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Did you know that BitPay now lets you pay your everyday bills using Cryptocurrency?
From credit cards to personal loans, you can now settle over 5000+ service providers directly from your crypto wallet with Bitpay. This bold move by BitPay is a clear sign of how crypto payment gateways are becoming more integrated into our daily financial activities.
As digital currencies gain traction, both businesses and consumers are actively exploring to find the best crypto payment gateways. With this demand skyrocketing, many businesses are now looking to launch their own crypto payment gateway like BitPay. This is the process of cloning BitPay’s core functionalities to create a secure, blockchain-powered payment infrastructure, to enable seamless crypto transactions.
Whether you’re a new entrepreneur looking to maximize this potential or an existing business that wants to offer enhanced services, this blog is your guide. We will explore how to create a crypto payment gateway just like BitPay, its working process, and every other revolving factor.
Let’s first understand,
Why do you need to build a Crypto Payment Gateway like BitPay?
So, generally developing a crypto payment processor like BitPay brings in several competitive advantages. Here are some of the major business benefits you could experience,
High Profit
Developing a crypto payment gateway like BitPay unlocks multiple revenue streams, making it a highly profitable venture. From transaction fees and API subscriptions to ad placements, your platform can generate steady income.
Brand Building
Building a Bitpay like crypto payment gateway will establish you as an innovative leader in the fintech space. Successfully running a robust and advanced payment gateway will enhance your industry reputation, attracting high-profile clients.
Global Reach
The crypto market is borderless, allowing you to expand your hands, beyond geographical limitations. Merchants and users from every corner of the world accept crypto payments, worldwide, expanding your market territories.
Customization
The BitPay clone lets you customize the crypto payment gateway, based on business goals and objectives. Be it features, UI/UX, transaction fees, or security protocols, anything can be tailored to match your customer preferences.
Early Mover Advantage
The crypto adoption is surging and the crypto payments industry is still evolving, so entering the market now will give you a competitive advantage. Establishing your own crypto-payment processor now will let you assert as much dominance in the future.
Apart from these business benefits, here are also some of the advantages from the user and merchant perspective,
- With blockchain encryption, every transaction is safeguarded and verified, eliminating fraud risks and unauthorized access.
- You can easily send and receive payments globally without banking delays or high remittance fees. This is even faster than processing international transactions.
- Users can instantly convert crypto payments into their preferred currency without going through any third-party exchanges.
- Unlike credit/debit cards, crypto transactions are final and irreversible. This eliminates chargeback fraud, securing the revenues involved.
Seeing the potential benefits and possibilities this BitPay clone holds, might be got you questioning about…..
How to Create a Crypto Payment Processor Similar to BitPay?
There are multiple ways to build a crypto payment processor like BitPay. Let’s break down the best development approaches,
Developing from Scratch
Custom Development is the widely used practice to build your own crypto payment gateway like BitPay. This requires in-depth market analysis, technical expertise, a strong blockchain infrastructure, and compliance with legal regulations. From transaction processing engine to integrating secure API modules, everything is planned and developed from scratch here.
While a custom-built solution offers flexible uniqueness, it also demands a significant amount of time, cost, and tech resources. From ideating your business strategy to deploying your BitPay-like gateway, every aspect must be coded from the base, for higher outcomes. If you’re aiming for complete control over your crypto payment gateway infrastructure and have the resources to invest, then this approach is your best pick.
White Label BitPay Clone
Using a White-label solution is another best alternate choice to develop your BitPay like Crypto Payment Gateway. A white-label Bit Clone is a pre-built ready-made solution that is equipped with essential features and functionalities similar to BitPay. You can customize this solution based on business preferences and goals, fitting your brand.
The biggest advantage of opting for a white-label solution is the speed and efficiency it offers. As it is already packed with necessary elements and needs little tailoring to deployment, this minimizes the development effort. This results in a reduced investment of cost and time. Best suited for businesses looking for a quick market entry with minimal budget and high expectations.
Adopting BitPay Clone
A BitPay Clone Script is the pre-developed, ready-to-deploy software that replicates the exact features and functionalities of BitPay. Since it’s a pre-developed system, it comes with all the essential features of BitPay, including automated invoicing, multi-currency support, and secure payment processing. You can tweak the design, integrate additional security layers, or add new payment options to make it uniquely yours.
