How to adapt your payments to increase sales with Jason Butcher CEO of Coinpayments (episode 319)
Jason Butcher is a specialist at the fore front of fintech, he’s a key advisor to multiple businesses focused on aspects of payment solutions and emerging currencies. His core role as the CEO at Coinpayments, an integrated payment gateway for cryptocurrencies. Who better to update us on the latest payments opportunities?
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Getting into Payments
In the early ‘90s Jason was involved in the development of WSM — the World Shopping Network, which is essentially the system we all use today.
To make it work, they needed a payment system and Jason was part of the team that made it come to life. Then in the 2000’s he was asked to develop a payments system and gateway for the Caribbean called CPay.
In 2015, he was introduced as a mentor for the founders of CoinPayments and he’s been with them since.
Big Changes in Payments
Four years ago, most people used and ran credit cards for eCommerce payments. Even with the onset of digital wallets most people relied on traditional methods.
Today the landscape is entirely different. There are so many types of payment systems available to people now and they vary by geography. Preferred payment types vary hugely by region.
For example — digital wallets are popular in Africa while Canada has begun to favor EFT and cash is still part of the American payment expectation.
Impact on eCommerce
Understanding your target audience’s preferred payment methods is critically important for eCommerce success. Geography, demographics and the right payment type for product type and price are all critical factors to think about.
Major Payment Types to Know
Mobile Wallet
Some mobile wallets, like Apple Pay are connected to banking systems and are at the front of the pack, since they are native to iPhones.
PayPal remains a major player in the space, but Jason says the leaders in innovation are in places like the Phillipines who have been making payments by text for nearly 15 years.
Buy Now Pay Later
Buy Now Pay Later is simply credit, Jason points out. We’ve been doing this for things like mortgages for years. The difference is having a technology that allows the merchant to lend directly to consumers.
Crypto Currency
In the UK, there is a lot of work happening by regulatory agencies to stimulate more adoption of cryptocurrency and provide more oversight of the space.
Crypto has the advantage of being instantaneous. There is no settlement time to worry about and merchants are beginning to recognize that they are going to see an uptick in consumers who want to pay in crypto.
A lot of people are also wanting to use stablecoin rather than more volatile cryptocurrency.
StableCoin — Consistent value based on steady algorhythms. May attract more people to adoption
CryptoCurrency — Coins with changing value based on market value.
There are far more digital currencies than there are traditional currencies. Most the activity, Jason points out, happens in the top 5-20 currencies.
eCommerce Book Top Tip
- Reads information from and participates with insights from Abundance Digital and Abundance 360
eCommerce Traffic Top Tip
- Ask for referrals. Jason says a lot of traffic to CoinPayments comes from good old fashioned referrals
- Organic Search
Tool Top Tip
Growth Top Tip
- Make sure you’ve added all possible payment solutions
Interview Links
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- How Swag.com grew their B2B eCommerce sales 1,999% in 3 years with Jeremy Parker
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