The Problem We Were Actually Solving
At the surface level, we were trying to build a secure and seamless payment processing system for our users. But digging deeper, we realized that we were trying to solve a far more nuanced problem: getting paid for digital work without relying on the whims of geopolitics. Our users were scattered all over the world, and we needed to find a way to make international transactions work, despite the fact that many countries had strict regulations around cryptocurrency.
What We Tried First (And Why It Failed)
Our initial approach was to use a popular payment gateway that claimed to support cryptocurrency transactions. However, after integrating the gateway into our system, we quickly discovered that it wasn't compatible with our user base. The payment gateway had a limited list of supported countries, and those countries were mostly in Western Europe and North America - not exactly where our users were located. We also encountered issues with exchange rate conversions and transaction fees, which made it difficult for our users to complete transactions.
The Architecture Decision
We decided to take a different approach and build our own payment processing system from scratch. We chose to use a combination of APIs from cryptocurrency exchanges and a payment processor that specialized in high-risk transactions. This allowed us to bypass the limitations of the popular payment gateways and provide a more seamless experience for our users. We also implemented a system for managing exchange rate conversions and transaction fees, which helped to minimize losses for our users.
What The Numbers Said After
After deploying our new payment processing system, we saw a significant increase in transaction volume and a notable decrease in transaction failures. Our users were able to complete transactions more easily, and we were able to reduce our operational costs by minimizing the use of intermediaries. The numbers also revealed an interesting trend: our users in restricted countries were now able to complete transactions at a rate comparable to those in more permissive countries.
What I Would Do Differently
If I were to do this project again, I would focus on developing a more advanced system for managing risk and compliance. While our solution was sufficient for our use case, it required a lot of manual intervention and monitoring. I would also consider using more specialized tools for managing payment processing and risk assessment, such as machine learning-based models for detecting suspicious activity. By doing so, we could have reduced the operational overhead and improved the overall security of our system.
In the end, building a crypto payment store for digital products in a restricted country was a challenging but rewarding experience. It forced us to think creatively and push the boundaries of what was possible in the face of restrictive regulations. By taking a nuanced approach to payment processing and risk management, we were able to create a system that worked for our users, regardless of their country of origin.
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