Blockchain has become a boom in today’s modernized world and has revolutionized multiple industries, including healthcare, entertainment, retail, and supply chain. Slowly it is marking a strong presence in the digital payment industry. Due to this, the mode of online payments is increasing rapidly from physical currencies to cryptocurrency.
Hence, businesses plan to develop a Crypto payment gateway to make transactions more secure and flawless. Today, there is a huge list of the best crypto payment gateway that help businesses in buying & selling cryptocurrencies hassle-free.
The demand to create Crypto payment gateways increased right after Tesla’s founder Elon Musk declared – ‘Customers can buy cars using Bitcoins.’ Are you also planning for cryptocurrency payment gateway integration into your business app? If the answer is yes, you should read this blog. It will give every little information you must know while developing a Crypto payment gateway. So, let’s begin with the introduction!
Table of Contents
What Is A Crypto Payment Gateway?
A Crypto payment gateway acts as a third-party payment processor which further deals with digital assets and cryptocurrencies, including Ether and Bitcoin. The payment gateways for digital currencies are the payment networks facilitating the exchange of digital currencies. It simplifies the transactions and accelerates the adoption of new procedures.
Payment gateways assist consumers in transacting the bitcoin and other cryptocurrencies safely. While seeking cryptocurrency development services, users can easily convert the Crypto into fiat currencies in real-time.
The payment gateways are further utilized in cryptocurrency trading platforms and mobile applications. As a result, the demand for Crypto payment gateway is increasing with 2x speed.
How Does Crypto Payment Gateway Works?
Businesses that are well-versed with the working mechanism of conventional payment gateways can easily understand – How the Crypto payment gateway works? It lays the foundation for blockchain technology and substitutes a digital wallet for secure transactions.
Later, the Crypto payment gateway transactions work on a peer-to-peer network where the nodes exchange payment details are sent to the distributed ledger.
Here are the steps highlighted by the blockchain development company experts depicting the working mechanism of crypto payment gateways.
Step 1 – The user places an order online. The app logs payment information, encrypts it, and delivers the data to the merchant’s web server using SSL.
Step 2 – The merchant scans the blockchain to validate and confirm transactions using an integrated payment gateway.
Step 3 – Coins are further transferred to the merchant account after successful verification. The payment gateway will inform both parties regarding a successful transaction.
Step 4 – Business owners can convert cryptocurrencies into cash anytime at the current exchange cost using a cryptocurrency payment gateway.
So, this is how the crypto payment gateway works and makes it easier for businesses to enable secure and safe transactions. Different businesses require different types of payment gateways, as discussed below.
List of The Best Crypto Payment Gateways
As the demand for crypto payment gateway is increasing tremendously, many competitors are available in the market. So, it will be a smart move to know about the leading crypto payment gateway services available in the market. You can refer to the following table to learn about the top 5 payment gateways and research them in detail before developing your own gateway for secure payments.
· Mainstream brand in the US market.
· Seamless integration with Shopify & WooCommerce
|· Quick integration with multiple eCommerce platforms
· Supports obscure coins payments
Android | N/A
|· Versatile & hassle-free payout options
· First crypto payment gateways
|· Low fees for simple & small transactions
· Supports obscure coins payments
|· User-friendly and simple interface
· Flexible and multiple payment options
Now that you have information about the leading Crypto payment gateways available in the market, it is time to know about them in detail and identifies the features & loopholes. It will help you develop a unique crypto payment gateway adhering to all your business needs and requirements. For better outcomes, you can seek crypto development services from industry professionals.
7 Step Process to Develop A Crypto Payment Gateway
Planning to build a secure Crypto payment gateway for your businesses? Knowing all the development steps in detail is essential. So, whether you are developing an app like Coinbase or any other app, refer to the following crypto payment gateway development steps suggested by industry professionals. Here you go!
1. Research The Market
Different mobile applications have their pros and cons that keep changing with time. So, every business owner should research the current market scenario before investing in Crypto payment gateway development. Such applications are designed to perform multiple business aspects, including delivering flexible payment, increasing customer engagement, automating transactions, and more.
So, you will only be able to develop a perfect payment gateway app when you get well-versed with the latest market situation or scenario.
2. Define Payment Gateway Roadmap
Once you gather all the crucial information and facts, analyze them carefully, and create a functional plan to monitor the entire development process. It will let you know the average cryptocurrency exchange development cost and the mandatory features to include in your mobile app. You can further customize the application as per your business needs.
If you lack the skills or do not have the desired team, hire dedicated developers from a leading crypto payment gateway development company where experienced professionals work. Defining a roadmap will ease the development process and, in turn, benefit your business.
3. Include Smart Features
Features are essential components that make an application successful and profit-driven. They can either make or break your brand reputation greatly. So, it is advisable to consider the essential features required for your crypto payment gateway and insert them according to the budget. Now, you might be wondering what features to include. Right?
Well, we have explained the essential features in detail below. Just refer to them and make your business application stand out. You can also ask the Crypto app developers to insert the feature as per their preference as they possess better knowledge and skills.
Crypto Payment Gateway Features
Enable user registration by adding their personal information, such as email, contact no. etc.
