Key Takeaways
- Explore the market potential of a crypto payment gateway that provides significant processing speed.
- Get to know what a crypto payment gateway is and why it is important in digital business.
- Explore the top 5 crypto payment solutions and how to develop your crypto payment gateway system.
Today, the cryptocurrency market is going through another period of development, with an overflow of arrangements that are influencing the world consistently. Digital currency exchanges have become more famous among numerous organizations. A crypto payment gateway acts as a string between customers, businesses, and the blockchain network. These payment gateways have skyrocketed the world since the owner of Tesla, Elon Musk, said that ‘Customers can buy Tesla’s products using Bitcoin’. It also attributes to the customer’s requirements, such as advanced security, expedited transaction time, and less transaction cost.
This guide will help you find the best cryptocurrency payment gateway in 2024.
Why Is A Crypto Payment Gateway Important In Digital Business?
Prior to digging into why a crypto installment passage is required for a computerized business, we will examine what a crypto installment door is. A crypto installment passage is a particular programming stage that permits individual organizations to acknowledge digital currency installments for administrations. It acts as a bridge between the traditional financial system and decentralized currencies by facilitating integration with numerous e-commerce websites and professional services, these platforms offer a diverse range of payment options.
Most merchants accept digital payment systems, resulting in increased cross-border sales. We know that every transaction of cryptocurrencies is stored on the blockchain, and no rolling reserves can be dealt with. Moreover, the crypto payment gateway allows businesses to expand and scale, It enables customers to reach a wider market.
Top 5 Crypto Payment Gateways In 2024
1. Coinbase Commerce
Coinbase Commerce offers a fee of 1% for every transaction carried through its platform. In total, it accepts a total of 13 cryptocurrencies, providing flexibility for businesses. Also, it offers numerous functionalities to meet your business needs. Offering versatile payment solutions, they facilitate both online and offline crypto payment gateways, invoicing systems, and donation widgets, empowering businesses with flexibility. Notably, users can opt for either self-management or utilize Coinbase’s management services, enhancing convenience and choice.
2. Bitpay
Bitpay was founded in 2011 with the mission of transforming transactions between businesses and individuals by offering a secured crypto payment gateway. Its features include volatility protection, which is responsible for locking the exchange rate at the time of sale so that a user will receive the expected amount. However, Bitpay’s support does not extend to widely used cryptocurrencies such as Tether (USDT), Binance Coin (BNB), Ripple (XRP), and Cardano (ADA). This omission could affect merchants catering to customers who prefer these coins, potentially limiting their market reach.
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3. NOWPayments
NOWPayments provides competitive transaction fees, starting at just 0.4% for merchants processing high volumes of transactions. This fee is an attractive option for businesses that want to accept cryptocurrencies. The platform supports over 160 cryptocurrencies and provides the freedom to accept any cryptocurrency. It provides wide functionalities, which include online and offline payment gateways, payment links, crypto subscriptions, and a donation widget. Additionally, users benefit from intelligent features like anti-volatility, which seamlessly converts incoming cryptocurrency to a preferred alternative.
4. Crypto.com
Crypto.com provides a specialized ‘pay checkout’ option designed specifically for merchants operating within the e-commerce market. It offers only a 0.5% transaction fee, benign the lowest fee out of all competitors. While it offers a component discount scheme allowing merchants to claim rewards, this benefit comes with a trade-off. The platform’s high level of automation may not suit businesses seeking a more personalized approach, potentially posing challenges for those requiring tailored solutions.
5. Coinbase
Beyond being recognized for its top-tier hot wallet services, Coinbase serves as a versatile crypto gateway. It enables seamless conversion of Bitcoin to fiat currency without requiring merchants to initiate withdrawals. As a result, it has earned accolades as one of the premier Bitcoin payment providers available.
A Simple Guide To Build A Crypto Payment Gateway
➥ Choose An Operating System And Set A Blockchain Node
Ubuntu and CentOS are favored for their stability and open-source compatibility. MacOS suits developers in the Apple ecosystem. While Windows is viable, it may require adjustments for software compatibility. Download and install a full node for your preferred blockchain network to enable direct interaction for testing and development. Alternatively, explore cloud-based node providers for simplified setup and maintenance.
➥ Design The User Interface
A visually appealing layout is essential for the effortless navigation of users through transactions. Here is where a good user interface comes to aid which is crucial to ensure compatibility with various cryptocurrencies and wallet options, empowering users to select their preferred payment method with ease.
➥ Implement Payment APIs
Payment APIs are the bridges that enable the seamless integration of crypto payment gateways with established platforms like e-commerce websites and mobile applications. Facilitating communication between platforms and crypto payment gateways, these APIs streamline the integration process.
➥ Testing And QA
Performance testing is essential for simulating real-world scenarios and pinpointing any potential bottlenecks, guaranteeing that the gateway can effectively manage high transaction volumes during peak periods.
➥ Deployment And Launch
Before launching the gateway, thorough development and testing phases are conducted. Upon completion, the gateway is deployed to a secure production environment, which involves optimizing system performance, administering user access, and implementing stringent security measures to ensure smooth and secure operation.
➥ Post-Launch Maintenance
Maintaining peak system performance requires vigilant monitoring to detect and address any emerging issues promptly. Consistently applying security updates to mitigate newly identified vulnerabilities and uphold robust security standards is imperative. Keeping pace with evolving regulations and technological advancements within the cryptocurrency realm is essential for meeting evolving requirements and elevating user satisfaction.
Bottom Line
Since the inception of Bitcoin’s pioneering transactions, advancements in technology have transformed the landscape of online financial transactions. Today, sending and receiving money online has become remarkably convenient. The reception of cryptocurrency has seen consistent development throughout the long term, with exchange volumes expanding every year. This pattern is supposed to continue, showing a promising future for computerized monetary standards.
Join your hands with Blockchain App Factory to get the ideal solution for a crypto payment gateway.
