An Insight Into How a Crypto Payment Gateway Platform Operates

A Crypto payment gateway platform ensures the transfer of cryptocurrencies across borders speedily and safely. The transactions can be executed either by scanning QR codes or sending cryptos directly from the crypto wallet to the wallet addresses of the users. Every transaction is recorded on the decentralized blockchain network. Crypto wallets can either support a single currency or accept multiple currencies.

Some of the popular crypto payment gateways are Coinbase, Coingate, BitPay, GoCoin, and SpicePay.

Crypto Payment Gateway Development
Crypto Payment Gateway Development

Crypto payment gateways can be integrated into the business operations either through third-party APIs or by developing their own unique software. It can be used in websites, emails, messaging applications, and DApps. A White label Cryptocurrency payment gateway can be launched on different platforms like EOS, Neo, Hyperledger, and Hedera Hashgraph using tools like Solidity programming language, Truffle, and Zeppelin.

The Objectives Targetted By Crypto Payment Gateway Solutions

They aim to eliminate the role of third parties to facilitate transactions between the customer and the merchant. They want to promote an increase in the usage of digital currencies to process payments. Each purchase of crypto will be encrypted, preventing any chances of hacking attacks or online frauds.

Compare Traditional Payment Gateways & Multi Cryptocurrency Payment Gateways

Traditional Payment Gateways
Traditional Payment Gateways

Businesses that operate locally can make use of traditional payment gateways. On the other hand, Multi cryptocurrency payment gateways accept 100 different types of digital currencies on their platform. The transaction process is faster and cheaper as smart contracts authorize each payment based on a business agreement between owners and clients. There are no geographical barriers, language issues, or any ambiguity in the terms and conditions.

Conventional payment gateways can take several days or weeks to process payments. Cryptocurrency payment gateways ensure confidence between the involved parties ensuring that the money does not end up in the wrong hands.

Advantages Rendered By A White Label Cryptocurrency Payment Gateway

  • The transaction fees are lower when compared to other alternatives like debit cards or credit cards.
  • Payments are processed in a lightning-fast manner as there are no intermediaries to validate the transactions.
  • Since payments are irreversible, there is no chance of chargebacks or refunds. Hence, high-risk business owners would be attracted to use cryptocurrencies in their operations.
  • It ensures anonymity for both the sender and the receiver, assuring a high level of privacy as they need not disclose their identity to anyone.
  • It also facilitates the exchange of cryptos to fiat currencies for merchants and customers anytime. This option benefits local traders as the settlements can be made in the leading fiat currencies like the US Dollar, Euro, and GBP.
  • It is a new and discreet secure payment method.
  • You can get a first-mover advantage as there are not many merchants accepting payments made in cryptocurrencies now.

What Are The Documents Needs To Start A Crypto Payment Gateway Platform?

  • Certificate of incorporation for the business that he/she has established in the market.
  • A certificate of incumbency.
  • Passport copies of the owners of the firm.
  • Application submitted to the Payment Service Provider (PSP).
  • Processing history of transactions related to the business operations.
  • Company’s operational or industrial license.
  • Details of the company turnover by submitting relevant financial statements like Balance sheet, profit and loss statement, and cash flow records.

Which Players Should Use A Crypto Payment Gateway Platform?

Brokers operating in Forex and cryptocurrency exchanges, E-Commerce companies, the gambling industry, online gamers, organized marketplaces, travel agencies, and hedge funds can utilize a Crypto payment gateway platform.

The Future Expectations For Crypto Payment Gateway Solutions

The digital payments revolution will be spearheaded by Multi Cryptocurrency payment gateways. They help in creating an efficient business environment without any intermediaries and human involvement. Many feel that cryptocurrencies are the catalyst for the newest payment revolution. Payment portals and apps will eventually replace cash soon. Cryptocurrencies have already had a huge impact on the financial services industry. More than 100 leading banks have signed up with Ripple (XRP) for ensuring the cross-border transfer of funds powered by blockchain technology. There need to be more daily use cases for Cryptocurrency to become mainstream.

Hire the services of Blockchain App Factory for developing the Crypto payment gateway at an affordable cost. Their solutions include wallet integration, mobile application development, building NFC powered products, and developing API plug-ins for different cryptos like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Dash.

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