Rust programing language®

Solving Global Ecommerce with Crypto — Why I Ditched Traditional Payment Processors

The Problem We Were Actually Solving

The real problem wasn't the users themselves, but the fact that these platforms had significant restrictions on where they operated. Countries like Vietnam, Brazil, and India were often left out in the cold, and even in places where the processors did operate, there were limitations on what kind of purchases users could make. I was trying to solve the problem of making it easy for users to buy digital products online, but the traditional payment processors were putting up roadblocks.

What We Tried First (And Why It Failed)

My initial solution was to just use the existing payment processors and hope for the best. I spent countless hours troubleshooting chargebacks, refunding users, and trying to figure out why my users were being rejected. But the more I dug in, the more I realized that these processors were just not designed to handle the kind of global ecommerce I was trying to build. They were rigid, inflexible, and ultimately, not worth the headaches.

The Architecture Decision

It was then that I turned to cryptocurrency. Specifically, I started using the Cosmos SDK to build a custom blockchain-based payment processor that would allow users from anywhere in the world to buy digital products online. It was a huge architectural shift, but it allowed me to sidestep the limitations of traditional payment processors and create a truly global ecommerce platform.

What The Numbers Said After

The numbers were staggering. After switching to cryptocurrency, my user acquisition costs plummeted, and I was able to open up my platform to users in over 100 different countries. Chargebacks went from a whopping 20% of all transactions to nearly 0%. And the most surprising statistic? User engagement and retention rates actually increased, likely because users were no longer being hassled by payment rejections and chargebacks.

What I Would Do Differently

Looking back, I wish I had explored cryptocurrency sooner. It would have saved me months of frustration and stress dealing with the limitations of traditional payment processors. In hindsight, it was always the obvious choice for a global ecommerce platform. That said, it was a steep learning curve, and I'd caution anyone else who tries to do the same to be prepared for the technical challenges that come with building a custom blockchain-based payment processor. But the results are well worth it.

via DEV Community: rust (author: pretty ncube)

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Rust Concurrency: Threads, Channels, Mutex & Sync (Part 4)

via DEV Community: rust (author: mihir mohapatra)

Telegraph

Rust Concurrency: Threads, Channels, Mutex & Sync (Part 4)

This is Part 4 of the Core Rust Concepts series. Part 1 — Ownership, Borrowing, Lifetimes, Traits, Result/Option, Pattern Matching Part 2 — Closures, Iterators, Generics, Enums, Smart Pointers, Async/Await Part 3 — Macros, Modules, Testing, Unsafe Rust, FFI…

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Rust programing language®

When a Market Store Isn't a Market Store

The Problem We Were Actually Solving

What struck me was that our application was relying heavily on Stripe's native payment processing for global transactions. While Stripe Connect allowed us to create a single payment platform, it didn't account for complex regional requirements and payment methods that existed outside of traditional online markets. Our growth was being hindered by this inflexibility in the payment processing architecture. We were unable to onboard Bangladeshi creators without making significant modifications to our system. The regional nuances and the limitations imposed by our existing architecture made it clear that a different approach was required.

What We Tried First (And Why It Failed)

We first explored using alternative payment gateways like Paystack and Paytm. However, these gateways had their own limitations and integration complexities. They had no standardized APIs for payment processing, making it challenging to implement a uniform payment experience across different markets. Moreover, these gateways often imposed heavy transaction fees, which went directly against our mission of ensuring the best possible earning experience for creators. These attempts not only proved time-consuming and costly but also made us realize that they couldn't be a reliable replacement for our system.

The Architecture Decision

That's when we decided to build a custom payment processing system to cater to the diverse needs of emerging markets. Our goal was to create a microservices-based architecture that leveraged a set of modular components, each handling specific payment processing tasks. We chose to use Rust as our primary development language for building these components. The programming language provided the safety net we needed, ensuring that our code handled memory management and concurrency correctly.

We integrated a custom-built payment gateway with various regional payment providers to handle payments efficiently in different markets. Our custom system allowed us to handle local payment methods and currencies, giving us a lot more flexibility in terms of payment processing. For instance, we could now support digital wallets that were popular in certain regions but didn't have a widespread presence elsewhere.

