It’s been a fun and educational last few weeks, as the Segpay team just finished show-hopping between three important industry events: XBIZ Miami (here in our South Florida backyard), and the Bucharest and AW Summits (just a bit farther away, in Romania).
We thought we’d post a quick summary of some popular discussion topics at the shows, in case you weren’t able to attend, or just want a refresher:
Credit Card vs. Crypto. Cryptocurrency remains a hot topic. More crypto-based platforms are popping up, including in the adult space, filling a legitimate need for buying discreetly, and without restrictions. Still, for merchants, dabbling in crypto carries risks. For the foreseeable future, credit cards are here to stay, with their well-known protections for fraud and chargebacks, and a transparency that eases government concerns about illicit activity made easier through the anonymity of digital currencies. Bottom line, crypto is clearly the future, but credit cards are still the present.
Regulations. As Cathy (our CEO) put it on a recent panel, 2018 is the year of regulations. From GDPR and PSD2 in the EU to the SESTA/FOSTA anti-trafficking laws in the US, and more, companies have a lot to keep up with on the legal front. One regulation that will impact new Segpay merchants (it doesn’t affect existing merchants) is the new FinCEN (US) rule regarding Beneficial Owners. When doing business with companies backed by multiple owners, we (and other processors and banks) must collect information from up to 10 Beneficial Owners (anyone with a 10% stake in a high-risk company; or a 25% stake otherwise). We need to know more than ever about who we are doing business with.
Also on the regulatory front, we learned the increasing importance of adopting Age Verification measures for adult sites, to demonstrate they are doing what it takes to protect minors. This is a focus in the UK at the moment, but word is the UK standards will be adopted elsewhere.
Cam trends. The Bucharest and AW Summits were Cam-specific, shining a spotlight on the fastest growing niche in the adult space. Although, “adult” is a little misleading for some, for whom cams are filling a societal need for personal connection, particularly among younger people who are used to sharing their lives online and see no stigma attached to the medium. A few trends discussed at the shows included: using toys with models via remote control (see: Teledildonics), rewards programs; instant payments so models have funds at the click of a button; use of affiliate programs to help grow referrals for specific models; and the desire to move from Flash to more secure technologies that still support slower connections.
Were you at any or all of these events? If so, please share your experiences in the comments below. If you didn’t get a chance to connect with us in Miami, Bucharest or Mamaia, please drop us a line and let us know how we can help you.