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One of the biggest reasons why credit cards and debit cards became the most preferred method of payment for businesses worldwide is the presence of card machines at almost every major retail outlet and in … Read More
One of the biggest reasons why credit cards and debit cards became the most preferred method of payment for businesses worldwide is the presence of card machines at almost every major retail outlet and in every business center. In the online space, the usage of payment instruments like credit cards, debit cards, Internet banking, and any other payment method that can be considered mainstream today has been fueled by payment gateways.
Payment gateways play an important role in making certain payment instruments more suited for everyday transactions and businesses. Given the fact that cryptocurrency is growing day after day in terms of its variety, acceptance, versatility, and knowledge, a crypto payment gateway is the need of the hour.
There are a lot of crypto payment gateway development companies springing up left, right, and center, developing cryptocurrency payment solutions. Considering the vast variety of crypto coins, some of them have even resorted to engaging in multi-currency cryptocurrency payment gateway development platforms. These cryptocurrency payment gateways are expected to easily facilitate decentralized peer-to-peer crypto payments on a global scale.
What is a crypto payment gateway?
It is quite likely that you might have already gotten the answer. The crypto payment gateway is a payment processing platform that can be used by users and merchants to send, receive, and transact and transfer multiple crypto coins without compromising on security.
The crypto payment gateway is covered by the blockchain technology that brings in virtues like immutability and transparency. A reputable crypto payment gateway platform is expected to support all major crypto coins. As a crypto payment platform, you can collect fees from people when they withdraw their funds. This makes a lucrative avenue for making a profit in the crypto space. This is one of the reasons many crypto entrepreneurs consider the idea of building a business through crypto payment gateway development.
How does a cryptocurrency payment gateway work?
The under-the-hood mechanism of a crypto payment gateway might not be difficult to understand for someone who knows how a traditional payment gateway works. However, in the crypto world, both credit card/debit cards and bank accounts are replaced by cryptocurrency wallets. The wallet address serves as the Identity for both the person who makes the payment and the one who received the payment.
When a user clicks on “make a payment“ when checking out, the browser takes care to encrypt the payment details and the details are sent to the Web server of the merchant using an SSL connection. The merchant will receive the payment details and send them to the administrator of the platform, again with encryption. The administrator proceeds to send the details to the payment processor.
The payment processor will receive the information and send a response code. The code contains all possible bits of information about The transaction and the transaction status. From the Gateway, the code is forwarded to the app. The confirmation of the receipt of the code confirms the receipt of crypto funds. This process completes the fulfillment of the crypto payment.
Why crypto payment gateway development?
Apart from the inherent advantages that the blockchain technology and cryptocurrency bring, there are a few more reasons why you should develop your crypto payment gateway.
Features of a crypto payment gateway
As you may have guessed from the way a crypto payment gateway works, there are two different entities in the ecosystem: the user and the administrator.
The user should be able to easily create a profile by signing up. The sign-up process should also involve KYC to ensure top-notch security. The profile should also hold a history of all the transactions, deposits, withdrawals, and support tickets. It is to be remembered that both merchants and retail users fall into the same category. Therefore the merchant should also be provided with specialized tools that help them make the entire process of transacting easier and simpler.
HTML post fields should also be made available so users can edit certain parts of the payment gateway without much hassle. This customization possibility attracts both users and merchants to use your crypto payment gateway. The gateway platform should also have IPN and IPN history recorded on the profile of the users.
The users should also be able to completely control the account settings that will give them command over the currency, the restricted wallets, and transfer of Crypto funds to another wallet upon a certain threshold value being met. The user should also be able to generate API keys for integrating their payment and payment history into a repository or account book. For merchants, the same feature should come in handy in integrating their cryptocurrency payment gateway into their website or mobile application.
On the administrator side, the admin should be able to easily sign up and view the specifically designed dashboard. They should be able to view all the details of users and merchants. They should also be able to control the commission settings and handle the support ecosystem. They are also responsible for the content on the platform interface.
The administrator is also responsible for the security of the cryptocurrency payment gateway. Features like two-factor authentication, multi-signature wallet access, and general offline security measures should be undertaken. They should also be able to view the details of users and merchants, and if possible, also have access to the payment history of both users and merchants alike.
Some examples of crypto payment gateway platforms
Some cryptocurrency payment gateway brands have already made a big name for themselves not only in the crypto space but all across the landscape of finance.
It is interesting to know that this payment gateway was created two years after the introduction of the bitcoin and when the bitcoin was worth a relatively measly one dollar. The platform comes with default security features like two-factor authentication and it also provides instant withdrawals within agreeable time frames. It can work on both iOS and Android, and it can support major currencies like the USD, GBP, and EUR.
Although the name sounds like some kind of a scandal, it is one of the most user-friendly and well-known crypto payment gateway systems. Just like Bitpay, Coingate also accepts multiple currencies and is highly secure. In addition, it also provides plug-ins for e-commerce and even APIs for integrating with your business website.
Although at its core, the company is expected to behave as an exchange, it also integrates with it, a proper cryptocurrency payment gateway. It is uncompromising on security and being one of the latest offerings, it also incorporates an impeccable user interface and makes it easy for anyone to use. Its wide portfolio of supported coins and currencies make it an ideal choice for any business across the globe that wishes to bring in crypto payments into their payments ecosystem.
The relevance and the need for a crypto payment gateway for any business that looks forward to expanding its scope of operations in the future have been established beyond question. If you are one of those businesses, you can get in touch with Cryptocurrency Exchange Script to get your crypto payments game rolling. With the growing acceptance of cryptocurrency and its manifestations, perhaps the right time to invest in a crypto payment gateway is right now!