How do I minimize friction, maximize gains with high completion rates?
What's completion rate?
The completion rate in P2P transactions refers to the percentage of trades that are successfully executed without any issues or disputes between the parties involved. A high completion rate signifies a smooth and reliable trading experience on the P2P marketplace, showcasing the effectiveness of the system in connecting buyers and sellers seamlessly. On the other hand, a low completion rate may indicate potential issues such as payment delays, communication challenges, or disputes that could disrupt the trading process and lead to unsatisfactory outcomes for users.
Why should I keep my completion rate high?
Maintaining a high completion rate is crucial for building trust and credibility within the P2P trading community. Platforms often implement measures such as secure escrow services, stringent verification processes, and responsive customer support to enhance the completion rate and ensure that transactions are completed successfully. By prioritizing user satisfaction, resolving disputes efficiently, and fostering a transparent trading environment, P2P platforms can boost their completion rates and establish themselves as trusted marketplaces for cryptocurrency transactions. Enhancing your completion rate can enhance the credibility of your merchant profile. A completion rate exceeding 80% is typically deemed favorable, serving as a key factor influencing customers' willingness to engage in transactions with you. To elevate your completion rate, consider screening your trading partners by establishing particular counterparty requirements. This approach guarantees interactions solely with seasoned traders who exhibit a higher tendency to conclude trades. Strive to strike a balance in setting these conditions; excessive stringency may inadvertently narrow down your pool of potential customers. While we support various payment methods, e-wallets are a popular choice in Southeast Asia for P2P trading, especially for smaller transactions. Here's why:
Convenience: e-wallets offer a quick and easy way to send and receive payments. Users can simply scan a QR code to complete the transaction. This is ideal for smaller P2P trades where speed and ease are important.
Faster availability: funds in e-wallets are typically readily available for use, unlike some traditional bank transfers that can take time to process. This allows P2P buyers to act quickly on trading opportunities.
However, it's important to consider the limitations of e-wallets for P2P trading:
Transaction limits: e-wallets often have lower sending and receiving limits compared to bank accounts. This can be a problem for merchants who deal with larger P2P transactions.
Cancellation risk: if a merchant isn't aware of their e-wallet's limits, they risk having P2P trades canceled due to insufficient funds for receiving cryptocurrency.
Learn more on how you can boost your completion rate here.
What should I as a P2P Merchant do?
Check limits regularly: be sure to check your e-wallet's sending and receiving limits frequently, especially if you deal with fluctuating trade volumes.
Consider corporate accounts: explore upgrading your e-wallet to a corporate account. These accounts often come with higher transaction limits, making them better suited for larger P2P trades. You can inquire with your e-wallet provider for more information.
By understanding the advantages and limitations of e-wallets, P2P merchants on our platform can leverage their convenience for smaller transactions while managing the potential for cancellations through close attention to limits and exploring corporate account options.
How do I expand my reach and avoid cancellations with diverse payment options on our P2P platform?
Offering a wider variety of payment methods on our P2P platform unlocks two key benefits:
Increased customer base: the more payment options you provide, the more potential customers you can attract. This is especially true for users in regions where traditional fiat options might be limited or inconvenient.
Reduced cancellations: P2P users often seek platforms with easy and familiar ways to buy crypto using their local currency. By offering options like banks with higher transfer limits, you reduce the risk of cancellations due to payment method limitations.
The more payment options you provide, the smoother the P2P experience becomes for your customers, ultimately leading to a higher completion rate for your trades.