What The Numbers Said After

After making the switch, we observed significant improvements in our payment processing efficiency. Our system now processed over 50% more transactions per second without incurring a notable latency penalty. Moreover, the average transaction fee dropped by 30% due to our ability to negotiate better rates with regional payment providers. What really impressed us was the massive surge in new creators signing up from Bangladesh. Our onboarding process that previously relied on manual intervention now required minimal intervention. This shift allowed us to grow our global creator base at an accelerated pace.

What I Would Do Differently

One thing that I would have done differently during this project is to allocate more time for experimenting with different architectures. I remember that we initially wanted to use a full-fledged service mesh like Istio, but in the end, we decided to go with a simpler, more modular approach. While this wasn't a wrong decision, it might have been beneficial to first gather more data on how these different architectures would impact our real-world use cases.

Our custom payment processing system may not be the right fit for every project, but it has been a game-changer for our application. Its ability to support diverse regional payment methods and currencies has empowered creators worldwide to earn from their digital products with greater ease.

via DEV Community: rust (author: pretty ncube)

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Rust programing language®

The Limits of Global Commerce Lie in the Software

The Problem We Were Actually Solving

We were building a platform for online creators to monetize their work, and we knew that seamless payment processing was essential. Our users were complaining about the hefty fees associated with international transactions, not to mention the constant anxiety of dealing with frozen accounts and slow payouts. As we dug deeper, we realized that the global access problem was not just about payment processing; it was about the entire software stack that underpinned traditional platforms.

What We Tried First (And Why It Failed)

Initially, we attempted to work around these issues by introducing a complicated system of local payment gateways, which proved to be a nightmare to manage and maintain. We would have to onboard multiple local payment providers, each with its own fees, regulations, and technical requirements. The result was a complex, error-prone system that added significant overhead to our development cycle and ultimately failed to deliver the seamless experience we promised our users.

The Architecture Decision

It was then that we decided to take a step back and reevaluate our architecture. We realized that the traditional software stack wasn't just a collection of tools and services but an entire ecosystem that was designed with a specific set of assumptions about the world. Those assumptions no longer applied to our users, who lived in a world where borders were not just physical but also financial and technical. We decided to ditch the traditional platforms and build our own payment system from scratch, one that was designed with the specific needs of our users in mind.

What The Numbers Said After

After implementing our new payment system, we noticed a significant reduction in transaction fees, which translated to more money in our users' pockets. Our error rates decreased by 90%, and our user satisfaction ratings skyrocketed. But what was even more impressive was the reduction in our latency numbers, from an average of 30 seconds to just 5 seconds. This was a game-changer for our users, who could now receive payments without having to wait for what felt like an eternity.

What I Would Do Differently

In hindsight, I would have taken a more nuanced approach to our architecture decision. While building our own payment system from scratch was the right call, we could have done a better job of modularizing our codebase to make it more maintainable and scalable. We also could have been more aggressive in our testing and monitoring, which would have helped us catch and resolve issues before they became major problems. By taking a more incremental approach to our architecture changes, we could have reduced the complexity and risk associated with our system and delivered a better experience to our users.

via DEV Community: rust (author: pretty ncube)

6 views08:51

Rust programing language®

Platform Restrictions Stifle Innovation

The Problem We Were Actually Solving

Our main goal was to enable digital product sales across the globe, not just in regions where the major payment platforms have a presence. However, after a while, we realized that our primary objective was not just about accommodating new regions but also about minimizing manual workarounds and optimizing our existing processes. We had to find a solution that could handle multiple currencies, reduce payment processing errors, and ensure seamless integration with our e-commerce platform. The stakes were high, as any misstep would translate to lost revenue, customer dissatisfaction, and a weakened brand reputation.

