In recent years, Digital assets have gained significant acceptance and popularity as a viable alternative to traditional payment gateways. As a result, businesses are increasingly considering integrating crypto payment gateways into their operations to capitalize on the benefits of this emerging technology.
This guide is an essential resource for business owners who want to understand crypto payment gateways, and their benefits, learn about the different types of gateways available, and get practical guidance to integrate them into their businesses.
What is a crypto payment gateway?
A crypto payment gateway is a service that allows merchants to accept cryptocurrency payments such as Bitcoin and Ethereum. These gateways serve as a mediator between the merchant and the customer. Cryptocurrency payment gateways [like BitPay, Coinbase, etc.]enable you to accept crypto payments and receive fiat currency in exchange in real time.
How does a crypto payment gateway work?
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The user first registers in the crypto payment gateway platform [personal or business type] with email-id, name, and password.
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After the email verification, connect the wallet and complete identity verification [like a passport or driving license]to initiate higher transactions.
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After completion, the user can pay in cryptocurrency (in-store, online, or in-app).
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The user must connect to the crypto payment gateway to pay for the services.
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The receiver connects to your crypto payment gateway platform and sends a code containing a payment request.
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The user pays the required amount in cryptocurrency to the receiver’s crypto wallet address using the crypto payment gateway.
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Following the transaction, the user and receiver will receive transaction-related information via SMS, mail, or another method.
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The recipient can convert the cryptocurrencies into fiat or keep them as cryptos in their wallet.
How do I create a crypto payment gateway?
Research
Before you begin, you should evaluate the requirements of your crypto payment platform. Create an outline to help you achieve your goal, and conduct extensive research and analysis. Blockchain experts usually collect and analyze your requirements to recommend the best options. The teams will then work together to perform the product feasibility study.
Planning
Business and Blockchain experts conduct extensive research to identify the project’s risks. They define the technical stack, document ideology, project timeframe, workflow, feasibility, and budget.
Development
The developers build the cryptocurrency payment gateway platform based on the project outline. The blockchain developers build the product with advanced trading and security features. You can change it as needed.
Testing
The testing team tests the payment gateway through rigorous testing to ensure no bugs or errors. We perform functionality and load testing to check the performance of the crypto payment gateway.
Deployment
The crypto gateway payment gets launched after a series of quality checks. The experts deploy the platform in the desired network, such as local or cloud servers. It is also necessary to implement post-release maintenance services to receive user feedback.
What are the Benefits of Using a Crypto Payment Gateway for Your Business?
1. Worldwide Accessibility – The crypto payment gateway does not have any borders. Any global user with a good internet connection can conduct financial transactions in bitcoin or any other preferred cryptocurrency.
2. Rapid uptime – Cryptocurrency payment gateway improves performance, engagement, and transaction comfort [with no downtime]. Furthermore, the transactions take place in real-time, which increases efficiency.
3. Real-Time transactions – Crypto payment gateway guarantees the exchange rate at the time of the transaction, ensuring that users receive the requested amount deposited into their account.
4. Easy payment – Merchants and crypt users can withdraw their earnings faster than any other payment method, increasing liquidity and allowing them to run their businesses more efficiently.
What cryptocurrencies are supported by crypto payment gateways?
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ripple (XRP)
- USD coin (USDC)
- Gemini USD (GUSD)
- Solana (SOL)
- Celo(CELO)
- Dogecoin (DOGE)
- Shiba Inu Coin (SHIB)
- Litecoin (LTC)
- Zcash (ZEC)
- Binance USD (BUSD)
- Wrapped Bitcoin (WBTC)
- Ether Classic (ETC)
Decentralized Crypto Payment Gateways
The decentralized crypto payment gateways give users complete control over their funds through private keys. These have non-custodial characteristics and are embedded with exclusive security features to provide convenience. Users perform payment processes from a transparent financial ecosystem in which no third parties are involved.
How can businesses integrate a crypto payment gateway into their website or platform?
To store cryptocurrency, you’ll need a business “wallet.” Your crypto wallet enables you to buy, sell, and store various types of cryptocurrency, such as Bitcoin, Ethereum, and Tether. You receive a private key to access or trade cryptocurrency. It can be integrated with other apps to facilitate transactions. When someone pays on your website, the cryptocurrency will get processed into your wallet. There are plugins available for quick integration of cryptocurrency payments into your website. You can also create a business account with the crypto payment gateway platform, which includes payment buttons, custom integration, and invoices. You can exchange cryptocurrency for the fiat of your choice.
