By Susana Martin Valdivia
A revolutionary, simple, safe and 1-click online payment method available for 43 different coins and direct bank transfers is here. RocketFuel Blockchain is launching a seamless integration system that can securely accept cryptocurrency transactions with the ease of credit cards but without the transaction fees, offering an end-to-end solution for both the supplier and the consumer as it is more lucrative for them.
The accelerating change in the ways customers are buying products or services is demanding crypto-based purchases that reduce the customer effort score and can guarantee a high level of security. This system boosts frictionless impulse buying since consumers do not need to share personal and sensitive data with merchants as it is already embedded securely in the blockchain. RocketFuel Blockchain CEO, Peter Jensen, talks about this platform and how it is very different form the existing competition.
What are the benefits and/or cost savings for both merchants and customers when RocketFuel Blockchain is implemented on a business website?
(PJ) “Our merchants see several benefits: 1) They get access to a new revenue source i.e., people with crypto currencies. 2) They begin moving parts of their expensive, inefficient legacy-based payments (credit card) to a modern platform to reduce cost, reduce charge backs, reduce fraud, reduce support costs, increase cash flow, increase customer confidence, increase conversion rates, and reduce cart abandonment. 3) They get a competitive benefit..
- Credit card fees are typically 3-8%. Ours are 1-2%.
- Depending on vertical, charge backs can be from 1-10% with credit cards.
- Not with a blockchain based solution like RocketFuel. Zero charge back.
- In addition, the merchant will save the customer service personnel handling the charge backs.
- And they’ll have increased customer satisfaction from fewer frustrated customers.
- Damage to brand if company is breached and ends up in the news (regardless of whether cc or other customer info is stolen).
- Current, older legacy systems are more complex and expensive to implement and maintain.
- Research shows that 30%+ shopping cart abandonments are caused by the customer not trusting the payment system and therefore doesn’t want to enter / store personal info. That means 30% of the customers marketing / lead generation efforts (on ads etc.) is wasted. As fraud is reduced and people gain confidence, this number will go down.
Consumers want an easy and secure way to pay. They’re tired of payments being blocked by their bank and/or getting calls from their bank to confirm the transaction. They’re tired of having to create an account and share their personal, shipping and credit card information on every merchant website they want to purchase from, and they’re tired of reading about the latest data breach and worrying that it’s one of the 50 merchants they’ve shared their information on. And they’d like to avoid clunky interfaces with redirects (e.g., PayPal) which confuses people.
The benefit of RocketFuel is that we address all that. They enter their information once and can use our 1-click payment solution at any site accepting RocketFuel. No sharing info across 50 sites, no redirects, no calls from banks or blocked transactions. Things just work the way they should.”
How is RocketFuel’s blockchain payment platform different than other crypto-payment options on the market?
(PJ) “RocketFuel is more than a crypto payment solution. It’s an alternative to existing solutions and supports both crypto and bank transfers. This is important as the majority of consumers don’t have crypto yet. With our solution, merchants can get all the benefits of a modern, blockchain based solution that allows ALL their customers to use it.
Existing crypto only solutions are clunky and difficult to use. They require QR codes which is complicated for the user and the transactions are not well integrated to merchants’ backend, requiring additional manual work for the merchant. The complicated user experience is one reason for the lack of adoption for crypto payments.
RocketFuel has designed a 1-click solution that resembles what customers are used to from Amazon and other popular E-Commerce websites. You connect to your crypto and/or bank account(s) once and can thereafter make purchases from these accounts with one click on any RocketFuel supported merchant website. And no confusing redirect is ever required.”
How will RocketFuel Blockchain reduce the customer effort score and enhance their experience?
(PJ) “By using a proven 1 click experience instead of QR codes, redirects and more, their effort is reduced, and experience improved.”
What would you say is the main challenge RocketFuel Blockchain will face in this initial launch period? What have traditionally been the hurdles for blockchain payment adoption?
(PJ) “The adoption challenge has been the complexity of the old crypto payment solutions (QR codes, redirects). And merchants have therefore not implemented these solutions. This is now fixed with RocketFuel.
Our biggest challenge is to educate the market and tell them there’s a much better alternative out there.”
Do you think that these kinds of systems/platforms will face different regulations in the future?
(PJ) “Yes definitely. Governments are increasingly supporting crypto by issuing their own digital currencies in addition to their fiat currencies, and they’re passing legislation to enable and control the rollout of their own and other crypto currencies. As more and more consumers own crypto currencies, they will need to streamline the regulation for crypto along the existing regulations for regular currencies. And consumers will demand that they can use their digital currencies the same way they can use traditional fiat currencies. In other words, it will be easier as regulation is passed and technologies like RocketFuel make it easy to use.”