Understanding Crypto Payment Gateways and Key Insights into Popular Platforms
Over the last few years, cryptocurrencies have become very popular for trading, staking, and
investing due to the rise of crypto coins around the world. Actually, despite volatile
markets, we've experienced a pretty bullish market in the crypto world for the last couple
of months. That has led to a revival in merchants and even some of the world's leading
corporations taking crypto as a form of tender. For this purpose, businesses will need a
crypto payment gateway that is both secure and blockchain-based.
Key Insights about CoinPayments and BitPay
CoinPayments and BitPay are the two most dominant crypto payment gateways that have made
transactions secure and efficient across the globe.
CoinPayments has been a trusted name since 2013 accepting over 2,000 cryptocurrencies
including Bitcoin, Ethereum, Litecoin, etc. It has processed over 10 billion dollars in
transactions and has the trust of 1 million plus businesses and individuals in 182
countries.With a flat transaction fee of just 0.5%, CoinPayments offers an affordable
solution for processing cryptocurrency payments.
Same with BitPay which now accepts over 16 cryptocurrencies covering 70% of the world's
market cap. The platform has processed over 10 million in transactions in 229 countries and
settles in euros,pounds,and USD. BitPay has established itself as the most secure, reliable,
and easy to use cryptocurrency payment processor and has become the go-to solution for many
businesses wishing to accept cryptocurrency.
They are the perfect illustration of the kind of efficiency and security crypto payment
gateways can offer and therefore they should be used as a model for other businesses trying
to create their own payment gateways.
With the rising acceptance of cryptocurrency, merchants are beginning to understand that
payment gateways do not have to be limited to fiat money.With all the opportunities in
crypto business, one of the most profitable ones is crypto payment gateways, and therefore
the demand for experienced development in this area.
Well, what does it take to start up a cryptocurrency payment gateway? How much does it cost?
This article contains everything you need to know about developing a cryptocurrency payment
gateway, including all the features and valuable tips to point you in the right direction
What is a Crypto
Payment Gateway?
Crypto Payment Gateway is a software that enables merchants to easily and securely accept
cryptocurrencies as a form of payment instantly. In other words, this is a payment
network established on the blockchain technology making it both very fast and secure
that became available for any traditional financial service.
One of the main benefits of using crypto payment processors is that their transaction
times are a lot faster than that of bank transfers (at least when dealing with
international payments). Not to mention, false chargebacks, which is a very serious
problem for online businesses, is pretty much gone when dealing with crypto payments,
Otherwise the transaction is reversed and the only person who can send a transaction is
one with the private key.. However, this demand for more secure, more dependable forms
of payment has also created a demand for really good crypto payment gateway development,
and startups are rushing as fast as they can to find the most promising gateway builders
for their own gateways.
Digital currencies are a very interesting opportunity for business, specifically in the
realm of payment processing. It would be a smart move for entrepreneurs and startups to
create a cryptocurrency payment gateway because that business is growing. Now, here are
a few fundamental reasons why developing a digital currency payment gateway platform by
2024 should be a very lucrative business.
Lower Transaction Fees
That is one of the great things about accepting crypto payments, the lack of fees
associated with payments through traditional mediums. Now, in the year 2024, more and
more companies are looking for different payment processing companies that accept
cryptocurrency because of their lower transaction fees. If you develop a payment gateway
that charges low fees, then you will have both merchants and customers looking for a
cheaper alternative.
Enhanced Data Privacy
It asks for a comprehensive amount of personal data including your name, address, phone
number, financial information, and credit scores- among others from traditional banking
systems. However, cryptocurrencies are even more private. Transactions with crypto
payments only involve transaction details (wallet addresses and amounts) but not other
personal information.
Robust Security
Cryptocurrency Payment Gateways are underpinned by Security Blockchain Technology. This
is based on the ledger technology used in bitcoin, which was a decentralized,
distributed, immutable and secure ledger. Transactions are immutable, once a transaction
is made it can not be erased nor be changed. Secondly, the block chain networks are
highly secure and never been hacked. So because of this, every block in the chain has a
record of the previous block and if anyone was to try and go back and change any one of
these blocks they would need to go all the way back
Lucrative Revenue Streams
Making money is still the number one concern for all the entrepreneurs in the crypto
world. Developing a crypto payment gateway unlocks multiple profit channels, including
withdrawal fees, crypto listing fees, merchant service charges, advertising
opportunities, and payment processing fees. With a crypto payment gateway service,
companies are able to access these varied streams of revenue and at the same time
increase their customer base globally.
