Palo Alto, California, January 27, 2014 – Lapio Inc. an all-in-one race management and timing solution allowing race organizers to easily manage and time their events, today announces it will now offer race organizers the ability to accept registration payment for endurance races in Bitcoin currency through Coinbase.
Innovation is at the forefront of Lapio software. Their differentiation lies in the ability to create innovative software that breaks down real and perceived barriers for race organizers. This drive to understand technology and how it affects endurance racing is rocking the industry which has seen little change for the last 10 years.
In a recent article titled “Why Bitcoin Matters” author, Marc Andreessen sheds light on the current state of the Bitcoin and shares why he believes this Internetwide payment system is here to stay. For endurance racing, some more relevant points he addresses are lower payment processing fees, elimination of credit card fraud, increased payment security and the ability to bring a much larger number of people around the world into the modern economic system.
Co-founder Klaus Preisler says, “As a cloud based company, we must help our customers break down regional barriers. As the internet reaches more and more people and the interest in endurance racing continues to grow we must continue to adapt to support our customers. We have seen potential customers struggling with regionally based issues, which makes it hard for them to embrace new technology. One of these barriers is payment processing”.
Each region has their own barriers. When it comes to payment, the US racing market deals mainly with manageable, yet frustrating, issues of 2-3% processing fees and credit card fraud. While the more emerging markets are dealing with the inability to securely process transactions, leading to very underdeveloped race management systems.
Looking to the future, the introduction of Bitcoin as a payment option will hopefully shatter these barriers and increase the flexibility for race organizers. Lapio also understands the benefit of this technology as well. Klaus adds, “The fact is that endurance racing is growing worldwide and our pricing model is based on individual participants. This means that our profit is 100% based on revenue created by our customers. By offering increased flexibility, organizers in developed and less developed markets, can strengthen their business by using our product.”
Lapio continues to evolve in an effort to bring race organizers all the features they want in one, easy to use, integrated solution.
Lapio is the go to software solution for race organizers who want to easily manage and time their own races. Our software provides online registration, payment, LIVE timing, social media integration, photo sharing and more! All the features you want in one, easy to use, integrated solution. We are passionate about endurance racing and passionate about technology with innovation at the heart of our solutions.
Andreessen, Marc (January 21, 2014). “Why Bitcoin Matters”. The New York Times.