Popular Crypto Payment Gateways
1. Coinbase Commerce
Coinbase is one of the world’s most well-known cryptocurrency companies. The company [Coinbase Global, Inc] is based in the United States and abides by all US currency exchange laws. Coinbase has a high-level security system, a crypto exchange, that converts crypto to fiat currencies. Coinbase operates in 100+ countries globally. There are no transaction fees with the Coinbase Card. On all cryptocurrency transactions, Coinbase charges a flat 1% transaction fee. It also has invoicing features that allow vendors to generate bills using their preferred cryptocurrency. Coinbase, with such a large user base, has the best features to make its users’ lives easier.
2. BitPay
Bitpay is a cryptocurrency payment gateway headquartered in Atlanta, Georgia, United States. BitPay accepts payments for goods and services while avoiding the risk of currency fluctuations. The Bitpay app accepts several cryptocurrencies and allows users to convert their Bitcoins to US dollars for immediate withdrawals. The transaction fee is just 1-2% + 25¢ per transaction. Payments can be settled in cryptocurrency or directly into a merchant’s bank account with no price volatility or risk. It also offers multi-user login access, billing tools, and daily payment settlement, all essential for small businesses to keep cash flowing.
3. CoinPayments
CoinPayments is one of the best cryptocurrency payment gateways [based in Grand Cayman, Midland, Cayman Islands]. The CoinPayments app accepts cryptocurrencies, including Bitcoin, Ripple, and Litecoin. It charges a 0.50% transaction fee and supports the CPS crypto coin airdrop. CoinPayments has a mobile app for Android and iOS that makes payments quick and easy. CoinPayments connects popular e-commerce platforms, including WooCommerce, Shopify, Magento, etc. It is ideal for entrepreneurs interested in eCommerce.
4. GoCoin
GoCoin is popular among users due to its simple platform and customizable security and payout settings. Gocoin allows merchant partners to accept cryptocurrencies [like Bitcoin Cash, Litecoin, Ethereum, EOS, etc.] as payment methods. Gocoin offers secured payment method flexibility without the risk of market volatility, chargebacks, or payment fraud. GoCoin provides quick fiat or cryptocurrency settlements with a low 1% fee on most transactions.
5. CoinGate
Coingate crypto payment gateway [based in Vilnius, Lithuania.] helps merchants accept crypto payments in cryptos and fiat currencies such as USD, Euro, bitcoin, and altcoins. Coingate offers a 1% Crypto payment processing fee for all web PoS, APIs, and billing. CoinGate is one of the most comprehensive cryptocurrency payment processors, with over 50 cryptocurrencies supported. Coingate also offers 140+ different e-gift cards for crypto-friendly shoppers for 2000+ brands like Amazon, eBay, Xbox, etc. Coingate does not include any restrictions for gift cards, and there is no need to register to buy the gift cards.
How to Choose the Right Crypto Payment Gateway for Your Business ?
Choose a crypto payment development company that stays current with technological advances. To find crypto gateway development companies that specialize in your requirements, use Google or other search engines. Visit websites that review and rank development companies. Examine their company portfolio, size, industrial experience, and development methodology [like Scrum or any other Agile related-methodology]. A well-documented project development process will increase accuracy.
Examine your partner’s communication style and how the team communicates via email and during the initial phone or video calls. Confirm that they behave as a true partner. Before signing a contract with any crypto payment gateway development company, you should discuss their testing policy. Take the time to compare your options. If it doesn’t fit, then start over. It will take time, but the effort you put into finding the right company will pay off by reducing stress and resulting in a high-quality end product.
Where to develop your crypto payment gateways?
Addus is a premier crypto payment gateway development company that offers cryptocurrency payment gateway services that are highly adaptable, customizable, dependable, robust, and scalable. Our crypto payment gateway services support multiple cryptos enhanced with features such as multi-currency crypto wallet, payment processor, merchant API, etc.
We have highly skilled blockchain developers, smart-contract auditors, and business consultants with a 24/7 technical support team to answer your queries. Our primary goal is to provide our clients with world-class blockchain-based development services globally. Our main strength is to stay ahead of the industry to meet the most recent trends and advancements. We have energetic teams that work on each project with involvement, advanced technology, and creativity. We assist market-savvy entrepreneurs, startups, and large-scale businesses.
The Future of Crypto Payment Gateways: Trends to Watch
In the last few years, cryptocurrency adoption has grown high. Many mega brands and multinational corporations [such as Starbucks, Balenciaga, Tag Heuer, Microsoft, etc.] have started providing cryptocurrency payment options to their customers. The crypto payment gateway is one key technology that makes this possible. According to our research, the global crypto gateway market value is about $1.50 billion in 2022 and expected to reach $7.4 billion by 2031. The best time to start a crypto payment gateway business is right now.
Are you interested in developing a crypto payment gateway?
Contact us to develop your own crypto payment gateway!