No Third-Party Interference
One of the best things about cryptocurrencies is that there are no middlemen. In contrast
to paying through a regular bank or a third party, Cash in your crypto wallet, where you
own the private key. which you have complete control over. There is no government or
bank or third party that can track or seize or regulate these transactions, so
businesses and users alike have true financial freedom.
Stay tuned as we explore these solutions in the next section…
Developing a cryptocurrency payment gateway requires careful planning and execution.
Knowing the development process is very important because it will make the whole
experience a lot more smooth and successful. Whether you’re drawing inspiration from
platforms like PayPal, CoinPayments, CoinGate, BitcoinPay, or SpicePay, here’s a
comprehensive guide to help you navigate the development process
Market Research and Planning
Begin with market research, find out as to how much people are interested in this, what
kind of competition I would have to deal with and who my target audience .Understanding
the current marketplace and where the gaps exist to get or keep business /
opportunities. Therefore, develop a complicated plan of your crypto payment gateway with
goals, properties, and approaches.
Choose Blockchain Integration
Which blockchain networks to include, bitcoin and ethereum as they are the most widely
used cryptocurrencies. Some of these block chain networks should have some API secure
connections to these block chain networks and it should be easy and efficient to
transact.
Blockchain development company outsourcing
Delegitimize the development to a dependable team of professional developer’s, designers,
and project manager(s) with sufficient experience in the blockchain market. A good
development team will deliver your vision effectively in terms of quality, function,
reliability and also security throughout the developmental phase.
Design UI/UX
Develop a simple, user-friendly interface with creative design for the merchant and the
end user A well coordinated user experience, fellows The last critical alignment that
customers are demanding from online financial services is ease of transacting plus
seamless account handling options.
Merchant Integration Tools
Offer APIs and SDKs or even Plugins that can easily be integrated by the merchants.
Provide solutions suitable for each type of eCommerce so that it can reach everyone and
be as useful as possible. Flexible integration possibilities will be beneficial in
ensuring that a wide range of merchants join your service hence increase the number of
users.
Testing and Deployment
Perform assessment of the platform in terms of how well it addresses the need of the
users, how secure it is, among others. If there are any challenges that have been noted
during the testing process, all should be resolved as well as making various changes if
needed. Once a platform is tested and tuned, it is time to complete the launch and allow
end-users to come on board.
Ongoing Maintenance and Updates
Finally, it is crucial to point out that you should periodically assess the activity of
your payment gateway and detect any problems that should be solved without delay. Issue
updates for changing the capabilities, considering the users’ feedback or enhancing
conformity to the needs of the market. Retain and maintain to ensure long term goals and
reliability are achieved in the long run constitute the major challenge of any project.
These steps are the basis for the creation of the cryptocurrency payment gateway that is
strong and reliable. The partnership between a good blockchain and fintech app
development company such as Fourchain can be a very strategic and advantageous move for
continuous development and expert advice.
If your goal is to create a white-label crypto payment gateway for other companies or to
execute a unique solution yourself, turn to our blockchain developers.
Core Characteristics to build a Cryptocurrency Payment Gateway
Creating a payment gateway for the use of cryptocurrency is not an easy process and needs
proper strategies and implementation. It also goes a long way to make the overall
development process as nice and prosperous as people want it to be. No matter if you
were to use PayPal and other examples like CoinPayments, CoinGate, BitcoinPay, SpicePay
and all the rest of it, here is a guide to help.
Multi-Cryptocurrency Support
The other essential quality for a crypto payment gateway is the possibility of processing
multiple cryptocurrencies. It enables one to transact with different digital assets to
meet needs and want of the users and expand the market base of your platform. It
increases the number of customers or users of the payment gateway since they support
several cryptocurrencies.
