Blockchain transactions are rapidly increasing, and the platform that supports such transactions is known as the crypto payment gateway. It has eased the working operations to the next level by implementing its uniqueness across industry verticals. Blockchain and crypto go hand in hand, and contemporary businesses find developing a cryptocurrency payment gateway fascinating.
If you are one of those who are looking to build the best cryptocurrency payment gateway to alleviate the business mechanism, then you have reached the perfect place. Suffescom Solutions Inc. is the top cryptocurrency wallet development firm that will facilitate you with great ideas to develop an ideal blockchain payment platform.
Before getting started with the development process, let’s just quickly peek into the nitty-gritty of the crypto platform, discussing the working, reasons, and popular payment platforms.
Insight About The Crypto Payment Gateway
Cryptocurrencies are required to process any transaction on the blockchain, but the bank accounts include fiat currencies. Businesses need to perform functioning at a top-level speed; there is no scope for delay. So, that’s a significant reason that cryptocurrencies are favored over regular fiat currencies.
Subsequently, performing international payments daily is quite exorbitant and takes time. Here, cryptocurrencies play the best part. There is no complication around the huge fees that are charged by the banks for cross-border payments.
Some popular cryptocurrency payment gateways are Bitpay, Coinbase, NOWPayments, AlfaCoin, etc. These are the best alternatives to eliminate doubts related to cryptocurrencies. A wallet is used to store the currencies, known as the crypto wallet, to sort out transactions in actual time.
Working Of A Decentralized Crypto Payment Gateway
- When the buyer purchases the desired item, they select the crypto payment gateway of their choice available on the site or app.
- After that, the customer will be taken to the transaction window. The cryptocurrency that is required to be spent against the chosen fiat currency will be locked.
- The crypto gateway quickly converts the payment into the fiat currency.
- The converted payment is then stored in the account and further subjected to withdrawal.
Why Is There A Need For White-Label Crypto Payment Gateway Development?
Various challenges are faced by the users, and to prevent them, Blockchain-enabled payment gateways were developed. Some of them are mentioned below;
- Customers were required to pay additional charges for using the platforms while performing transactions. These charges were quite massive, so blockchain-supported gateways were used to reduce them.
- The transaction process takes greater time in cross-border transactions. This problem is easily solved by the White-Label Crypto Payment Gateway Development.
- The transparency in the non-blockchain gateways is not that great, so there is always the issue of inconsistencies that are removed by blockchain technology.
- There were instances of data breaches with the basic payment gateways, which meant leaking sensitive information. The crypto payment gateway solution conveniently solves this matter.
Popular Crypto Payment Gateways
Development Process To Build Your Crypto Payment Gateway
The concept of building a cryptocurrency payment gateway in itself is an innovative process. The following steps are responsible for building a robust payment gateway with intuitive features.
To initiate the process, there should be a clear understanding of the market demand and which technologies should be used that give rise to the precise crypto payment gateway solution.
Look closely at the steps to ensure you get all the important things!
Understanding The Requirements
For businesses, it’s important to see if there is any demand for the crypto payment gateway in the market. If yes, see who else has come up with a similar concept. Carefully review their product, check their specifications, and see whether it solves the problem. One should consider upgrading the features to make the transactions seamless.
If you, as an entrepreneur, want to develop a product to expand your business in a specific continent, then proper research needs to be performed. Like is it even legal to deploy such a platform in that specific marketplace? For example, in the Asian subcontinent, several countries have legalized cryptocurrency. On the other hand, others have banned it. So, this point is also pivotal.
Choose The Perfect Bank
The biggest hurdle that comes in the way of a decentralized crypto payment gateway is picking the top bank that suits your needs. It might sound like an easy step, but actually, it’s very challenging.
The thing is, when the bank starts functioning with cryptocurrency, then it gets the top risk score from the payment networks/ gateways like American Express, Visa, MasterCard, and more. Whatever your demand is, analyze it meticulously, and if a particular bank fulfills the essentials, then collaborate with them.
If you cannot find one, get some help from a reputed blockchain consulting company that will guide you in negotiations with the banks to collaborate.
Look Out For The Characteristics That Catch An Eye
To make you stand superior in front of the already existing competitors, you need to remodel your product. There should be clear-cut factors that will differentiate between your and others’ products.
The uniqueness should be there, which will deliver privileges that the existing ones do not provide. Identify the disadvantages of the already existing crypto payment gateways and try to resolve the problems.
Crypto Payment Gateway Solution Costs
Crypto payment gateway is associated with various services and involves various integrations. One needs to put special effort into the technicalities. It is on this factor the cost depends.
The white-label crypto payment gateway development will require less money and will take more time. On the other hand, if the platform needs to be developed from scratch, it will require more money and effort. The level of expertise required to build such a platform will be extortionate.
Solidifying The Vision
When everything falls into place, take concrete steps to consolidate the product’s vision. Two ways are involved in the development, one is the hands-on approach, and the other one is the hands-off approach.
The hands-on approach involves storing the currency in the wallet, and the hands-off approach involves the non-storage of the currency in the accounts. The former is very complex, and on the contrary, the hands-off is convenient because of the costs and the expenses involved.
Features To Be Added
The technical aspect that makes the platform the “ best cryptocurrency payment gateway” is the integrated facets. To give users a seamless and phenomenal experience, unique features are a must.
As we have already discussed, blockchain technology is the basis of the crypto payment platform; hence, it is better to choose the adequate cryptocurrencies Bitcoin, Binance USD Ethereum, BNB, and more. The investment should be made in developing more distinct features.
Above all, it should be noted that superfluous features should not be included as they don’t add much. For exquisite attention, specific discounts should be provided for processing heavy transactions on a large amount.
This triggers the customers, and they will surely go for your service. The exchange of currencies is essential and should be done automatically, whether it is for recalculating, cancellation, transfer, checkout, etc.
Implementing The Business Idea
The success behind every product is its timely implementation. Whatever is in the trends or is in market demand, then it should be executed during that period only. The timeline is very important.
Otherwise, everything will be irrelevant. The needs of the majority should be met, or else things will be irrelevant. For instance, there are features that are integrated as per today’s scenario but may, after a few years; it might die down. So, the balance remains the key factor here, which should be adaptable under all market conditions.
Creating A Technical Solution
After following all the above steps, it’s time to create a robust technical solution. Several integrations are necessary, entailing KYC, Anti-money laundering, and collaboration with financial entities.
The technical solution will only be a success if the business strategy is rightfully implemented with a clear vision as per the product. Such things are possible with the help of a reliable technical partner. On building the solutions, one can enter the technical development phase that will involve the product features, banks’ consent, and the regulators that operate in the targeted markets.
Getting done with the accurate technical solution, it’s time to send your payment gateway project to the market. There will be regulators talking about adding some extra components/elements to underpin the infrastructure for security purposes. This may also lead to some additional work that needs to be done without any hesitation.
It’s very much clear that an absolutely reliable and effective payment gateway is built and involves a definite business strategy, the vision of the product, technical solutions, and the requirements.
If you are still confused about developing a secure decentralized crypto payment gateway, grab this opportunity and fix a consultation with us.
Suffescom Solutions Inc. is a legit team of professionals that have 13+ years of experience in the IT field and 5+ years of experience in blockchain, NFT, crypto exchange platform, and more. Our experts will share their expertise and help you out overcoming every obstacle that comes in the path of building the best cryptocurrency payment gateway.