Avo Digital's Success with Cryptocurrency Transactions Using Blockonomics in High-Risk Industries

Introduction

In digital commerce, certain industries find themselves grappling with unique challenges, particularly when it comes to processing crypto transactions. This case study looks into the innovative partnership between Avo Digital, a UK-based marketing agency, and Blockonomics, a cryptocurrency transaction service. With Blockonomics, Avo Digital found a solution that enabled their clients in high-risk sectors such as cannabis and hydroponics to thrive. Let’s explore more on this further below.

Company Overview

Avo Digital is a UK-based marketing agency that specializes in website development. Their prime focus is on platforms such as  WordPress and WooCommerce. They have carved out a niche for themselves by catering to high-risk industries, particularly cannabis and hydroponics. These sectors face significant challenges in securing standard transaction processing services due to their high-risk nature, which has led Avo Digital to explore alternative solutions like using cryptocurrency.

Agency Services and Client Industries

Here is a breakdown of Avo’s digital core services and their clientele in detail:

Core Services and Expertise

Katie from Avo Digital outlined the agency's primary focus on website development using WordPress and WooCommerce to create websites for their clients. Avo Digital aims to deliver high-quality, customized solutions that cater specifically to the needs of each client. This ensures that the digital presence of every business is both functional and visually appealing.

Specialization in High-Risk Industries

A significant portion of Avo Digital's clientele comes from high-risk industries, such as cannabis and hydroponics. These sectors often face regulatory challenges and have limited access to traditional financial services, particularly when it comes to processing financial transactions. The difficulties these industries encounter with traditional payment processors have necessitated innovative solutions which meant accepting cryptocurrency as a form of payment.

Building Trust and Reliability

By specializing in these high-risk industries, Avo Digital has had to prove itself and build a reputation for reliability and trustworthiness. This meant using a reliable platform for cryptocurrency transactions to help facilitate payments for their clients. That’s where Blockonomics came in. They took it up as a suggestion from one of their clients and haven’t looked back since. Blockonomics provided not only a reliable but also a simple and straightforward means of accepting crypto. It was clear, it was fast, and it worked perfectly.

By incorporating cryptocurrency transaction systems like Blockonomics, Avo Digital now enables its clients to operate more freely, ensuring they can accept crypto securely and efficiently despite the limitations imposed by mainstream financial institutions.

Previous Payment Processor Issues at Avo Digital

Avo Digital's journey into accepting cryptocurrency payments wasn't without its trials. Before Blockonomics, the agency opted for a different cryptocurrency processor to facilitate transactions for its clients. Unfortunately, this system led to operational challenges and financial discrepancies that severely impacted its ability to serve its clients effectively.

Key Challenges Encountered:

Lost Funds:

Avo Digital experienced critical issues with lost funds, where crypto that was supposed to be processed through the gateway mysteriously disappeared. This created a gap in their accounting and led to financial losses that were both untraceable and unresolved.

Unresolved Discrepancies

The discrepancies between the expected and actual transaction amounts created a lack of trust and reliability in the previous payment processor. These issues were compounded by the lack of clarity and transparency from the processor, leaving Avo Digital in a tough position with its clients.

Lack of Reliability

The previous processor's inability to consistently track and manage transactions effectively meant that Avo Digital couldn't depend on it anymore. This unreliability undermined the agency's reputation and strained client relationships.

Transition to Blockonomics

These issues prompted Avo Digital to seek a more dependable solution, leading to the adoption of Blockonomics. Blockonomics provided the stability, transparency, and reliability that Avo Digital needed to restore its operational efficiency and rebuild trust with its clients. This shift marked a turning point in how the agency managed crypto transactions.

Blockonomics Integration and Usage

Seamless Integration

This process was streamlined thanks to Blockonomics’ user-friendly interface and API, which connected with Avo Digital’s existing WordPress and WooCommerce setups. This ease of integration ensured that Avo Digital could implement a reliable merchant solution quickly and efficiently, minimizing disruption to their clients' operations.

Operational Impact

Once integrated, Blockonomics began handling a small but crucial portion of the monthly transactions—about 1-2%. Although this percentage might appear modest, the impact was substantial. This integration provided a stable and dependable method for processing cryptocurrency transactions, which was especially valuable for its clients who preferred crypto.

Strategic Asset Management

Besides facilitating transactions, Avo Digital adopted a strategic approach to managing the cryptocurrencies received, particularly Bitcoin. Instead of converting all cryptocurrency into fiat immediately upon receipt, their clients retained Bitcoin in their wallets. This approach not only hedged against potential currency fluctuations but also positioned them to benefit from potential long-term appreciation in Bitcoin’s value.

Client Confidence and Satisfaction

The reliable and efficient functionality of Blockonomics restored and boosted client confidence in Avo Digital's payment solutions. Clients appreciated the added security and transparency that Blockonomics provided, which in turn enhanced their overall satisfaction with Avo Digital’s services.

Future of Digital Payments

Transition to a Cashless Society

Katie from Avo Digital shared insightful perspectives on digital payments, particularly focusing on the shift toward a cashless society. As physical cash becomes less prevalent, cryptocurrencies like Bitcoin are increasingly becoming viable alternatives. This shift is not just about convenience but also about providing options for those who prefer the anonymity and autonomy that cash once offered.

Role of Cryptocurrencies in the Digital Age

The decentralized nature of cryptocurrencies offers a unique advantage, especially in high-risk industries where traditional banking services are limited or unavailable. For businesses like those served by Avo Digital, cryptocurrencies provide a way to solve traditional financial barriers, enabling smoother operations and broader market access.

Education and Usability Challenges

The widespread adoption of cryptocurrencies needs to overcome certain challenges, particularly in education and usability. Katie emphasized the need for initiatives that educate the public, especially older generations, about the benefits and mechanics of using digital currencies. Enhancing the user experience to make transactions straightforward could also boost cryptocurrency adoption.

Potential for Enhanced Stability and Usability

Looking ahead, there is a clear need for cryptocurrencies to become more stable and user-friendly. If these digital currencies can achieve a level of stability comparable to traditional fiat currencies, combined with enhanced usability, they could become the preferred method of payment for a wide range of consumers and businesses.

Conclusion

We’ve seen firsthand how Blockonomics transforms crypto transactions, especially for high-risk industries. This collaboration improved Avo Digital’s payment processes and cemented its commitment to providing secure and efficient solutions for its clients. The seamless integration and user-friendly interface in Blockonomics made it an ideal choice for them, and more so for businesses looking to accept crypto payments.

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