Another advantage of BitPay Clone is that you can go live with minimal effort, ensuring easy and hassle-free setup. And if you’re thinking beyond a web platform, you can choose a BitPay Clone App. This mobile-friendly version ensures users can send, receive, and manage crypto payments on their devices.
How Does Our BitPay Clone Work?
Step 1 – The user registers into the crypto payment gateway by filling in the necessary details. Next, the user will activate their crypto wallet to send and receive funds. On the contrary, merchants can also integrate payment gateways into their business through APIs.
Step 2 – When a user opts for crypto payment mode, Our crypto payment gateway generates a blockchain-based invoice. This will contain the receiver’s wallet address, a QR code for convenience, and the required crypto amount.
Step 3 – Since cryptos are volatile, our Bitpay like crypto payment gateway locks the exchange rate for a limited time to prevent value fluctuations. The user will be allotted a time frame to complete the transaction.
Step 4 – Once the user scans the QR code or manually enters the wallet address, they confirm the payment using their crypto wallet. The wallet then signs the transaction cryptographically and broadcasts it to the respective blockchain network.
Step 5 – At this stage, the transaction is still unconfirmed and awaits validation by blockchain network nodes. The Consensus mechanism authenticates the transaction by confirming that the sender has sufficient funds to process the transaction.
Step 6 – Once confirmed, like BitPay the crypto payment gateway credits the payment to the merchant’s account. Depending upon the merchant’s payment preference, the payment gateway converts the funds into fiat or crypto. ( If crypto sends to the wallet if fiat sends to the bank account)
Step 7 – The transaction details are stored on the blockchain, ensuring transparency and immutability. The payment gateway notifies both the user and the merchant about the completed transaction.
For this effortless performing of crypto payment gateway, you may require several features and elements to back it up. Let’s break it down.
Essential Features of our Bitpay Clone
When building an efficient crypto payment gateway like BitPay, it is crucial to focus on features that cater to both users and admins.
User/Merchant Features
Intuitive Dashboard – A User-friendly and intuitive user dashboard that provides real-time insights into transactions and balances. This ensures seamless navigation across the platform.
Multi-language support – The crypto audience is vast, so our Bitpay clone offers multi-language support. This enhances user experience and attracts a diverse customer base.
Transaction History – This feature lets you maintain a detailed log of all transactions. This allows merchants and users to track past payments, making decision-making easier.
Multi Crypto Support – To make your payment process smoother, our crypto payment processor just like BitPay, supports multiple cryptocurrencies.
Wallet Support – To offer better flexibility, this feature supports multiple crypto wallets. This enhances a seamless and secure way for users and merchants to store and transfer funds.
API & Plugin Tools – Our payment processor just like Bitpay, allows merchants with easy integration. This API and other plugins, let businesses process cryptos effortlessly without tech hassles.
Transaction Invoices – The platform is capable of generating automated invoices for every transaction. This ensures accurate record keeping, simplifying bookkeeping for merchants.
Data Analytical Tools – This feature offers insights into transaction trends, user behavior, market conditions, and revenue mechanics. This helps businesses to make informed decisions.
Easy Conversion – Out BitPay like a Crypto payment gateway offers instant conversion of crypto payments into fiat or stablecoins, reducing market volatility risks.
Cross-Device Support –We ensure smooth access across multiple devices. Be it desktops, tablets, or mobiles, our payment processor facilitates smooth operations at any time and anywhere.
Admin Features
Admin panel – As a platform admin, a customizable dashboard is a significant feature. This allows admins to manage users, and configure platform settings, all in one place.
Dispute Resolution System – This is a built-in mechanism that handles disputes between platform users. The users can raise tickets, and notify their disputes, allowing admin to address the issue effortlessly.
AML/KYC Verification – Our BitPay like a Crypto Payment gateway has strict identity verification protocols. This prevents fraudulent activities and enhances security.
Fee Management System – This feature allows admins to set and adjust the fee mechanism of the platform. Based on the market conditions, the admin can adjust transaction fees, withdrawal fees, and commissions.
Custom Branding Options – Our Crypto payment gateway allows merchants to personalize their payment experience. Businesses can customize the platform’s UI/UX elements, logos, and themes to match your brand.
