White Label Crypto Payment Gateway – A Guide for Entrepreneurs!

With the market privilege of a crypto payment gateway, cryptocurrency transactions have become more prevalent in the market. Everyone from business holders to merchants tries to incorporate crypto payment gateways in their field to attract the population interested in cryptocurrency. Businesses led by crypto payment gateways are well-functioned in that specific marketplace.

After the digital revolution in the marketplace, demand for instant solutions has risen these days. In such scenarios, white-label solutions are preferable to create crypto payment gateway solutions. White-label solutions are ready-made softwares; using that, businesses can create payment gateways centric to their businesses.

1. Set up the system

Software vendors provide the system to you and then prepare it for launch under your brand’s name. At this time of the process, you can provide the required guidelines like brand color and style for customization.

2. Choose the payment connectors.

Once the system is all set up, choose the payment provider you want to integrate with. Consider the client’s geography and preference while going for a payment connector. In addition to that, you can also ask the provider to add other connectors required for you and not available in the system.

3. Training of the team regarding the system

When any business applies a new system, then before using the system, their team needs to go through training to understand it well and use its functionalities. So that it came into their practices and they could perform well in the business.

4. Customize the system as per needs.

Professional and renowned white-label payment gateway providers understand that each payment service provider is different and has various requirements. This provides customized options to fine-tune your system according to the specification.

5. Incorporate merchants with your business.

When the business is entirely operated with the platform, the next step starts by joining your merchants with it, making them comfortable with the platform, integrating them, and helping them understand the functionality. For this help of the provider can also be taken.

6. Adjust the billing setting.

Automation simplifies a lot of minor issues like billing; with the billing settings, the calculation and creation of invoices for each client gets easier. It protects the frauds of finance while working with high-risk merchants.

7. Went live with the payment gateway

Going live with the payment gateway is the final step in the working procedure of the white-label crypto payment gateway. Businesses go live with the new platform when the whole process is completed.

• Assessments

Before starting with a crypto payment platform, analyze your wants with solid research. This will help you create a dynamic outline that allows you to understand the outcome you are planning. In every business, the first step before starting with the product is its deep assessment; it clears the base idea and helps to bifurcate the not to do things.

• Identify your software requirements

The need for development comes when the assessment process settles down, and the idea is hugely brainstormed. All the required softwares must be collected at once so the overall process functions smoothly. Sometimes there are specific softwares that are useless and consume money and space too.

So it is preferable to identify your software requirements before starting the development procedure.

• Develop the platform

In the developing aspect of the payment gateway, one must go by the designed outline and precisely develop the platform. Once the development is done, you can make modifications according to your preference.

• Final deployment

After development and quality checks, you can deploy the software successfully. If the software runs well, it will be considered a fully deployed system. With this, the white-label crypto payment gateway’s final aspect is finished.

• Seamless conversion of currencies

With a crypto payment gateway, the currency conversions are done in a few seconds. Merchants or customers can convert fiat into cryptocurrency or another way around too. This process is very convenient for all; despite the currency being in crypto, one can use it in their preferred form.

• Quick transactions

Transactions get settled in real-time or in a few seconds, these quick transactions are effective in making the clients feel secure, and for this feature, they keep crypto payment gateways as their preferred way to conduct transactions.

• Enhanced security

Crypto payment gateways provide 2FA and are protected by the blockchain system too. This system guards your transactions and ledger them, making them more safe and secure. There are minimal chances of hacking attempts due to its distributed ledger network.

• Multiple blockchains for different coins

Different cryptocurrencies can be managed with varying blockchains by integrating them with the wallet and crypto payment gateway. This means one can trade in other currencies from a single wallet app as these currencies run over their separate blockchains. Eventually, businesses benefited from this because their clients invested more in various currencies.

• Funds are controlled by users.

The funds are accessed through private keys; the users keep these keys. It ensures security and transparency. Anytime a transaction is conducted, it needs full control of the wallet for this. There is no central authority to carry out the transactions and validate them. Hence the users are the sole owner of their funds until and unless they share the private key with someone else.

• Supports multiple wallets

Crypto payment gateways work with multiple wallets. A person can use a crypto payment gateway to transact from any of its wallets. This feature is handy for merchants who hold different wallets for different currencies. When all the wallets can be used on a single platform, it increases the trust of merchants in the business.

