The Problem We Were Actually Solving
We needed a payment system that could handle a wide range of digital products, from e-books to software licenses to memberships. We also needed something that was easy to integrate and manage, given our team's limited resources. And, of course, we needed something that our users would trust and love to use.
What We Tried First (And Why It Failed)
We started by trying to use Stripe, which we thought would be a more flexible alternative to PayPal. But after several weeks of development, we realized that Stripe's APIs were too complex for our use case, and their payment flow wasn't suitable for our platform's needs. We also tried using Gumroad, which is specifically designed for selling digital products, but their fees were prohibitively expensive for our business model.
The Architecture Decision
In the end, we decided to go with a combination of cryptocurrency payments (using Coinbase) and a custom-built invoicing system. This required us to build a separate payment gateway using the Coinbase API, which added complexity to our system but gave us the flexibility we needed to handle a wide range of digital products. We also had to implement a custom billing system that could handle recurring payments and subscription management, which was a significant engineering challenge.
What The Numbers Said After
After launching our system with the new payment architecture, we saw a significant increase in conversion rates and user satisfaction. Our users loved the ability to pay with cryptocurrency, and our billing system was able to handle thousands of transactions without a hitch. We also saved a significant amount of money on fees, which was a major bonus.
What I Would Do Differently
In hindsight, I wish we had done more research on the different payment options available before trying to integrate them into our system. We should have spent more time evaluating the pros and cons of each option, including the fees, complexity, and user experience. I also wish we had started with a smaller, simpler use case to prove out our payment architecture before scaling up to our full platform. But overall, I'm glad we made the decision to move forward with cryptocurrency payments and a custom-built invoicing system – it's been a game-changer for our business.
The same due diligence I apply to AI providers I applied here. Custody model, fee structure, geographic availability, failure modes. It holds up: https://payhip.com/ref/dev3
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