Crypto payment gateway is already a present-day reality. Coinpayments, Coingate, CoinsBank, Shopify Gateway – all these companies are providing cryptocurrency gateway services. On the other hand, more and more businesses are looking for blockchain payment gateway partners. Becoming an open-source cryptocurrency payment processor or gateway provider is a challenging but risky enterprise. So, is it worth the trouble?
Why crypto payment gateway development makes sense
Many facts and factors indicate that cryptocurrency gateway technology development is a priority for Paymentech players. Here are some tips.
- Visa is supporting cryptocurrency payment settlement and using a special Anchorage services for that.
- Several countries are considering the prospect of making cryptocurrency a legal tender. El Salvador has already become the pioneer of this trend.
- PayPal, Expedia, Starbucks, and even some airline companies are starting to accept crypto payments.
- More and more defi platforms emerge, mostly on Ethereum (UniSwap) and Binance Smart Chain (PancakeSwap) blockchains. They offer their users the opportunity to perform a wide range of transactions with crypto.
- While Bitcoin and Ether are more valuable, they are more risky than other currencies. So, many traders and investors prefer to stick to the so-called stablecoins, such as BUSD, USDT, USDC. These cryptocurrencies are pegged to US dollar rate. Thanks to the peg, their immunity to rate fluctuations, makes them a relatively low-risk (and high-yield) asset.
So, third-party or open source cryptocurrency payment gateway development is, indeed, a relevant Paymentch trend.
Pros and cons of existing cryptocurrency payment gateway solutions
The main advantage of existing crypto payment gateway solutions is that they make cryptocurrency a valid payment method. Thanks to these solutions, buyers, sellers, merchants, and PayFacs can operate with crypto almost as with regular fiat currencies.
The problem is that many of cryptocurrency gateway offerings are crypto-only. At the same time, most merchants want to keep accepting payments of other types as well. These include credit and debit cards, direct debit, as well as various mobile and in-app payments. Moreover, in order to start accepting crypto, a merchant or PayFac has to go through a certification and integration routine. Even if it already went through underwriting process to accept credit card payments.
So, what are the options?
Crypto payment gateway as part of the omni-channel solution
Let us assume, a company that is already integrated with a payment gateway solution, wants to accept crypto. Based on our considerations, it has to partner with some separate crypto payment gateway solution. However, implementation of a new cryptocurrency gateway solution might call for significant changes in the workflow. That is why finding an omni-channel gateway partner might a better option. An omni-channel gateway solution should support crypto alongside other payment methods. “Bitcoin payment gateway” is, actually, much better and more flexible if it supports other currencies and payment methods. Plus, you do not need to go through separate certifications and background verifications to start accepting crypto.
Conclusions
Cryptocurrencies are becoming a common payment method. So, crypto payment gateway development is a present-day trend and the game of the near future. Every modern omni-channel payment platform should, definitely, include and support cryptocurrency gateway functionality. It will make such a platform more attractive for both merchants and payment facilitators. United Thinkers is presently adding crypto gateway features to its omni-channel payment UniPay Gateway technology. So, contact our experts to learn about our improved omni-channel solution for PayFacs and merchants.