Cryptocurrency Payment Gateway Development and Integration

Cryptocurrency Payment Gateway Development and Integration

Introduction

In today’s modern world, cryptocurrencies have taken the place of a new digital payment module. The cryptocurrency payment gateway development platform fulfills the role by reducing the need for alternative and fast payment methods. The incremental cost and inefficiencies drive banks, businesses, and consumers to switch to more digital gateways.

Cryptocurrencies or digital currencies in the financial sector have given a strong present and future growth position. And blockchain integration in crypto payment gateway development makes it more protected, fast and transparent transactions.

In many countries, it is already popular, and they have been using cryptocurrency gateways since its launch. In particular, in the past few years, we have seen massive growth and implementations of cryptocurrency in daily payment. This is mainly because of the potential business model of establishing virtual currencies.

Talking about the multifaceted business models that come with cryptocurrency, every business model has been capable of reaping massive rewards. Several popular business models involving cryptocurrencies, like Cryptocurrency Exchange Development, Crypto Token Development, Crypto Payment Gateway Development,  Cryptocurrency Wallet Development, etc.

The most consistently profitable business is cryptocurrency payment gateway development among the above methods.

The persistent label on crypto payment gateway development is due to the potential stability of its business sector involvement. In simple words, regardless of the trading outcome, every single merchant, buyer, and seller has to use a payment gateway to process their digital currencies in one way or another. To establish yourself with a  cryptocurrency payment gateway business, there are certain steps one needs to follow to get the desired output.

What Is a Cryptocurrency Payment Gateway Development?

A cryptocurrency payment gateway development is a diligent payment processing infrastructure that allows merchants and providers to accept payments in different cryptocurrencies while ensuring security. Users can directly transfer money from one wallet to another using this service.

In addition to their core functions, these payment gateways are responsible for securely providing the payer's wallet data to the merchant's software. Businesses of all sizes are increasingly using this payment network to look for the most profitable, secure, and quick payment methods.

The blockchain ecosystem underlies the cryptocurrency payment gateway platform, which provides record and transaction transparency immutability. In addition, the decentralized structure of the blockchain eliminates middlemen such as banks from the payment process, accelerating transactions and reducing payment processing procedures. Ultimately, this mechanism encourages more individuals to use digital currencies and adds to the growing popularity of decentralized gateways.

Crypto payment gateway development service offers users and merchants some unique benefits, instantly authenticating transactions and removing third parties from the payment system.

What are the Benefits of Cryptocurrency Payment Gateway Development?

As the world moves towards online or more into digital payment, it is also increasing the cryptocurrency-based currencies gateways. You can target various audiences currently using cryptocurrencies worldwide by offering a cryptocurrency payment gateway platform.

As I mentioned earlier, blockchain integration in cryptocurrency makes every payment safe and disclosed. By using the best cryptocurrency payment gateway development service, you can offer many payment options to your users. But still, there is a long road for cryptocurrency to spread its fantastic quality and services to every country. However, the features these payment gateways provide are quite impressive.


There are many benefits of cryptocurrency payment gateway platforms, and some of them are mentioned below:

Highly Secured Payment Transactions

Integrating blockchain technology into crypto payment gateway platforms makes every transaction done through these gateways provide users with high security. This feature also attracts more traders and business owners running large enterprises. Since there is no room for a refund or chargeback, a cryptocurrency payment, once processed and completed, will not be able to return the said amount to the customer. Furthermore, this feature enhances the security of transactions.

Anonymous Payments

This feature is best for those most concerned about security while doing any digital payments. In centralized payment mechanisms, it requires user registration and KYC verification. On the other hand, users do not need to verify or register anything with decentralized payment mechanisms like cryptocurrency transactions. They can join cryptocurrency networks without disclosing their identity. Overall, the main purpose of anonymous payment is privacy and security.

Quick Processing of Transaction

Another benefit of cryptocurrency payment gateway platforms is fast transactions. Blockchain technology gives security and delivers fast transaction processing, taking no more than 10 seconds to process payments. It allows merchants to accept the cryptocurrency and quickly convert it to a regular currency at any time.

How Exactly Does Cryptocurrency Payment Gateway Work?

For those familiar with traditional payment gateways, it is not difficult to understand the mechanism of crypto payment gateways. Blockchain technology powers crypto payment gateways services. It is a substitute for a digital wallet for a credit card, requiring merchants to register a merchant account to accept cryptocurrency payments.

As a result, transactions take place on a decentralized peer-to-peer network, in which nodes exchange payment data, verify it, and send it to the distributed ledger. It is worth noting that the wallet address here serves as an identifier for both the parties participating in the transaction.