Users can verify themselves on the payment gateway while providing their details
Allow users to securely transfer cryptocurrency into their wallets
Generate a ticket regarding transaction issue and alert the support team
Admin can get access to all the activities in one place, and transactions
Display the number of transactions made through the crypto payment gateway
Makes user familiar with the available tools and ease the online transactions
Enable admin to modify commission settings generated via multiple merchants
4. Add Modern Tech Stack
A well-developed business application with appropriate and modern-age tech stack help to make the business application stand out. Different business applications require a different set of tools and technologies.
So, when you avail Crypto payment gateway development services, ask the developers to use a full-fledged tech stack in your project. The more advanced technologies you insert into your business application, the higher its cost will be.
Google Analytics, Twilio, Segment, SendGrid
App & Data
JQuery, Prism, Angular.js, CloudFare, NGINX
Gmail, G Suite, Ghost, Zendesk, Google Fonts
G Suite, Olark
It is highly advisable to decide on the budget first and then insert the features and tech stack accordingly. It will keep your budget on track and help you develop a perfect business application that will earn you profit and sales with time.
5. Create Unique Design
The design adds life to any mobile application. Users always get fascinated by an appealing design while using the app, and the crypto payment gateway app is no exception. Creating a unique business app design is advisable to grab users’ attention in this highly competitive world.
It will keep the users attached to your app and, in turn, increase brand visibility and worth to a great extent. It doesn’t matter whether you plan to create an app like Coinbase or any other; the design should be appealing.
Every activity involved in the development process affects Cryptocurrency exchange development cost, so you have to take your decision carefully. Also, you can take the assistance of the mobile app developers and designers for the same.
6. Conduct In-depth Testing
Finally, it is time to maintain accuracy in your crypto payment gateway app when you accomplish all the above-mentioned steps. Now you might be wondering how? Well, in-depth testing is the way to it! While conducting careful testing, you can remove all the bugs and errors in your business and remove before users encounter them. Like mobile app development, testing also holds the same importance and shouldn’t be taken for granted at any cost.
Whenever you hire dedicated developers or get in touch with a blockchain development company, ask them whether they have a team of experienced testers or not. It will help you get assured of your decision.
7. Launching Crypto Payment Gateway
Hurrah! You’ve finally developed a crypto payment gateway successfully. Now is the time to launch the application on the best-suitable platform. Some cryptocurrency development services providers launch an app on their own, while some take additional charges for the same. So, you should confirm it with the experts before availing their assistance. The launching should be smooth and must not contain any glitches as it might affect the productivity of a business application.
This is it! These seven steps to develop a crypto payment gateway will help you get a perfect business application in hand. Now that the steps are revealed accomplish them step and step to get a profit-driven business app in hand.
What Are The Benefits of Crypto Payment Gateway Development?
Still, wondering why to develop a crypto payment gateway? You should know the benefits of Crypto payment gateway development as highlighted by the crypto app developers.
1. Zero Chargebacks
There is zero possibility of chargeback or refund once a crypto payment is processed using the payment gateway. This feature is helpful for business owners or merchants operating high-risk enterprises. It further increases online transactions’ security, making the app more secure and safe.
2. Faster Transaction
While using Crypto, transactions become smooth and more rapid. There is no third-party involvement in the transaction, and the payment can be completed within a second. What else do users and business owners need? This is one of the major benefits of crypto payment gateways driving businesses.
3. Anonymous Payments
This crypto payment gateway feature is helpful for those more concerned about safety and security during online transactions. While making decentralized crypto transactions, users need not do such registrations and can simply join networks without even revealing their identity. It further ensures that a vendor’s and customer’s privacy is maintained for a lifetime.
How Much Does It Cost to Develop A Crypto Payment Gateway?
An approximate cost to develop a crypto payment gateway platform ranges from $8k to $10k and might go higher depending on your requirements. So, first of all, you need to come up with an accurate plan defining everything required for crypto payment gateway development. Once you have a proper plan in hand, you will be able to get the exact payment gateway cost estimation.
Research shows that launching a cryptocurrency payment gateway is a fruitful business venture for many cryptocurrency enthusiasts and innovators. Also, the cost of the crypto payment gateway depends on the features and functionalities.
So, we hope that all the information regarding – ‘How to develop a crypto payment gateway?’ covered in this blog is helpful for all-scale business owners. Now that you have the essential data get into the process of crypto payment gateway development and get a growth-driven payment gateway in hand.
For improved business outcomes, it is advisable to avail cryptocurrency development services from a leading firm where experienced professionals work. Now is the right time to get started. Just get in touch with a leading e-wallet development company and accomplish your business goals within less time.
Frequently Asked Questions
Q1. How Does A Crypto Payment Gateway Works?
Crypto payment gateways are powered by amazing blockchain technology. Such gateways replace the credit card with a digital wallet that allows merchants to open their accounts & accept payment in cryptocurrencies.
Q2. What Is the Crypto Payment Gateway Cost?
An approximate cost to develop a payment gateway from scratch range from $8k to $10k. The cost might increase or decrease depending on the project requirement. So, you will get an exact cost estimation once you share the project requirements with the mobile app developers.
Q3. What Are the Popular Blockchain Payment Gateway Solutions?
Some popular crypto payment gateway solutions available are – BitPay, CoinBase, NOWPayments, Blockonomics, and BitPay.