How to Create a Cryptocurrency Payment Gateway?

Businesses who deal in cryptocurrencies regularly in their operations need a robust payment gateway. A payment gateway is an online payment processing technology for helping enterprises to accept multiple types of crypto coins and payments made through credit cards. It bridges the gap between merchant platforms, issuing banks, crypto exchanges, cashier system providers, payment solution providers, card associations, and wallet players.

Some of the Compelling Reasons to Involve in Cryptocurrency Payment Gateway Development are:

• The transactions processed on the platform are highly private and secure. 
• All the payments made are stored on the immutable blockchain ledger. 
• There is no chance of fraud to take place on the platform ensuring high user confidence. 
• The processing fees are low in a cryptocurrency payment gateway when compared to other well-known alternatives like credit cards and debit cards. 
• 3rd parties have no role to play on the platform. 
• An authentic digital signature signed by the users helps in preventing any payment delays ensuring timely settlement of the transactions. 
• Funds can be transferred across borders instantly. 
• Since the payment processor works on both ends, a uniform format will be used for reading and decoding the different messages sent by users.

The Core Features of a Cryptocurrency Payment Gateway 

• It supports real-time execution of transactions. 
• It can be used on multiple platforms and devices like Android, iOS, and Windows, both on the web and mobile. 
• It accepts the leading cryptocurrencies, stablecoins, and fiat currencies on the platform. 
• It supports the seamless conversion of fiat currencies into digital currencies. 
• Multiple users can use the platform simultaneously without any chance of server downtime. 
• Easy to create and deactivate accounts without facing any risks. 
• Provision of 24×7 technical support in numerous languages for handling the queries and glitches of users regularly. 
• Presence of security features like two-factor authentication, end-to-end encryption, and password-protected user access. 
• Unrestricted access to the users’ transaction history. 
• No chance of chargebacks or recurring fees. 
• Downloadable reports that show your account statement and real-time balance. 
• Best market rates available for both cryptos and fiats. 
• Integration facility with the leading E-commerce platforms.

The Process to Follow for Cryptocurrency Payment Gateway Development

• Assess your business requirements and evaluate the extent of market competition. 
• Comply with all the regulatory guidelines by consulting your local and national authorities. 
• Fix an apt implementation strategy that will work best for your business. 
• Determine the time and cost involved in your implementation plan. 
• After completing the implementation processes, do extensive testing to fix any bugs and glitches before the official rollout of your payment gateway in the market for the users. 

The Future Expected for Cryptocurrency Payment Gateway Development

Both consumers and merchants want secure and fast payment options. With more importance given to contactless payments owing to the pandemic, the future of payments lies in mobile wallets and NFC technology. Blockchain technology can play a pivotal role by increasing financial inclusiveness and creating value by decentralizing assets.