Since 2020, cryptocurrencies are being actively implemented wherever possible. The potential of digital money cannot be ignored anymore, that’s why entrepreneurs, bankers and merchants seek ways to leverage a crypto payment gateway. How to add this feature to your business using an open-source solution? Here’s a detailed guide with CoinsPaid’s API used as an example.
What is cryptoprocessing?
This term means the introduction of settlement accounts and technologies for accepting cryptocurrency payments on websites and all kinds of projects. That simplifies the task for both individual and corporate users because payments in digital currency come with a bunch of advantages - we observe them below.
Cryptoprocessing is a complex task that should be entrusted to experienced programmers and specialists only. A little effort and a low cost of implementation pay off many times over in the shortest time possible. So if you want to improve user experience, do not postpone this decision.
Advantages of having a crypto payment processing solution
Here are just some of the advantages that the owner of an online store, any service, site receives from the implementation of payment gateway services:
- The ability to attract wealthy clients who have serious capital in digital currencies.
- Freedom to perform financial operations with popular coins - each being accepted or sent in a matter of minutes.
Complete transparency of any transaction: clients see the amount of coins sent, address, size of commission, etc. They receive full analytics of the entire process and access the history of operations.
Smart contracts allow to maintain decentralized payment nodes and prevent hacking or any type of attacks. That means users feel safe - they don’t have to worry about personal data vulnerability or theft of their funds.
Before you start…
Accepting payments in digital currency with a processor is a very tempting idea. However, not all gateways are equal - some boast a higher level of agility and security than others. What to consider when in search of the best payment gateway?
Do your own research on the market. Find available solutions and make a list of providers that comply with your requirements.
- Take a closer look at the capabilities of the cryptocurrency processing processor (speed, security, availability, list of supported cryptocurrencies).
- Find out how many companies are already using this cryptocurrency payment gateway and for how long. As a rule, self-respecting processors publish the portfolio and partners list on their websites.
- Read customer reviews. Have any questions? Don’t hesitate to contact the provider’s customer support - test their competence.
- Obtain comprehensive information about the commercial terms (fees, limits) of partnership and compare them with competitors.
Based on the information received, you will be able to assess all solutions and pick the cryptocurrency payment method that lives up to your users’ expectations.
Online payment gateway integration: example of CoinsPaid
CoinsPaid is one of leading crypto processing solutions that allows companies to send, receive, store and exchange cryptocurrencies safely and with minimal fees. Many iGaming platforms, businesses, funds and eCommerce projects use our solution for their clients to enjoy fast and limitless transactions.
The payment gateway can be implemented on a website through the API - this is a pretty simple process if you have some basic technical experience and knowledge. CoinsPaid’s API allows for integration within 24 hours, notifies about incoming transactions and comes with an enhanced security level.
How to introduce crypto payment processing on your website? There are two ways:
If you’re tech-savvy enough, all you need is to follow this step-by-step instruction. It explains how to set up an account and use CoinsPaid API. Note that before that, you should contact the CoinsPaid customer support and submit documents to verify your business and merchant account - only then you’ll be able to use the interface.
Got no time or knowledge? You may have CoinsPaid team installing the payment gateway on your website. Contact them and find out how this service is executed and which fees are charged for that.
Congrats! You are almost ready to accept the cryptocurrency payment flow from your customers. The next step is submitting crypto wallet addresses and setting up operations.
In this reference, you can learn the details about how payments are processed with CoinsPaid's solution. Please, follow these instructions and don’t forget to run all requests in the test environment before officially rolling out the crypto payment option for your customers.
Here is a short example to show you how a deposit flow is processed by the CoinsPaid’s crypto payments gateway:
- You get the new address from the API (some coins also come with a tag) and keep it in a safe place. This address is used by customers to make a deposit.
- Customer makes a cryptocurrency payment.
- CoinsPaid sends a response to your URL with all transaction details (asset, commission, destination, transaction status, etc). When the status changes to ‘Successful’, you deposit a corresponding amount of money to your user’s balance (this last step is your responsibility).
That’s it. The solution allows you to handle deposits, withdrawals, exchange operations, invoices and futures. If you face any difficulties with settings and tests, feel free to contact customer support - it’s ready to help you out anytime.
An online payment gateway is not a luxury - it is rather a necessity. This is a must-gave solution if you want your customers to enjoy fast and flawless payments in preferred crypto and fiat currencies.
Got no technical knowledge or IT department to handle that? Don’t despair - the open-source API by CoinsPaid allows you to set up crypto payments in one day. With a worthy payment processor, crypto becomes simpler than you think!