In current times, cryptocurrency has taken the world by storm, and there is a reason behind it. The success of Blockchain in various domains has made the world a progressive place. With a significant increase in crypto transactions, there is a need for an efficient crypto payment gateway to make the transactions more secure and flawless. The global market has a list of crypto payment gateway that helps in buying and selling cryptocurrencies.
The use of cryptocurrency has increased since the rise of Bitcoins. When Elon Musk, the founder of Tesla, Inc., declared that customers could buy cars with Bitcoins, the popularity of these coins crossed all the limits. The buying process of cryptocurrencies requires a robust payment gateway, and since this form of digital currency is winning hearts and market share, various entrepreneurs are investing in developing a new and efficient crypto payment gateway.
If you want to develop a crypto payment gateway with the right number of features and technologies, keep reading this blog.
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Working of a Crypto Payment Gateway
The mechanism behind a crypto payment gateway is extremely simple; it doesn’t take a lot of effort to understand if you have an idea about conventional payment gateways. It is a well-known fact that cryptocurrencies are based on blockchain technology, and the wallet address of both parties behaves as their identity.
The wallet address is recorded, encrypted, and sent to the merchant website for verification when the order is placed. With the help of the integrated payment gateway, the merchant is able to scan the Blockchain from where the nodes are validated, and the transaction is confirmed.
Once the validation process is completed, the coins are transferred to both parties, and the payment gateway notifies them. Right after this process, the transaction is marked successful. These crypto payment gateways also help users in conducting international transactions with extremely low processing fees.
Why Should Businesses Invest in Crypto Payment Gateway Solution Development?
Investing in a crypto payment gateway development involves many challenges, including growth projections. Well, in the case of cryptocurrency, it is skyrocketing as the global market valuation of the crypto market is expected to reach the valuation of 880 million USD by the end of 2026.
Apart from the market valuation projections, there are a number of factors that draw the attention of the business towards the development of the Crypto Payment Gateway. These crypto payment gateways ensure high-level security to assure the safety of the transactions between the two parties. Since it’s the trade of a decentralized currency, it is needed to be private, and these gateways do this job better than anyone.
The transactions between the parties are made and stored in a rigid blockchain ledger. Since the security on these platforms is taken much more seriously, user confidence automatically gets high. As the platform only deals with buying and selling of cryptocurrencies between two parties, there is no need for any 3rd party on these platforms. The processing fees are also less on these platforms as compared to other forms of payment gateways. International payments take a lot of time and have high transaction fees, but crypto payment gateway users can transfer their coins rapidly and with low transaction fees.
Top Crypto Payment Gateways
Before developing a robust crypto payment gateway, it is nice to explore the competition. There are a lot of crypto payment gateways that are prevailing in the global market. Here are some of the top ones that you should explore before starting your project.
Coinbase
Coinbase can be described as one the biggest bitcoin exchange globally. It can be considered as one of the most popular apps of the current times with a large number of users. This crypto payment gateway follows all the rules and regulations related to currency exchanges making it one the safest and most reliable payment gateway in the sector. Following the regulations are important for these payment gateways as the crypto sector still remains unregulated thus, inviting risks.
After the first transaction of up to 1 million USD, it charges a transaction fee of 1 percent from the users. Coinbase only takes 2-3 days to transfer the payment to the merchant bank account and only remains available to selected countries across the globe.
CoinGate
CoinGate is one of the most popular crypto payment gateways in the global market. It allows users to pay with Bitcoin, Litecoin, Ether, and other virtual currencies. It delivers top-class security to the users and charges a flat 1% fee. Users trust this crypto payment gateway as it does not levy any type of hidden costs or margins.
CoinGate offers a number of integrations such as API, shopping cart plugins, payment buttons, or Web POS. These integrations are extremely helpful and cover almost every business need. Apart from all these features, CoinGate delivers an attractive UI to the users that somehow enhances its daily user count.
CoinsBank
CoinsBank can be explained as your one-stop solution for any kind of blockchain services such as exchanging digital currencies, wallets, crypto cards, merchant gateways, and much more. CoinsBank came into existence in the year 2016, and since then, users have loved its blockchain services. CoinsBank has its offices located in the UK. CoinsBank delivers a next-gen level of security, and customers are quite satisfied with its services. CoinsBank deals with a wide number of centralized currencies as well, such as USD, GBP, EURO, and more.
Development Timeline of Crypto Payment Gateway
Crypto payment gateways are extremely useful for the finance world in the current times, and their development process is not as complicated as you think. You’ll need to follow a series of steps to finally have a robust, results-oriented, and feature-enriched crypto payment gateway for your business. The first step you need to take is to define the vision that you want to reach by developing your crypto payment gateway solution.
Understand the Market
Any payment gateway has a number of applications and benefits. Your business should get an idea about the scenario of the current market of crypto payment gateway before getting ahead in the process. Your expectations determine its complexity and features. Crypto payment gateway solutions are designed to perform various aspects of business, such as increasing customer engagement on the platform, delivering flexible ways of payments, and automating transactions.
Every project development needs a thorough study of the market and competitors. You need to research the market for a number of things and make a list of the parameters that you want to include in your crypto payment gateway. Conduct in-depth research into the technology of your competitor’s products and their business strategies. Conduct research to get a clear idea of a customer’s expectations and what they want from a new crypto payment gateway.
You can either set up your marketing department or get a marketing company to do this work for you. If these two options don’t work for you, get a well-researched market report from an online marketing firm such as Statista and more.