• Operate in many global languages.

Crypto payment gateways are operated globally. Hence it is evident that not everyone gets to understand a platform in the default language. For this reason, these gateways offer various language options so anybody can operate them globally. 

• Smart routing methods

Smart routing is a technology that automates the selection of payment providers for each and every transaction. This functions based on several parameters like transaction volume, coin density, etc., hence reducing processing costs and the risk of transactions being declined beforehand.

• Tokenization of data

It implies that your customer’s sensitive data is kept securely in a complex database with the help of the latest encryption algorithms. Data tokenization is a significant reform in technology; while using a decentralized network, people are more considerate about their data safety.

• Automated onboarding of merchants

There are multiple vital business operations to look at, and in between, manually onboarding the merchants diversified the focus. Automated onboarding helps out in the flow of the functioning process and makes the whole process seamless for merchants too.

• Smart billing structure

Billing is a routine, time-consuming task. At the same time, processing invoices can be done with a lot of flexibility through smart billing structures. The white-label crypto payment gateways have to define their fee structure, and this technology will take care of the billing process by itself.

• Payment reconciliation

With this technology, businesses can reconcile their payments automatically as per the convenience of their schedule. Payment reconciliation also allows tracking all the data in a single place.

• Need of PCI DSS compliance for security

White-label crypto payment gateways that provide PCI DSS certificates are solving many PSPs’ complexity and cost issues. The vendors renew their compliance with the software with the certification, and this certificate is on an annual basis. In this way, PSPs adhere to the security regulations, and customers’ sensitive data get protected too.

• Easy to use Intuitive UI

The user interface provided is very well-knitted and has an easy-to-use mechanism. It enhances the performance and engagement of the platform. With this simplified platform, the transaction time is also less compared to platforms that are hard to follow by merchants. An Intuitive UI helps out users to connect more with the platform, and it also increases the return ratio.

• Transparency in payments

Being a decentralized platform and a medium to transact cryptocurrency, it allows its users to send and receive payments anywhere in the world. The users can look at their transactions anytime, as the blockchain will enable them to access their information. This transparency saves the user from fraud by providing proof of transactions.

• Convenient mode of payments

Using a payment gateway is far more convenient than traditional transactions. Using a white-label crypto payment gateway, anyone can do convenient transactions without interacting with crypto exchange platforms. For this, you need a crypto wallet with a coin address and then integrate it with payment gateways for seamless transactions without interruption. 

• Highly secured platform

Digital payment platforms have specific security features like 2FA, password protection, and much more. Similarly, white-label crypto payment gateways come with the security of blockchain technology, which saves them from being hacked. The only way to access the funds in a crypto payment gateway is through private keys.

• Improved scalability

To succeed as a crypto business, a highly scalable payment gateway must be used. More scalability attracts more customers; scalable transactions gain the trust of users. With the implementation of the lightning network, there has been a significant hike in the scalability of transactions. Crypto payment gateways have supported the latest technology whenever the market changes.

• Saves your investment in development

The idea behind white label crypto payment gateway is to provide a pre-developed payment system to the businesses that they can implement and don’t have to create a payment gateway from scratch. A white-label crypto payment gateway is cost-effective as it saves the charges of developers and the softwares needed to build up a payment gateway.

• Speedy time-to-market

If a crypto payment gateway is built from scratch, it will take at least six months to start operations. At the same time, a white-label crypto payment gateway provides the advantage of fast time-to-market. As per your customization of branding, technologies, and integration, it will take around 1 week to a month to go live with it. Hence, using this, a business can start making a profit without delaying it further.

• Cost-effective solution

White-label crypto payment gateways are the most affordable payment solution. It is effective for businesses as they pay for ready-made services with advanced functions and can incorporate their own wherever required. Some white-label crypto payment gateway like Speed provides multiple APIs, which greatly help businesses by providing a cost-effective solution.

• Not edge-to-edge customizable

White-label crypto payment gateways provide their built-in software to operate for businesses. In this, they can customize per their needs but can not replace certain features. Some customization options can only be changed by the provider, and users cannot make any changes from end to end.

• Dependency on the software vendors

For features and APIs, the business must depend on the vendor. Vendors provide all the certifications and updates when required; businesses can not implement new features independently. They can customize the software as per their brand, apply it to their business, and provide the same to their merchants.