A completely decentralized currency that lies outside the banking and government ecosystem might seem like a Utopian dream and something that would only appear in science fiction, but with the introduction of bitcoin in 2009, the decentralized digital currency was real. Aptly named cryptocurrency, it started growing in both value and popularity. The growing popularity and the benefits of the underlying technology called the blockchain have even led a lot of countries to contemplate the mainstream adoption of cryptocurrency.
The acceptance of cryptocurrency as a mainstream mode of payment or an instrument of the transaction lies very much within the hazy territory of legality. On one side, there are governments like Malta and Gibraltar that support this new technology revolution because it offers the benefits of quick global transactions at a very low cost. On the other side, there are countries like China that have been vocal about their opposing policies towards Cryptocurrency and the various manifestations of the blockchain because it moves money outside the territory of censorship and regulation.
Anything said it cannot be denied that cryptocurrency is gaining popularity with every passing day. There have been instances where Lamborghini was ready to accept bitcoin as a mode of payment, and more recently, although the statement was withdrawn after a very short shelf-life, even Tesla was ready to accept payments in bitcoin. It would not be long before the cryptocurrency is considered a proper method of payment.
To facilitate those payments, much like how we have a payment gateway for fiat currency, there is also a need for a cryptocurrency payment gateway.
A cryptocurrency payment gateway, as the name implies, it's a platform that can facilitate the payment for products or services using crypto coins. On the other side, it also interfaces with the wallet of the business to ensure that the transaction is completed properly.
There are a lot of cryptocurrency payment gateways springing up left, right, and center. Considering the fact that cryptocurrency is becoming popular and is growing in acceptance, cryptocurrency payment gateways could be quite competitive and rightly so because it is a lucrative business segment.
If you would like to be a part of this revolution and launch your own cryptocurrency payment gateway, one of the best ways to do it is to go for a white label solution. A white label cryptocurrency payment gateway is easy to launch, and it can be made to bear your brand language because of the customization options it offers. It also ensures that you can launch your gateway quickly without any hassle and is also free from bugs that might interfere with the basic functionality expected out of the platform.
A Cryptocurrency Payment Gateway presents a lot of advantages.
✔ Since cryptocurrency transactions are refined and approved according to consensus protocols, the payments can never be reversed. This completely nullifies the chances of unwanted chargebacks.
✔ The confirmation of the transaction is fast because the transactions are managed by a community. There is no hierarchy or linear processes involved that contributes to the delay in today's transactions with traditional currency.
✔ Since the entire transaction happens within the blockchain ecosystem, The entire transaction is completely secure. The possibilities of duplicate transactions it's almost 0.
✔ Blockchain, by default, is global in its reach, and it does not have any intermediaries involved. On one side, this makes the transactions extremely cheap, and on the other hand, it can facilitate easy acceptance and reception of global payments.
✔ There are no delays involved in the transaction. Most of the transactions are confirmed in a matter of minutes if not seconds even if it is from one corner of the world to another.
A company that specializes in crypto payment gateway development is bound to give you a perfect solution. However, it is important that you have a fair idea of the features that are deemed necessary for any proper cryptocurrency payment gateway.
Your cryptocurrency payment gateway should support multiple currencies. It is to be remembered that there are more than 2500 different cryptocurrencies that are operational right now, and although each might be of different value, your payment gateway should be in a position to accept at least some of the most prominent crypto coins.
The confirmation should be as fast as possible, and almost real-time. This helps in better customer satisfaction because there will not be any delays in payment confirmation.
The cryptocurrency payment gateway should be garnished with an intuitive and interactive user-friendly interface. It is to be noted that the users of the crypto payment gateway are most likely to be business owners who might not have the exposure to deal with the technical intricacies of the blockchain world. Keeping in mind these people, the interface should be designed to be interactive and intuitive to ensure that the processes get completed without any hassle or delay.
The payment gateway should assure top-notch security. It should be gated using a two-factor authentication that enhances the security. In addition, the gateway should also be protected from database injection attacks and denial of service attacks.
Creating a crypto payment gateway from scratch might be quite demanding in terms of time, money, resources, and efforts. Alternatively, you can consider going for a white label cryptocurrency payment gateway solution. Instead of building everything from scratch, you can purchase the white label solution as a product, and can customize it according to your requirements.
As you may have inferred, a white label cryptocurrency payment gateway solution assures that you can launch yours in the shortest possible time. Also, you do not have to pay for the resources involved in building the product. The end-product will not have any glitches or bugs that might interfere with the basic functionality expected.
Now that we know it is simple and easy to launch a crypto payment gateway for your business, all that is left for you to do is to approach a company that specializes in white label cryptocurrency payment gateway development. They will take care to understand your requirement and present you with perfect and proper crypto payment gateway solutions that will help your business grow global and also give an image that your business is up-to-date with the latest technology revolutionizing The world of transactions and record keeping.