Create a Perfect Roadmap of Development Process
After gathering all the facts, you need to analyze these data points and create a functional action plan to monitor the development process. This will help you determine your overall budget and the number of features your crypto payment gateway needs. You always have the opportunity to customize the project to your expectations. The ultimate need of your development process is the search for a reliable and reputable development partner.
You can either hire a freelance team of developers or set up your own development department, but the problem with both of them is they require substantial capital and deliver more risks in terms of the quality of the project. The most viable option is to find a reliable and full-fledged crypto payment gateway development company with a large pool of resources.
You need to decide a number of things about the project, such as features, tech stack, and more. Let’s start with the most common features of the crypto payment gateway that you should consider.
Features to be Considered
Features are the main USP of any project, whether it’s a crypto payment gateway or any other project. Users judge anything online based on the type and number of features it possesses. Ask your development partner to integrate the best-in-class features for your crypto payment gateway solution. Here are some of the most preferred features of the said field.
Registration
Allow users to register themselves on the platform by providing some of the personal information such as age, contact info, and more.
KYC Verification
Allow users to get them verified on the payment gateway by providing some credentials that can verify their identity.
Dashboard
Allow users and admins to get an overview of the payment gateway and access all the functions in one place, such as the last transaction, cancel the transaction, and more.
Wallet Integration
Allow users to store the transferred cryptocurrency into their crypto wallets easily and securely.
Deposit & Withdraw History
Allow users to get an idea about their last deposit and withdrawal made through that payment gateway.
Ticket Generation
Allow users to generate a ticket regarding any issue in their transactions and alert the support team in case of any issue.
Transaction History
Allow users to get an idea about the number of transactions they have made through the crypto payment gateway in a particular period of time.
Merchant Tools
Allow users to get familiar with the tools available on the payment gateway and ease your transaction process.
Merchant Payment History
Allow users to get complete details of their transactional history with various merchants on the platforms.
Commission Settings
Allow admins to modify the settings of commissions that are generated through various merchants.
Technical stack to consider
A well-structured technological stack is always helpful in providing the desired functions. Different developers of crypto payment gateway prefer to use a full-fledged technology package for their projects. Here is a tech stack that most of the crypto payment gateways in the market use.
| Application and Data | JQuery, NGINX, CloudFlare, AngularJS, Backbone.js, Moment.js, Underscore, Prism |
| Utilities | Google Analytics, Google Tag Manager, Twilio SendGrid, Optimizely, Segment |
| DevOps | Gmail, Google Fonts, G Suite, Zendesk, Intercom, Ghost |
Design & Testing
Before moving on to the next level, you have all the facts and information you need to develop a functional custom crypto payment gateway. When a customer visits your website or application and uses your platform integrations, the first thing they notice is the design of the user interface / UX. It would help if you focused on the interface; it should be elegant and simple at the same time. Don’t overdo the design; overcoming something can be fatal to your project.
In the next step, ask your crypto payment development company to submit a working MVP of the project. Perform robust testing of the MVP for errors or bugs. Test all the functions and features to make the project effective. Early testing saves you time and money. Detecting an error or bug at an early stage allows you to fix it before it reaches users.
How can Matellio Help You with Your Crypto Payment Gateway Development?
Matellio has been delivering excellent digital solutions to businesses for a decade with extreme quality. Our expert developers are well-rehearsed with the technology trends and the regulations of the cryptocurrency domain. We follow a strategic process to develop your project accompanied by a lot of brainstorming until we agree on a perfect roadmap. Our developers keep you in a loop and share every single detail of the process as we proceed. With our skilled team of engineers and experts, Matellio can help you develop an efficient crypto payment gateway solution. We’ve delivered several perfect digital solutions with great feedback and great ratings. Here is the process we follow.
Expert Consultation
Our experts connect with you over a detailed consultation session and discuss all the possible outcomes and ways to make your project better. We gather requirements about your project to develop a flawlessly-engineered solution for your business.
Documentation
After we agree on certain terms regarding the crypto payment gateway development quotation and more, we go over certain important documents that grant us your consent to move forward. Following that, we deliver you a complete SRS and move forward to the next stage.
Agile Development
We follow an agile development methodology to develop a robust, scalable crypto payment gateway for your business. Our expert developers have diversified experience and are ready to introduce innovation to your project.
Communication and Support
We understand your business requirements better than anyone on the market. Our team of experts delivers constant communication and 24×7 technical support during the development of your crypto payment gateway.
Also Read- Financial Software Development: A Complete Guide for Businesses
What Crypto Payment Gateway Services Matellio Delivers?
We deliver a wide array of services related to cryptocurrency payment gateway development. Here are some of the services that we deliver:
Mobile Apps
The world is running on smartphones, so should your business. Our highly skilled developers are ready to develop a robust mobile application based on next-gen technologies that will handle every aspect of your crypto business. Users can easily log in and start transacting online with your app.
Crypto Wallet Development
Crypto wallet development is the current trend of the said domain, and every business dealing in crypto has a crypto wallet. It enables your users to save their cryptocurrencies, transfer the amount to the bank, and more. We deliver you a solution that suits your business requirements perfectly with utmost security.
Crypto Payment Gateway API
Our team of expert developers will develop a sophisticated API for your business that can help you in enhancing your business. This API can serve various purposes for your new payment gateway and for other businesses.
The Bottomline
Cryptocurrency can be described as the future of financial transactions. There are imminent opportunities in the field of cryptocurrency since various corporate giants are adapting to these digital currencies. All you need is to comply with the rules and regulations of the cryptocurrency spectrum. If you are planning to develop a crypto payment gateway, Matellio can help you.
Book a 30-minute free consultation with our experts for more information.
