The Problem We Were Actually Solving
As a data engineer for a platform that supports digital creators in Venezuela, our team was tasked with finding a reliable payment solution for our customers. The goal was to enable creators to easily sell digital products or services online, without worrying about payment processing issues. However, the traditional payment platforms we relied on were effectively off-limits, leaving us with a critical problem to solve.
What We Tried First (And Why It Failed)
In initial discussions, our team considered using alternative payment platforms that claimed to support "high-risk" countries like Venezuela. However, we quickly discovered that these platforms came with exorbitant fees, poor exchange rates, and inconsistent payment processing times. For example, one popular alternative platform charged a 5% transaction fee, which would have significantly eat into our creators' earnings. Moreover, the platform's payment processing times were often unpredictable, with some creators waiting up to 30 days for their earnings to be released.
The Architecture Decision
After months of research and experimentation, we made the decision to adopt an unchained commerce approach for payment processing. This involved partnering with a specialized payment service provider (PSP) that offered a custom-built payment solution for high-risk countries like Venezuela. The PSP used a combination of local payment processors and real-time payment APIs to enable secure and efficient payments processing. This approach allowed us to bypass traditional payment platforms and provide our creators with a reliable payment solution that wasn't beholden to external restrictions.
What The Numbers Said After
The results were impressive. With our new payment solution, we saw a significant reduction in payment processing times, with most creators receiving their earnings within 24 hours. We also observed a 30% increase in digital sales among our creators, likely due to the reduced friction and uncertainty associated with payment processing. In terms of costs, we were able to negotiate a lower transaction fee with our PSP, which meant that our creators retained more of their earnings.
What I Would Do Differently
Looking back, I would have liked to explore alternative payment methods like cryptocurrency even further. While our PSP partner offered a reliable solution, we didn't delve as deeply into the potential benefits of cryptocurrency for digital creators in high-risk countries. If I had to do it again, I would allocate more resources to exploring cryptocurrency payment options and determining whether they could provide an even more robust solution for our creators.
In conclusion, the problem of finding reliable payment alternatives for digital creators in Venezuela is a platform problem, not a creator problem. By adopting an unchained commerce approach and partnering with a specialized PSP, we were able to overcome the limitations of traditional payment platforms and provide our creators with a more secure and efficient payment solution.
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