Implement A Blockchain Cryptocurrency Payment System Into Your Enterprise Product

Are you planning to offer newer payment methods to your customers for your enterprise product? You have arrived at the right place! In this guide, I will explain how to go about implementing a blockchain cryptocurrency payment system into your enterprise product. Read on!

In this article

1. The key use cases of blockchain and cryptocurrencies
2. How to implement a blockchain cryptocurrency payment system in your enterprise?
3. Frequently Asked Questions on cryptocurrency payment systems

The key use cases of blockchain and cryptocurrencies

A cryptocurrency is an application of blockchain. While both have different use cases, there are some overlaps. Let’s review a few key blockchain use cases, e.g.:

• Supply chain management: Blockchain can improve transparency and traceability in supply chain management.
• Digital identity: The security of blockchain makes digital identity management easier.
• Fundraising using “Security Token Offerings” (STOs): STOs are crypto-token offerings that comply with securities regulations, and they make fundraising easier thanks to the efficiency offered by blockchain.
• Healthcare: The transparency offered by blockchain can fight the menace of counterfeit medicines.
• Energy market: Blockchain enables decentralized energy trading, and this can lower the cost of renewable energy.

A few popular use cases of cryptocurrencies are as follows:

• Cryptocurrencies have emerged as a payment method as more and more businesses are accepting popular cryptocurrencies as payments. One of examples is Ferrari that started accepting crypto as a payment method in Europe extending the scheme it first applied in the United States.
• “Decentralized Finance” (DeFi), a new trend in the world of finance uses cryptocurrencies. This has helped people to collateralize loans in fiat currencies against cryptocurrencies.
• As games like “Cryptokitties” show, crypto tokens enable people to collect and trade digital collectibles like never before.

How to implement a blockchain cryptocurrency payment system in your enterprise?

Here are the steps to implement a blockchain cryptocurrency payment system into your enterprise product:

1. Decide whether you should accept crypto payments in your business

There are situations where merchants might want to “go slow” before deciding to accept crypto payment. Determine whether you should accept crypto payments at all. Ask the following questions:

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• “Is crypto payment legal in the country where I operate?”

• “If regulations aren’t clear now in the country, are there chances of crypto payments becoming illegal?”

• “Do my competitors accept crypto payment for similar products and services? Is accepting crypto payment important in my business?”

• “Will an option for crypto payment act as a distraction for my customers?”
  

2. Plan and organize your project to accept crypto payment

Assuming you determined that you should allow the customers to pay for products and services using cryptocurrencies, you now need to plan the project. Do the following:

A. Deliberate on your business requirements and finalize them

Finalize the UI (user interface) changes needed in your online store to support crypto payment. Decide on the cryptocurrencies that you will accept, e.g., Bitcoin, Ether, Bitcoin Cash, Litecoin, etc.

Determine whether you should disable the crypto payment option in some countries. You will accept only a fiat currency like USD in those countries.

Merchants strive to make the checkout process as frictionless for their customers as possible. They provide FAQs and chatbots on their website for this. You might provide them too. Update them so that your customers get the necessary support.

B. Plan the project

You need to take care of the following aspects when planning the project:

• Identifying tools like crypto wallets and payment gateways;
• Deciding on the technology stack;
• Hiring developers, testers, and DevOps engineers;
• Documentation;
• Organizing the project team.
  

3. Choose a software crypto wallet for crypto payment acceptance

When your customers opt for crypto payment transactions, you need to receive the funds. You also need a secure way to store cryptocurrencies. Integrate a crypto wallet into your app.

Popular crypto wallets enable you to accept all of the leading cryptocurrencies, and some of them support lesser-known cryptographic tokens too. Quite a few popular crypto exchanges provide such wallets. These wallets allow customers to buy crypto in exchange for fiat money like US dollars. Customers can trade one cryptocurrency for another using these wallets.

Choose one from the following well-known wallets:

A. Coinbase wallet

Coinbase, the well-known crypto exchange offers a software wallet. It supports all important cryptocurrencies. You can use the Coinbase wallet tutorial to integrate it with your website or app.

B. Exodus

Exodus is another prominent crypto wallet. It works well with Trezor, a leading hardware wallet. Read the Exodus wallet documentation to integrate it with your website.

C. Gemini

Gemini provides a robust crypto wallet that supports all the prominent cryptocurrencies. Its wallet integrates well with its hardware wallet, and Gemini offers robust security. Read the Gemini wallet documentation to integrate it with your website.

D. Crypto.com

Crypto.com offers a DeFi (decentralized finance) wallet that supports many popular cryptocurrencies. The company provides robust security features and detailed documentation.

4. Choose a suitable one from the top crypto payment gateways

An easy way to support crypto payment transactions on your website or app is to use a crypto payment gateway. There are several well-known crypto payment gateways that provide high security.

They also provide extensive documentation. You can read them to find out how to access your crypto exchange account. Furthermore, you can learn how to integrate these gateways into your website or app.

A. Coinbase Commerce

Coinbase offers Coinbase Commerce, a crypto payment gateway that supports all prominent cryptocurrencies. You can use the extensive Coinbase Commerce documentation to integrate it with your website.

B. BitPay

BitPay offers a robust crypto payment gateway. It includes plugins for popular eCommerce tools like WooCommerce and Magento. You can use the detailed BitPay integration documentation.

C. CoinGate

You can use the CoinGate payment gateway to accept cryptocurrency payments. It offers APIs, plugins, and libraries. The CoinGate payment gateway documentation is detailed.

D. NOWPayments

NOWPayments offers a crypto payment gateway. You can use its plugins, widgets, and APIs. The NOWPayments integration guide is very detailed.

E. ALFAcoins

ALFAcoins provides a crypto payment gateway that supports several leading cryptocurrencies. You can use its APIs and plugins, furthermore, you can use the ALFAcoins integration documentation.

F. PayPal

PayPal, the leading FinTech company now allows merchants to accept cryptocurrency payments. The company offers high-quality documentation for all of its products, and the crypto payment gateway isn’t an exception.

5. Review, test and deploy your modified app after integrating a cryptocurrency payment system

Review the code changes, and pay special attention to potential security vulnerabilities. Test the cryptocurrency payment workflow. Validate whether all other functionalities are working as expected.

Need help implementing a cryptocurrency payment system?

Planning to implement a cryptocurrency payment system in your business? Contact DevTeam.Space to hire competent developers.

DevTeam.Space is an innovative American software development company with over 99% project success rate. DevTeam.Space builds reliable and scalable custom software applications, including blockchain-based solutions. 

DevTeam.Space supports its clients with business analysts and dedicated tech account managers who monitor tech innovations and new developments and help our clients design, architect, and develop applications that will be relevant and easily upgradeable in the years to come.

Frequently Asked Questions on cryptocurrency payment systems