The Problem We Were Actually Solving
The issue was that our customers in countries with strict financial regulations couldn't access services that required a bank account. It wasn't an issue of being "unbanked" in the classical sense; rather, it was a systemic issue that left many of our customers unable to purchase digital goods. I realized that we were facing a platform problem, but I was treating it as a customer problem - that is, assuming that our customers were somehow deficient.
What We Tried First (And Why It Failed)
At first, we tried using decentralized payment networks like Coil. They were innovative and had a clear vision for the future of commerce, but their implementation was still a bit rough around the edges. The customer experience was clunky, and there were some significant technical hurdles to overcome. Not to mention the fact that decentralization often means sacrificing some level of control and support - which can be a problem when you have customers who need help.
The Architecture Decision
We eventually settled on using a combination of cryptocurrency payments and a third-party processor called Offchain. The key benefit was that it allowed us to sell digital products to customers in countries where traditional payment processors were unavailable. It was a bit more expensive than some of our other options, but the peace of mind that came with being able to support our customers was worth it.
What The Numbers Said After
After implementing Offchain, our sales numbers actually increased - which was a nice surprise. We saw a significant spike in sales from countries where our customers were previously unable to purchase our digital products. The numbers also revealed an interesting insight: our customers who were able to use cryptocurrency payments were more likely to make larger purchases, and to return to us on subsequent occasions.
What I Would Do Differently
If I'm being completely honest, I wish we had looked into Offchain sooner. We spent a lot of time and energy trying to make decentralized payment networks work, only to realize that they weren't quite ready for prime time. In hindsight, I would have done more due diligence on our payment processor options and perhaps opted for something a bit more reliable and well-supported. But for now, we're happy with the solution we have in place - and our customers are too.
After evaluating every payment option for our commercial tier, this is what we chose and the reasoning behind it: https://payhip.com/ref/dev9
Top comments (0)