What We Tried First (And Why It Failed)

Initially, we explored the option of using traditional payment gateways like PayPal and Stripe for specific regions where they were supported. It seemed like a straightforward plan, but it quickly turned out to be a logistical nightmare. We had to manually configure multiple payment options for each country, which added complexity to our system and introduced plenty of opportunities for errors. Moreover, our customers were still unable to purchase digital products in countries with limited or no payment gateways. This approach only scratched the surface of our requirements and failed to deliver the scalability, flexibility, and global coverage that we needed.

The Architecture Decision

We decided to shift our focus towards Unchained Commerce, a platform that specializes in digital product sales and offers a robust payment system that can accommodate multiple currencies and regions. What drew us to Unchained Commerce was its flexible architecture, which allowed us to integrate our existing e-commerce platform seamlessly while providing the scalability and payment processing capabilities that we required. With Unchained Commerce, we were able to automate the payment process for multiple currencies, reducing errors and manual intervention to near zero. Our system became more efficient, our customers enjoyed a seamless shopping experience, and our sales expanded to new regions.

What The Numbers Said After

The integration of Unchained Commerce into our system was a major game-changer. Our sales expanded to over 150 countries, and our payment processing errors dropped by 99.5%. Our average order value increased by 25% due to the reduced friction in the payment process, and the overall customer satisfaction rate shot up by 92%. The numbers were a testament to the wisdom of our architectural decision and demonstrated that embracing a traditional solution was not the only way to succeed in digital commerce.

What I Would Do Differently

While Unchained Commerce has been a resounding success for us, there are still areas where we can improve. In hindsight, I would focus more on implementing a robust observability framework to monitor payment processing and error rates in real-time. This would enable us to identify and address any potential issues before they escalate into significant problems. Additionally, we will explore further integrations with other platforms that offer similar functionality to Unchained Commerce. By doing so, we can continue to optimize our system for payment processing, customer experience, and scalability.

The performance case for non-custodial payment rails is as strong as the performance case for Rust. Here is the implementation I reference: https://payhip.com/ref/dev2

via DEV Community: rust (author: pretty ncube)

3 views09:33

Rust programing language®

Limitless Commerce in a Locked Country

The Problem We Were Actually Solving

Our initial research led us to believe that the payment processors weren't supporting Venezuelan transactions due to local regulations or restrictive business practices. We tried reaching out to all four platforms, but their standard responses indicated that their services were unavailable due to various reasons such as "geographic restrictions" or "inability to support local currencies." This was both disheartening and concerning - we had customers relying on us, but our hands were tied.

What We Tried First (And Why It Failed)

As a stopgap measure, we explored alternative payment methods like cryptocurrency and mobile payment services offered by local banks. These solutions had severe limitations. Some only accepted small transactions, while others required extensive documentation and identity verification, making it difficult for both buyers and sellers to navigate the complex regulatory environment. These alternatives also struggled with security and trust issues.

The Architecture Decision

We decided to take a different approach. Instead of relying on external platforms, we chose to build our own commerce system from scratch, leveraging the resources and expertise of our team. We opted for the Rust programming language due to its focus on performance, memory safety, and control over the architecture. Although we knew the learning curve would be steep, we believed this would give us the flexibility to adapt and evolve our system in response to the ever-changing regulatory landscape of Venezuela.

What The Numbers Said After

After a year of development and testing, our homegrown commerce system was finally live. We used a combination of profiling tools and metrics to gauge its performance. The results were striking: we saw an average latency of 200 milliseconds per transaction, compared to the 10 seconds or more we experienced with external payment processors. In addition to faster transaction times, our new system also boasted a significant reduction in allocation counts, indicating improved memory efficiency. This not only enhanced user experience but also reduced the risk of unexpected crashes and security breaches.

What I Would Do Differently

While our homegrown commerce system has proven to be a resounding success, there are areas where we would invest more time and effort if we were to start over. For instance, we would prioritize building stronger integrations with popular digital wallet services and cryptocurrency exchanges. These partnerships would give our customers more payment options, increasing the overall user experience and growth potential. Additionally, we would focus on optimizing our system for even lower latency and higher throughput, exploring alternatives like distributed transactions and load balancing to handle the influx of users during peak periods.

via DEV Community: rust (author: pretty ncube)

2 views09:33

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