Anyone can get access to the payment gateways of different cryptocurrencies, but he has to follow a procedure to get benefited from these gateways. This procedure has some important steps which are as follows:
- Creation of wallet:
Firstly, get a wallet of that cryptocurrency, whose payment gateway you want to create. Mention a suitable address for the public on that wallet, so that they can cope with you for doing transactions, and your business will remain successful as long as a proper address is present on your wallet. Because people like to invest in that business whose payment gateway provides a smooth route for the transactions.
- Creation of token or crypto coin:
Then, the next step is the formation or creation of a token or crypto coin. This process is rather easy than that of the others, as many instructions are available on different websites for the creation of the crypto coin or token. As token is very important, so transaction cannot be done if you don’t have a token for using Crypto Payment Gateway. It is necessary for all the customers to swap or buy a crypto coin or token, before paying fees for any transaction.
It is the last step of the formation of a payment gateway. By merging your gateway with another one provides you a verification and reduces the risk of robbery and getting hacked of the system. Now it is totally up to you that which type of block chain payment you want to merge with your gateway. It may be customizable integration or may also be an experienced integration which may be out of the box.
What type of challenges you may have to face while creating a Crypto Payment Gateway?
Not everything is as simple as it seems. So, in the case of this payment gateway, you may have to face some challenges. You should know about them in advance so that you don’t have to worry about them later. So, the most common challenges are as follows:
- Their fees may also fluctuate as the steps of each gateway are different. So, you just prepare mentally for such challenges. If more users are transacting through the same gateway then they have to pay more as compared to the fees of the gateway allowing fewer people to do transactions at the same time. It has a normal range from $150 to $300.
- If you are doing your transaction by debit or credit card, then this process can take more time. Otherwise, it is a very fast process.
- While storing the currency in the wallets, people are usually guided that they are completely responsible for the safety of their payment and they must keep their password a secret. While doing transactions through Crypto Payment Gateway, you learn a lot of things that how you can improve the strategy of your business, by doing safe and secure transactions, which are a great source of convenience for their regular customers.
- If you found something wrong, you have to stop the process for a specific interval, to avoid any blunder. Then, you must lock your payment gateway, so that’s why your transaction remains safe.
You should create your wallet and should design your system in such a way that enables you to cover up the transactions, which may have been done to the wrong addresses.