Problem: Bitvice relied on manual documentation and KYC checks when onboarding new customers, which often took more than 15 minutes and led to high dropoff ...
Problem: Bitvice relied on manual documentation and KYC checks when onboarding new customers, which often took more than 15 minutes and led to high dropoff rates
Solution: The team needed a fast and secure solution that could help them reduce onboarding time and get their customers investing in Bitcoin faster. This week, they launched in South Africa with Stitch as their data and payments partner
Results: With Stitch, Bitvice can get users onboarded and investing in under two minutes and enable them to easily initiate a purchase moving forward
Launching this week, Bitvice was created to help all South Africans more easily invest in Bitcoin, with a goal of building long-term wealth. The team offers “white-glove” client support to help their customers understand how to create and become custodians of their own Bitcoin wallets, rather than investing via third parties and exchanges. Their goal is to help customers better plan for their and their families’ financial futures.
“We’re focused on the long-term investor – not on those interested in day trading,” said Bitvice Co-Founder Ricki Allardice. “It’s all about holding the investment for the long term so your kids and grandkids can have access to it. That’s why we’re focused exclusively on Bitcoin – there’s no space in that paradigm for speculative coins. We’re trying to help people achieve generational wealth.”
To onboard new Bitcoin investors and perform KYC, the Bitvice team was relying on manual processes, asking customers to upload several documents and performing manual checks against them. This leaves room for fraud and error and can lead to customer dropoff.
Instead, the team has partnered with Stitch for onboarding and payments. Today, Bitvice customers can link their bank accounts via Stitch during the onboarding process, enabling Bitvice to instantly access their bank account details and associated KYC information. This drastically reduces onboarding time and enables customers to start investing faster.
“Our onboarding process normally involves manually entering all your details, performing KYC and uploading individual documents – it’s a 15 minute process,” said Allardice. “With Stitch, users can do it in under two minutes today. It’s unreal. Conversion will be much higher – Stitch really streamlined our process a lot.”
“With Stitch, users can [onboard] in under two minutes. Conversion will be much higher – Stitch really streamlined our process a lot.”
The Bitvice team also uses Stitch as their payments partner, enabling customers to easily purchase Bitcoin via Bitvice and pay with just one click. Soon, customers will be able to set up standing deposits every week, every other week or every month. They’ll receive an email via Stitch, click their unique url and initiate a payment. Because their account has been tokenized, they don’t need to log into their bank account again to make the payment.
“It’s so important how easy it is to register and pay with Stitch. With other platforms there’s often such a long process. Now it takes around ten seconds for returning customers to make a payment and initiate a purchase – we want to make it as easy as possible,” said Allardice.
Bitvice is officially live in South Africa. Interested customers can start investing today with a minimum balance of R5,000. The team will allow customers to refer others and get 0.25% on every referred order – a rate 25x higher than others in the market.
Today, their service can also be leveraged by financial advisors on behalf of their clients.
Head to Bitvice to start investing in Bitcoin and building wealth today. To learn more about how Stitch can power your investment platform, reach out at sales at stitch.money.