Peer-to-Peer Transactions – Supports direct crypto transactions between users without the involvement of intermediaries. This reduces transaction costs, increases speed, and enhances payment processes.
Referrals/ Reward Management – This feature enables admins to create referral programs and optimize rewarding mechanics. This will help in boosting user and platform engagement.
Content Management System – With an efficient content management system, the platform admins can manage blogs, announcements, and FAQs. This enhances user experience and information accessibility.
Taxing Assistance – This feature helps you automate tax calculations. Based on transaction details and jurisdictional regulations, this simplifies tax compliance for businesses handling crypto transactions.
Beyond these basic features, here is a list of some add-on features you could integrate to enhance your platform’s efficiency.
Special Add-In features
QR-Coded Payments – This feature lets you generate unique QR codes for instant crypto payments. The users can just scan and pay without entering their wallet address manually.
Split Payments Feature – Allows users to divide a single transaction among multiple recipients. This is ideal for revenue sharing, payroll distribution, and joint transactions.
Invoice Branding – Apart from the checkout experience, the invoices can also be customized with business logos and details, enhancing professional brand image and trust.
AI Fraud Detectors – Uses AI-based algorithms to analyze transaction patterns, and detect scams to prevent fraudulent transactions, reducing risks.
Integration of POS Systems – This feature lets you Connect your BitPay like crypto payment gateways with physical store POS systems. Merchants can seamlessly accept crypto payments offline.
Well, aside from these, having top-notch security is also essential. The next section might give you a once-over on some of the must-have safeguarding elements.
Security Features
2FA – Enabling Two-factor verification will add an extra layer of security by requiring an additional verification step. This strengthens security by preventing unauthorized access.
Hot/Cold Wallet Support – You can Balance your asset access security by storing funds in both online and offline wallets.
Multi-Sign Wallets – This multi-signature feature locks the wallet by imposing multiple locks. The user would require multiple approvals to execute the crypto transactions.
Geo-Blocking – This is a unique feature that limits the platform access based on your chosen geographical location. You can easily restrict access in high-risk or unauthorized regions.
Having explored these many features, let’s also see,
How do Crypto Payment Gateways like BitPay make money?
Creating a Crypto Payment gateway like BitPay is a highly lucrative opportunity. As the adoption of crypto surges, you can strategize your crypto payment gateways to capitalize on these market trends. Here are some of the revenue streams and value-added services that could drive your profit.
- Charging Transaction fee.
- Take up profits from crypto-fiat conversions.
- API & Plug-In modules
- Consulting & Compliance Services
- Offering Premium & Subscription Plans
- Facilitating Cross-Selling Activities
- Advertisements & Collaborations
Go Beyond BitPay – Build a Smarter Crypto Payment Gateway with Pixel!
So to conclude, this blog might have strengthened your idea about crypto payment gateway development. However, building a crypto payment gateway like BitPay requires strong attention to detail. From choosing a blockchain network to implementing security protocols, every aspect matters. That’s why partnering with a professional Crypto Payment Gateway Development Company like Pixel Web Solutions is the best move. We have a team of expert blockchain developers, consultants, and analysts, who will take up your goals as theirs. Be it may be a fully customized gateway or a ready-made BitPay clone, we ensure a fast, and efficient solution, aligns with your business goals.
Frequently Asked Questions
What is BitPay?
BitPay is a leading crypto payment gateway that allows businesses to accept and process crypto payments effortlessly, across global markets. This is widely adopted by many both online and offline stores while supporting many major cryptocurrencies.
Why Bitpay over other Crypto Payment Gateways?
BitPay stands out due to its seamless functioning and unique features, like crypto-to-fiat conversion, low transaction fees, global accessibility, and robust security. This makes it a preferred choice for a successful business model.
How secure is BitPay Clone?
The Bitpay clone employs strong security mechanics to prevent cyber threats. Factors like 2FA, End to end-to-end encryption, Anti-DDoS/ HTTPs protection, and other necessary safeguarding measures are integrated.
What is the cost and time taken to develop a crypto payment gateway like BitPay?
The cost and time taken to develop a BitPay Clone cannot be disclosed straightly. The project’s complexity, geographical location, required features, and many other factors will play a huge role in determining the cost and time. You can connect with us to get a detailed estimation.
