Businesses who deal in cryptocurrencies regularly in their operations need a robust payment gateway. A payment gateway is an online payment processing technology for helping enterprises to accept multiple types of crypto coins and payments made through credit cards. It bridges the gap between merchant platforms, issuing banks, crypto exchanges, cashier system providers, payment solution providers, card associations, and wallet players.
Reasons to Involve in Crypto Payment Gateway Development are:
- The transactions processed on the platform are highly private and secure.
- All the payments made are stored on the immutable blockchain ledger.
- There is no chance of fraud to take place on the platform ensuring high user confidence.
- The processing fees are low in a cryptocurrency payment gateway when compared to other well-known alternatives like credit cards and debit cards.
- 3rd parties have no role to play on the platform.
- An authentic digital signature signed by the users helps in preventing any payment delays ensuring timely settlement of the transactions.
- Funds can be transferred across borders instantly.
- Since the payment processor works on both ends, a uniform format will be used for reading and decoding the different messages sent by users.
Features of a Cryptocurrency Payment Gateway
- It supports real-time execution of transactions.
- It can be used on multiple platforms and devices like Android, iOS, and Windows, both on the web and mobile.
- It accepts the leading cryptocurrencies, stablecoins, and fiat currencies on the platform.
- It supports the seamless conversion of fiat currencies into digital currencies.
- Multiple users can use the platform simultaneously without any chance of server downtime.
- Easy to create and deactivate accounts without facing any risks.
- Provision of 24×7 technical support in numerous languages for handling the queries and glitches of users regularly.
- Presence of security features like two-factor authentication, end-to-end encryption, and password-protected user access.
- Unrestricted access to the users’ transaction history.
- No chance of chargebacks or recurring fees.
- Downloadable reports that show your account statement and real-time balance.
- Best market rates available for both cryptos and fiats.
- Integration facility with the leading E-commerce platforms.
What do Crypto Payment Gateway Companies Provide?
- Payment gateway development – It ensures a seamless payment experience on your business website, platform, or system.
- Crypto wallet integration – By building cryptocurrency wallets, you can use cryptos to pay for different products or services. It can be integrated safely into your existing business or new platform being built.
- Developing a Point of Sale (POS) system – Your Point of Sale (POS) terminal will accept cryptocurrencies from your customers buying products or services on your platform. The data can be synced and tagged to every purchase made.
- Mobile application development – Responsive mobile applications are developed where users can access their accounts anytime and anywhere through their mobile devices and make mobile payments.
- API Plugin – API’s can be developed in a unique and customized way to automate the different payment processes and also manage the various non-payment functionalities.
Factors to Consider: Before Crypto Payment Gateway Development
- Ease of use – Ensure that users can purchase products seamlessly and pay immediately. This will ensure the success of your crypto payment gateway in the market.
- Maintenance of a high level of transparency – This will ensure that customers trust your service and maintain a high level of faith and confidence in you. Ensure that the crucial information is shared with all the stakeholders without any delay in transmission. Transparency boosts your reliability as well as credibility by many times.
- Focus on convenience – Ensure that payments are processed at an affordable cost from customers located in different parts of the world.
- Concentrate on the security aspects – Still, some customers feel that making online payments are risky due to the huge amount of fraud carried out by cybercriminals. Make sure to incorporate robust security measures like end-to-end encryption, jail login, and anti-DDoS protection to avert any unnecessary risks.
- Ensure scalability – Having a scalable infrastructure in place enhances the overall user experience by many notches. The entire payment system should be modular to ensure the issue of future upgrades according to the operational scope.
The Process to Follow for Cryptocurrency Payment Gateway Development
- Assess your business requirements and evaluate the extent of market competition.
- Comply with all the regulatory guidelines by consulting your local and national authorities.
- Fix an apt implementation strategy that will work best for your business.
- Determine the time and cost involved in your implementation plan.
- After completing the implementation processes, do extensive testing to fix any bugs and glitches before the official rollout of your payment gateway in the market for the users.
The Future Expected for Cryptocurrency Payment Gateway Development
Both consumers and merchants want secure and fast payment options. With more importance given to contactless payments owing to the pandemic, the future of payments lies in mobile wallets and NFC technology. Blockchain technology can play a pivotal role by increasing financial inclusiveness and creating value by decentralizing assets.