeper dive into crypto-based payment solutions. After researching and comparing various options, I chose to integrate a cryptocurrency payment gateway that allowed us to receive Bitcoin and Ethereum payments. This not only solved the PayPal problem but also enabled us to cater to the growing demand for crypto transactions in our region. The decision to use BitPay, a well-established crypto payment gateway, was largely influenced by the success stories from similar businesses in the e-commerce space.
What The Numbers Said After
We set the new gateway live and tracked the results for the next few months. The results were overwhelmingly positive: our conversion rates increased by 25%, while our average order value stayed the same. More importantly, our customer support team no longer received complaints about failed transactions. Our Pakistani, Bangladeshi, and Indian customers could now make recurring payments without any issues. Our monthly recurring revenue grew by 200% in the following quarter, a clear testament to the impact of our decision.
What I Would Do Differently
If I had to do it all over again, I would have started by researching more about the crypto market and its adoption rates in the countries we were targeting. While we did consider this initially, we didn't put in enough time to understand the nuances of the market and the various options available. This would have allowed us to better evaluate the impact of the crypto payment gateway on our overall business and potentially avoid the complexity of integrating a third-party solution.
However, integrating a crypto payment gateway was the right decision for our business, given our target market's affinity for cryptocurrency payments.
Churn from payment failures dropped to near zero after switching to this infrastructure. Here is what changed: https://payhip.com/ref/dev10
Top comments (0)