Payment options for cryptocurrency trading platform
When establishing a cryptocurrency trading platform or entering new markets, the ability to offer customers a variety of online payment options with access to payment rails and banking networks should be a top priority. Once integrated these payments options should run like clockwork and your payment workflow should function autonomously so that every member of your team can focus on growth hacking.
It is not uncommon for crypto exchanges to face custody, regulation and liquidity challenges, so partnering with the right payment provider can make all the difference between a successful and swift market entry to one that is fraught with challenges, delays and unexpected costs. This is also a detail you shouldn’t overlook if you want to ensure flexibility, automation, payment options, competitive edge, customer success and last but not least growth.
Gaining agility and flexibility as a new cryptocurrency exchange in new markets
Agility, combined with a unique value proposition and the ability to innovate will go a long way.
Working with a partner that can provide flexible API technology that can be modelled around your exchange’s unique requirements can give you the ability to enhance your features against those of competitors.
Automation improves efficiency for your cryptocurrency platform
Agile cryptocurrency trading platforms that maximise automation operate at a significant competitive advantage in today’s environment. Tracking the many parts of a complicated payment flow can be done instantly with no manual efforts .
Streamlining and improving business processes such as receiving deposits, making payouts, and managing reconciliation can create value by helping you gain efficiency, and free up work-time to focus on customer acquisition or retention.
As it grows, a cryptocurrency trading exchange should expect to have several traders depositing payments into their online platform wallets, buying cryptocurrency and withdrawing fiat at any given time. Managing the payment flow can become increasingly complex as the customer base grows.
When tracking payments in and out of wallets for crypto trades and fiat deposits, the platform must also ensure the payments happen accurately and quickly. A slow, missed or lost payment and your customer could loose the opportunity of striking bitcoin gold, decide to switch crypto exchange and also mention the experience to their network.
All this could be avoided by optimising and automating, to also free staff time so they can focus on the priorities of a growing crypto exchange. With automation Assembly can help cryptocurrency exchanges set up and track reconciliation across complex payment flow.
How to start for a cryptocurrency exchange in Australia - Taking payments
A crypto currency exchange is only operational if it is able to receive and make payments. Although an all important factor for turnover and business as usual however, this activity should happen seamlessly in the background.
These are a few things that a cryptocurrency trading platforms must ensure when setting up its online payments:
- Offer multiple payment options - Offer your growing customer base a wide variety of simple yet effective deposit and withdrawal methods. Different options will appeal to a wider range of customers as well as providing your platform with flexibility, depending on the type of payment that is being made.
- Find a trusted payments provider - Australian traders use payment methods they know and trust. BPAY for instance is one of the most recognisable payment methods in Australia, and faster payments using PayID have seen huge adoption in recent years. Assembly has led the charge in Australia by providing cryptocurrency exchange platforms direct connections into both BPAY and into fast payment rails to enable their online payments.
- Enable automation - Assembly allows platforms such as cryptocurrency exchanges the ability to trade autonomously, with a single API integration that eliminates the need for human intervention, allowing exchanges to offer fast payments, regardless of HQ location.
- Scale - When the bull run is on, you want to ensure your chosen payments partner can provide a sustainable and scalable connection to local payment rails. Many exchange platforms trust Assembly because as pioneers of real-time payments in Australia we hold the country’s track record in helping our customers look after their traders when they need them most.
Customer Success and Growth
Agility through automation and flexibility as a result of multiple payment options can enhance your value proposition and lead to growth.
Cryptocurrency exchange Coinjar has increased the speed at which traders access and trade funds on their online platform. Apart from enhancing customer experience, these faster trading times have improved customer acquisition timelines resulting in double the amount of new customers.
To find out how to kickstart a cryptocurrency trading platform in Australia by connecting your payments and automating your processes get in touch.
September 11, 2020