Building a presence in the crypto ecosystem, and capturing the customer opportunities that arise from it, can be daunting for non-native businesses. Oftentimes, knowledge gaps can work to reinforce stereotypes that the space is inscrutable, or off-putting for the uninitiated.
Thankfully, crypto companies are stepping up to break down these barriers by putting digital asset transactions within reach for companies that want to tap into the growing zeitgeist. New platform-as-a-service (PaaS) offerings are becoming common access points for businesses of all sizes looking to quickly level-up their presence and/or performance in the digital economy. Finding the pathway best suited to your organization requires the consideration of several key benefits, and strategic deliberation in selecting the right PaaS partnership.
How can the right PaaS provider serve your business and its customers? Read on…
Diversify your offerings
Walk into any retailer and you’re bound to see something that, at first glance, seems out of place. Crisps at the DIY shop. Clothing hawked at the grocer. Umbrellas for sale at the mechanic. However, what at first feels incongruous is actually the result of careful study by the proprietor to engage more fully with their customers. These little add-ons can serve crucial functions as tools for navigating the world, or provide light refreshment for folks as they go about their day. With this line of thinking, integrating crypto services can be like putting gum and candy by the register. Regardless of a businesses’ scope of sale, the continued growth and acceptance of digital assets in global finance presents a case for broadening such offerings.
Where a chocolate bar can offer a brief boost of energy, the purchase of digital assets can help fortify consumer feelings of inclusion, and diversified financial empowerment during periods of evolving usage. Business leaders in the space often partner with legacy and emerging service providers in an effort to maintain an inviting, intuitive transacting environment for their customers.
From credit/debit cards, to bank transfers, and branded payment services like PayPal, Google Pay, and Apple Pay, PaaS integrations grant additional customer throughways for the participating business. As such, the management of customer data pertaining to these payment rails is also handled by the PaaS provider as part of the overall agreement, taking a significant load off company resources. Once the API is mapped to the businesses’ exact specifications, proprietors can rest easy knowing their crypto storefront is fully operational and ready to further bond customers with your brand.
Customizable API
Speaking of tailoring crypto offerings, most PaaS integrations offer businesses the opportunity to pick and choose accommodations that best suit their clientele. The digital economy is itself a constellation of projects and protocols, and zooming in on each constituent part often reveals an ecosystem in its own right.
Most crypto companies operate in a similar fashion. They can encompass instant buy and sell rails for select digital assets, custodial wallet services, trading platforms, and where regulations permit, opportunities to participate in staking and saving programs. However, by choosing a PaaS partner with a customizable API and experienced account team, businesses looking to tap into this additional revenue stream can ensure services are UI/UX-optimized for client-specific needs.
Once you’ve partnered with a PaaS and launched offerings, the partnership can also offer unique insight into how solutions are being embraced by customers post-integration. Perhaps you’ll learn that they prefer to buy digital assets, or conduct fiat-to-crypto or crypto-to-fiat conversion, or sell crypto they acquired elsewhere. By isolating these patterns through backend dashboards, proprietors can track customer usage, and further tailor their business’ available crypto offerings. Going forward, physical and online vendors alike stand to benefit from integrating and refining a suite of best-in-class crypto services to align with customer demand. Not only can responding to such behavior increase customer loyalty, but correctly anticipating community needs can help put your business ahead of the pack.
Stay agile
Going beyond the choice architecture of products mentioned above, integrating DeFi services can help businesses keep pace in a changing economy. While regulatory uncertainty lingers in some regions, the majority of world markets agree on the usage and inclusion of digital assets in the global monetary landscape. Companies that questioned crypto during its early days would be right to reconsider their approach in light of changing sentiment. Not to mention, it’s never been easier to adapt and compete with the aid of a trusted crypto guide.
While the overall nature of payments is trending to the digital, users in all jurisdictions are becoming less invested in their native fiat currencies. Whether due to popular trends in the case of meme tokens, or savvy placements informed by white paper research observed with more trusted digital assets, individual users remain the lifeblood of the crypto ecosystem.
Since it’s easier than ever to transact with a minimal digital footprint, retail usage is increasingly informing how leaders conceptualize development within the crypto space. For non-crypto native proprietors, it can be difficult to know where to prioritize one’s efforts. Thankfully, PaaS integrations make crypto solutions more accessible by alleviating the pressure put on businesses to navigate the global regulatory landscape, by sharing their reputation, resources, and expertise.
Leapfrog licensure
PaaS offerings place a premium on simplicity, which in large part stems from the convenience of jumping on existing regulatory licensure. In essence, businesses that integrate with a PaaS can piggy-back off established good standing, to extend the offering of trusted DeFi services. This can help expedite the availability of new verticals to any enterprise, while ensuring that all products and access remains above board, and in accordance with the highest industry standards. In light of recent and ongoing litigation in the space, choosing a crypto partner with tenured experience complying with regulators can circumvent major headaches down the line.
Rather than starting from scratch on complex, and often regionally-specific application processes, it’s worth considering a partner who’s already blazed those trails with a proven track record of success. In the current landscape, this can require the expertise of legal, compliance, and financial professionals working in concert to apply for and maintain all necessary licensure. This often requires regular audits to ensure services are being properly conducted, and that customer data is handled in accordance with local regulations. To engage in an industry of near-constant flux, it’s critical to partner with trustworthy service providers who can manage the thornier contours of the digital economy.
Strength in numbers
Many forget that the phrase “jack of all trades” is rightly followed by the rejoinder “master of none.” While anyone can dabble, it takes dedication to truly grasp a field or discipline. And sitting at the intersection of finance, technology, and economics, crypto requires a broad skillset before understanding can be achieved, let alone mastery. That’s why partnerships and collaborations are essential for functioning and remaining relevant in a shifting marketplace. By joining forces and integrating with a PaaS, businesses stand to gain a legion of nested solutions to augment their existing offerings.
But choosing to partner with a legacy crypto leader is more than just an integrated set of customizable amenities. Reputable crypto companies are composed of experts and enthusiasts tasked with safely streamlining access to the digital economy. This helps ensure a high caliber of service, and fosters a professional environment that strives to anticipate customer needs. By maintaining a posture of self-reflection, responsible PaaS providers undergo near-constant refinement and innovation to meet and resolve change. That way, proprietors can more strategically apply their energy, and rest assured knowing a trusted crew is standing by if the waters get choppy.