Products used
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WooCommerce Plugin
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Global
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E-Commerce
23%
Increase in conversion rate
1%
Transaction fee on Bitcoin payments
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Challenge
Bodega Digital sells a wide range of digital products to its global audience. Collecting international payments was always a challenge. For starters, no single payment gateway is universally supported by all countries. Moreover, some payment processors impose restrictions on international purchases, and others levy high processing fees on such transactions. Last but not least, collecting micro-payments was costly and cumbersome due to heavy fees and slow transfer. All this made it extremely difficult for Bodega Digital to transact internationally.
Solution
Bodega Digital turned to Bitcoin. They used Speed’s WooCommerce plugin to enable Bitcoin payments on their online marketplace. With our plugin, they can collect Bitcoins in real-time from any part of the world. All they pay is a 1% fee if their transaction volume exceeds 0.5 BTC (≈ $30,000). Our plugin made Bodega Digital a global marketplace by allowing them to accept international payments cost-effectively.
Result
With Speed’s WooCommerce plugin, Bodega Digital managed to minimize the payment decline rate significantly while maximizing revenues. They penetrated global markets rapidly and reached more users by enabling seamless global payments. Let’s look at a few outcomes they achieved with Speed’s WooCommerce plugin.
1. Seamless global transactions:
Speed enabled Bodega Digital to collect payments from across the globe in real-time. They no longer had to wait for days or weeks for the funds to settle into their account. With Speed they can automate payouts once and for all. Users can schedule their payouts so their funds will be credited to their Bitcoin wallets regularly.
2. Cheaper transactions:
International transfers through traditional payment gateways can be expensive. Transaction charges can take up a significant chunk of your payment. By enabling Speed, Bodega Digital managed to save up to 38% in transaction fees and other charges. Speed levies only a 1% transaction fee on all transactions — thereby facilitating faster and cheaper global transactions.
3. Improved conversion rate:
There’s no universal payment method supported by every country around the world. For instance, PayPal is restricted in Afghanistan, Bangladesh, Cameroon, Central African Republic, and many more. And credit cards don’t work in Bulgaria, Belarus, Cote d’Ivoire, Indonesia, etc. Thus, users from these countries couldn’t check out with traditional payment gateways. By enabling Speed, Bodega Digital improved its conversion rate by 23%. That’s because Bitcoin is a global currency and works almost anywhere in the world.
