The Problem We Were Actually Solving
We faced a multitude of complaints from our users who were locked out of their own accounts because of country-specific restrictions enforced by these payment gateways. While it was easy to blame the users for choosing a platform that didn't work in their country, our founders were determined to make it work. We didn't want our users to have to navigate the complex web of payment platforms, finding workarounds that often involved sacrificing security and usability.
What We Tried First (And Why It Failed)
Initially, we decided to go the integration route, partnering with various payment gateways to allow our users to use them on our platform. We thought this would be a straightforward solution, allowing our users to reap the benefits of these popular payment gateways while still using our platform. However, we quickly realized that integrating with these gateways meant we had to adhere to their own rules and restrictions, which often led to our users being locked out. For instance, we had a user from a restricted country who was unable to pay using Stripe, despite having a valid credit card and a working account. The error message was cryptic and didn't provide any useful information, leaving the user frustrated and confused.
The Architecture Decision
We decided to move away from traditional payment gateways and opt for an unchained commerce approach, one that allowed our users to sell their digital products directly to customers without going through a third-party payment gateway. This decision was met with skepticism by some team members, who were concerned about the security implications of handling payments directly on our platform. However, we were convinced that the benefits outweighed the risks. We invested in developing a robust payment processing system that used blockchain technology to secure transactions. This allowed us to bypass the geographical restrictions imposed by traditional payment gateways and provide a seamless experience for our users.
What The Numbers Said After
Our decision to go unchained commerce paid off in a big way. Our user retention rates improved significantly, with users from restricted countries able to sell their products without any issues. We also saw a significant increase in revenue, as our users were able to reach a global audience without the restrictions of traditional payment gateways. According to our analytics, we saw a 25% increase in revenue within the first six months of implementing the unchained commerce approach.
What I Would Do Differently
While I'm proud of the decision we made to go unchained commerce, I would do a few things differently if I had the chance. First, I would invest more in educating our users about the benefits and risks of this approach. While we provided clear guidelines and security information, I think we could have done a better job of communicating the importance of security in this approach. Second, I would invest in developing more robust reporting and analytics tools to help our users track their sales and revenue. This would provide them with more visibility into their sales performance and help them make informed decisions about their business.
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