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- Implement A Blockchain Cryptocurrency Payment System Into Your Enterprise Product
Wondering how to implement a blockchain cryptocurrency payment system into your enterprise product?
Take the following steps:
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?”
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“If regulations aren’t clear now in the country, are there chances of crypto payments becoming illegal?”
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“Do my competitors accept crypto payment for similar products and services? Is accepting crypto payment important in my business?”
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“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.
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B. Plan the project
You need to take care of the following aspects when planning the project:
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Identifying tools like crypto wallets and payment gateways;
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Deciding on the technology stack;
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Hiring developers, testers, and DevOps engineers;
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Documentation;
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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. BlockFi
BlockFi offers a feature-rich cryptocurrency wallet. It supports all the popular cryptocurrencies. BlockFi provides extensive documentation, and you can integrate it easily with your app.
D. 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.
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E. 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. ThCoinGate payment gateway documentatione 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.
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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?
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Frequently Asked Questions
This is any payment made using cryptocurrencies. Payments require a payment gateway. Cryptocurrency payments bypass traditional banks, therefore, they don’t need traditional banking fees.
It is a gateway that allows users to make payments for goods and services using cryptocurrencies.
Platforms that facilitate blockchain payments are bound by the finance laws of their home country and to those where the money is being transferred. Though these platforms are not immune from cyber-attacks, they are generally very secure provided they are in a country with strict laws.