When data containing a block is added to the chain, the blockchain saves the transaction details, ensuring the irreversibility of the transaction. As a result, a cryptocurrency payment gateway development platform allows users to transmit cryptocurrency coins in exchange for a specific product or service using a decentralized payment prototype. The steps describing how a cryptocurrency payment gateway works in the real world are listed below.

When a user sends an order, the app saves his information, such as his wallet address, encrypts the information, and sends it to a merchant for further processing in a web server through SSL (Secure sockets layer).

The merchant will scan the blockchain using an integrated cryptocurrency payment gateway platform, where nodes process and confirm the transactions.
After payment verification, nodes transfer the coin from the user’s account to merchant accounts. After completing a successful transfer, notify both user and merchant that the payment is done and transferred successfully.

The cryptocurrencies in terms of real money values change from time to time, so it's up to the merchant whether he wants to keep the cryptocurrency coin for the long term or convert those coins into real money and withdraw it.

The best part of crypto coins is that they are available in various currencies. A cryptocurrency payment gateway allows merchants to accept various cryptocurrencies as payment and deposit all of the crypto coins in the merchant account.

What are the Basic Characteristics of Cryptocurrency Payment Gateway Development?

The features can be adjusted according to business requirements. The basic characteristics of any advanced cryptocurrency payment gateway development are as follows.

Peer-to-Peer Transaction

This is an exchange process of money between two or more persons. Marchants, shops, and companies can make money from customers through peer-to-peer transactions by adding a decentralization payment gateway service. The payment process will be very secure and fast.

No Intermediary

With the decentralized nature of the crypt payment gateway development platform, no intermediaries will be available. All information will be disclosed, and all payments will be directly processed between customer and merchant.

Integration of Payment Gateway is Easy

The implementations of any payment gateways in existing applications for cryptocurrencies are very easy now. The plugin can be added anytime in the app by the merchant.

Compatible With all OS

The decentralized crypto payment gateway platform is fully compatible with Android, iOS, and Windows operating systems. To integrate the payment gateway services, merchants do not need to upgrade or modify their devices or application specs.

Real-time Crypto Coin Exchange compatibility

The cryptocurrency market is highly volatile, as the market value of cryptocurrency fluctuates normally. That’s why the flexibility of real-time cryptocurrency exchange compatibility provides anytime changing your crypto coins into real money with the effectiveness of the payment process. Some advanced decentralized payment gateways give access to live charts of current cryptocurrency value in the market.

Transnational Transactions

A monetary transaction can take five to fifteen days to complete, but a cryptocurrency transaction takes only a few minutes. Instant transactions benefit all types of enterprises (small, medium, and large) as it allows them to complete payments on imports and exports of goods more quickly.

Top 5 Cryptocurrency Payment Gateway Development platforms

In the cryptocurrency world, there are many platforms of cryptocurrency payment gateway, but few of them have earned recognition and popularity with their best features and user-friendly interface.

Even the best crypto payment gateway development companies try to make their presence in the cryptocurrency market by developing unique and advanced featured cryptocurrency payment gateways applications. Here are the top 5 cryptocurrency payment gateway platforms that are currently the best.

1. COINBASE

Coinbase is one of the largest and most popular bitcoin exchange platforms in the United States and one of the largest cryptocurrencies exchange platforms globally.

2. COINGATE

Coingate is a user-friendly app that allows merchants to set up and operate monitor payments from their phones. It supports 70+ cryptocurrencies, which means merchants can add many crypto payment methods.

3. COINSBANK

CoinsBank is a user-friendly bitcoin gateway that has a well-known reputation in the market. The app is available for mobile devices, and it's free to download for Android and iOS.

4. ALFACOINS

This is one of the best cryptocurrency payment platforms for bitcoin. Its special feature is that it allows the payment split between fiat and cryptocurrency.

5. SHOPIFY

Shopify is one of the most reliable and best cryptocurrency gateway platforms. As a result, it is already being used by 1000+ merchants globally.

These cryptocurrency payment gateways have a good reputation around the globe that providing reliable cryptocurrency services. You can also build a fully functional crypto payment gateway like Coinbase, Shopify, or whatever as per your business requirement by hiring the best cryptocurrency payment gateway service provider in the cryptocurrency industry.

Conclusion

Cryptocurrency is the future as we know it! Already many companies and organizations are accepting cryptocurrency as a form of payment. Hence, the need for a cryptocurrency payment gateway development service is why launching a cryptocurrency payment platform is one of the profitable cryptocurrency businesses in today's digital world.

According to your business concepts, all you have to do is choose the right cryptocurrency payment gateway development company to build a safe and secure crypto payment gateway platform.