Conversion to Fiat Currency
What remains useful is incorporating a feature that will enable merchants to accept
cryptocurrency payments and convert them into fiat currency. This functionality make it
easier to meet the needs of those who are holding traditional monetary funds and to
easily adopt the usage of cryptocurrency payments in the existing economic systems and
operations.
Secure Wallet Integration
Security is one of the main aspects for a crypto payment gateway. A wallet integration
feature guarantees that clients have a safe store and an easy means of managing their
coins. Develop sophisticated reported encryption schemes as well as effective storage
technologies in order to shield users’ data from various risks and hacker invasions.
API Integration
API integration is essential for connecting your crypto gateway with various platforms,
such as eCommerce websites. This feature streamlines the integration process for
businesses, making it easier to incorporate your payment gateway into popular platforms
like IKEA, Amazon, Walmart, and Adidas, thus enhancing its overall accessibility and
usability.
Real-Time Transaction Monitoring
Real-time transaction monitoring allows users and merchants to track transactions
instantly. This feature enhances transparency, enabling users to stay informed about the
status of their payments and respond quickly to any issues that may arise. This will
helps to build trust and enhancing overall user experience.
User Authentication and Security
Robust security measures are critical for protecting user accounts and preventing
unauthorized access. Implement features like two-factor authentication (2FA), Know Your
Customer (KYC) verification, and data encryption to fortify the payment gateway against
cyber threats and ensure the safety of user information.
Comprehensive Dashboard
A well-designed dashboard serves as the central hub for users, providing an overview of
account activity, transaction statuses, and relevant information. Features like
intuitive data visualization, detailed transaction logs, search functionalities, and
categorization enhance transparency and allow users to manage their financial data
efficiently.
Ticket Generation
Efficient ticket generation mechanisms are vital for customer support. Provide
user-friendly interfaces for creating support tickets and real-time tracking of ticket
status. This feature helps users seek assistance or report issues promptly, improving
customer satisfaction and building trust in your support services.
Merchant Tools
Equip merchants with essential tools to manage transactions effectively. Features for
tracking payments, analyzing sales data, customizing payment options, and optimizing
payment processes are crucial for empowering merchants and enhancing their operational
efficiency.
For a successful development process, consider partnering with a fintech app development
company like Fourchain Technologies. Their expertise and experience in creating robust
and feature-rich crypto payment gateways can help you incorporate these essential
features and build a platform that meets your business needs.
How Much Does a Crypto Payment
Gateway Development Cost?
Developing a cryptocurrency payment gateway can cost anywhere between 30,000 and 300,000
or more, again it all depends on what your project entails. This figure includes the
cost of development and upkeep, security, and upgrades of the app.
Factors Affecting Crypto Payment Gateway Development Cost
The entire cost of developing a cryptocurrency payment gateway is determined by various
factors.Platform Complexity
Understand the platform complexity and its features and factors of cost. A more complex
system with more advanced capabilities like transaction processing, real time updates,
and a large user management system is going to cost more money. An approximate price per
hour considering the complexity of the platform.
Level of Complexity |
Average Development Cost |
Time Frame |
Basic Platform |
50,000 |
3 to 6 Months |
Moderate Complexity |
120,000 |
6 to 12 Months |
Complex Platform |
300,000+ |
12 Months+ |
Location of Developers
Development rates vary widely based on location. For instance, developers in the US or UK
generally have higher hourly rates compared to those in Asia or Africa. Here is an
estimated hourly rates by region
Region |
Hourly Rates of Developers |
Asia |
30$ / Hour |
Eastern Europe |
50$ / Hour |
Middle East |
70$ / Hour |
Australia |
90$ / Hour |
Western Europe |
90$ / Hour |
US |
150$ / Hour |
Security Level
Security is a big issue, without that people will never trust a crypto payment gateway.
Expenses will rise as a result of encryption standards, multi-factor authentication, and
regulatory compliance. All of the state-of-the-art security precautions are necessary,
they just increase the total cost of production.
UI/UX Design
That's because an intuitive interface and aesthetically pleasing design are of the utmost
importance to user satisfaction, but also increase the cost of development. More
platforms with pretty UI/UX design elements would need more design and development
funding to create a smooth and interesting user experience.
Payment Processor Integration
And being compatible with a wide range of crypto currencies requires being able to
integrate well with many pay processors. That involves creating and implementing APIs,
which makes things a bit more complicated and expensive. The cost of integration is
based on which cryptocurrencies are to be supported.
Legal and Compliance Costs
Compliance with regulatory frameworks, such as anti-money laundering (AML) and
know-your-customer (KYC) regulations, is essential. Dealing with lawyers and
implementing safegaurds is expensive but it is vital to the legality and security of the
business.
Testing and Quality Assurance
Thorough testing and quality assurance is a must though for that crypto payment gateway,
it has to be reliable, secure, and it has to work period. And while they do add to the
cost of development, they are a necessary part of delivering a stable and secure
platform.
Maintenance and Updates
Updates need to constantly be made, whether they are bug fixes, security updates, or just
adding new features to keep the platform running and keep it current. This consistently
update. This constantly maintains an ongoing cost which adds to the total upkeep of a
crypto payment gateway.
With these factors in mind, companies will have a clearer sense of how much it costs to
create a cryptocurrency payment gateway and whether or not the investment is worth it.
Moreover, choosing an established fintech app development company will ensure that your
project gets delivered within budget and with decent performance.
Fourchain Can Aid In Crypto
Payment Gateway Development
Full service to get a stable and fast cryptocurrency payment gateways for Fourchain. What
you get out of our skill level is your crypto payment solution.
Multi-currency Payment Gateway
We offer multi-currency crypto payment gateways that enable real-time, hassle-free
transactions for merchant and user alike. Our solutions are designed to support a wide
range of cryptocurrencies, ensuring flexibility and convenience in your transactions.
API Plugins Integration
Fourchain is an expert in API plugin integration to crypto payment gateways, making
transactions convenient and safe. Our interfaces make payment easier and your payment system
more powerful.
Merchant Dashboard
Our team delivers intuitive and feature-rich merchant dashboards, allowing users to manage
and execute trades effortlessly. These dashboards are very informative and easy to use,
giving the merchants the ability to manage transactions in an easy and efficient manner.
Crypto Payment Integration Services
We help brands add crypto payments to their current blockchain business without missing a
beat. Our integration services allow for a seamless transfer and no interruption in
business, making your company more able to receive and use cryptocurrency payments.
API Documentation Services
To support your development efforts, Fourchain provides clear and comprehensive API
documentation. Our documentation manuals are clear and concise to ensure that your
developers are able to quickly and easily integrate with the payment gateway.
Fourchain knows what they are doing and if you use them you will have a successful crypto
payment gateway with strong features and smooth integration. We have a team that can help
you not only in the development process but further post-deployment as well.
Conclusion
The creation of a cryptocurrency payment gateway would provide businesses with a great new
opportunity to access the rapidly expanding digital asset market. A crypto payment gateway
that is designed well, can change the way businesses accept payments and interact with their
customers, with the possibility of making transactions easier, less costly, and much more
secure.
Fourchain is one of the leaders in this crypto market space in providing a full suite of
services to the enterprise who want to accept or expand their crypto payment options. From
Multi-Currency Payment Gateway Development, to Seamless API Integration, Intuitive Merchant
Dashboards, and Clear API Documentation, Fourchain is there to help every step of the way,
and ensure the launching and management of your Crypto Payment Gateway is a complete
success.
In the crypto world where everything is changing day to day, a reliable and functional
payment gateway is the difference between staying in the race, or catering to the needs of
today's consumer. Fourchain has the information and tools to assist you in navigating this
change environment and to assist you in achieving your business goals.
No matter if you are starting from ground zero or already have an existing system, Fourchain
will assist you in creating a strong and expandable crypto payment gateway that will serve
your needs and lead you to prosperity in the world of the digital economy.
Ready to Turn Your Ideas into Action?
Article By
Santhosh Kumar
Founder of Fourchain
A result-driven entrepreneur with a strong background in sales,
business development and leadership. As the Founder and CEO of Fourchain,
Santhosh Kumar is passionate about helping businesses embrace digital change by
leveraging Fintech, Blockchain, and AI to create transformative solutions that
enhance efficiency and build trust.