- Understanding BitPay- An Exemplary Crypto Payment Gateway
- Factors Affecting the BitPay-like App Development Cost
- Platform Complexity
- Location of Developers
- Security Level
- UI/UX Design
- Payment Processor Integration
- Legal and Compliance Costs
- Testing and Quality Assurance
- Maintenance and Updates
- Essential Features to Make a Crypto Payment Gateway like BitPay
- Multi-Cryptocurrency Support
- Conversion to Fiat Currency
- Secure Wallet Integration
- API Integration
- Real-Time Transaction Monitoring
- User Authentication and Security
- Ticket Generation
- Merchant Tools
- How to Make a Crypto Payment Gateway like BitPay?
- Market Research and Planning
- Choose Blockchain Integration
- Hire a Blockchain Development Company
- Design UI/UX
- Security Implementation
- Integrate Payment Processing
- Merchant Integration Tools
- Testing and Deployment
- Ongoing Maintenance and Updates
- Why is Appinventiv a Strategic Choice for Crypto Payment App Development?
Blockchain has emerged as a transformative force in today’s modern business world, revolutionizing numerous industries such as healthcare, finance, retail, entertainment, and supply chain. Its influence is steadily gaining ground in the digital payment sector, leading to a significant shift from traditional currencies to cryptocurrencies and contributing to the rapid expansion of crypto payment gateway development like BitPay.
Consequently, the world’s leading brands like Starbucks and Gucci accept cryptocurrencies as a legitimate payment method. In fact, Elon Musk once tweeted, “You can now buy a Tesla with Bitcoin”. This visionary concept has turned into a transforming reality, signaling a profound change in the landscape of online payments.
According to Statista, cryptocurrency payments are projected to grow at a CAGR of 17% from 2022 to 2029, reaching a market value of $4.12 billion during the period.
However, the number of platforms providing crypto payment services is limited. BitPay, among CoinPayments, CoinGate, BitcoinPay, and SpicePay is one of the most popular payment gateways capturing the limelight in the crypto sphere.
The immense popularity of the platform provides entrepreneurs, CTOs, and CIOs with a lucrative idea to capitalize on this growing trend. Accordingly, emerging startups and enterprises are increasingly investing in crypto payment gateway development like BitPay to ensure safe and secure transactions.
When it comes to development, companies often grapple with the question, ‘How much does it cost to develop a crypto payment gateway like BitPay?’ Well, coming straight to the answer, a BitPay crypto payment gateway development cost can range from $30,000 to $300,000 or more, depending on the project’s overall complexity. The costs include not only developing the platform but also the ongoing expenses of keeping the app functional, secure, and appealing to its users.
In the subsequent sections below, let’s gain an in-depth understanding of the various crypto payment app development cost contributing factors. However, before delving into that, let us first explore the major reasons behind the massive popularity of BitPay as one of the prominent cryptocurrency payment gateways.
Understanding BitPay- An Exemplary Crypto Payment Gateway
Founded in 2011 in Atlanta, Georgia, BitPay currently ranks at the top position in the crypto world, processing all payments with 16+ cryptocurrencies, including Bitcoin, Ripple, Ethereum, EOS, etc., and operating in 200+ countries with support to over 20,000 businesses. It is certainly a lucrative number that any business wishing to launch its own crypto payment platform would admire.
With BitPay, the conversion of currencies is so easy that you will barely look for any alternatives. The system effortlessly converts all currencies to Bitcoin or other cryptocurrencies, enabling global transactions for both payers and receivers. This straightforward method offers a convenient alternative to dealing with fiat money. Although fees are applicable, the quantity varies based on the chosen plan, with four tariff options ranging in cost from $0 to $3,000.
By establishing individual client networks, the platform delivers exceptional results to users, implements effective traffic control measures, and drives business growth with reduced fees and flexible tariff plans.
Some Interesting Facts about BitPay
- Accepts 16+ cryptocurrencies, accounting for 70% of the global crypto market cap.
- Has processed more than $10 million transactions.
- Access 229 countries and territories worldwide.
- Bank deposits in 38 countries are settled in euros, GBP, US dollars, and more.
In essence, this platform functions as a service that fortifies your networks, facilitating expansion without hindrances. By providing a user-friendly platform for processing crypto transactions, BitPay has become synonymous with efficiency, reliability, and security in the crypto payment ecosystem, leading to many businesses aspiring to build a payment gateway similar to it.
Related Article: An Ultimate Guide to Blockchain Wallets
Factors Affecting the BitPay-like App Development Cost
Building a crypto payment gateway like BitPay involves a myriad of factors that collectively contribute to the overall cost of development. Understanding these key elements is crucial for businesses considering such a venture. Here are the factors that significantly influence the BitPay-like cost of payment gateway development:
The platform complexity and set of features required to bring your product idea to life is one of the most significant factors affecting the BitPay-like app development cost. A platform like BitPay encompasses intricate functionalities such as transaction processing and real-time updates. Each element adds layers of intricacy to the development process, necessitating a proportional commitment of financial resources, time, and skilled personnel. The more intricate the functionalities and feature set, the higher the investment required for successful development.
Here is an approximate cost breakdown based on the platform’s level of complexity:
|Level of Complexity
|Average Development Cost
|Basic platform with limited features
|$30,000 to $50,000
|3 to 6 Months
|Moderate complexity platform with extensive features
|$50,000 to $120,000
|6 to 12 Months
|Complex platform with advanced features
|$120,000 to $300,000+
Location of Developers
The geographical location of the development team has a direct impact on Web3 crypto payment gateway development costs. Hourly rates for app development companies vary widely depending on the geographic location. For instance, a company in the US or UK will substantially charge more compared to an organization in Asian or African regions.
Here is a breakdown of the crypto payment app development cost based on the developers’ location.
|Hourly Rates of Developers
Building trust in a crypto payment gateway necessitates robust security measures. The implementation of encryption standards, the incorporation of multi-factor authentication, and compliance with regulatory requirements all play vital roles in defining the cost of payment gateway development.
BitPay’s intuitive interface, visually appealing design, and mobile responsiveness are the driving forces behind its unparalleled success. While these aspects contribute to user satisfaction, they also add to the development cost. Thus, the cost to develop a crypto payment gateway like BitPay can vary based on the complexity of its UI/UX design.
Payment Processor Integration
As mentioned above, BitPay accepts 16 cryptocurrencies, which account for 70% of the global crypto market cap. Compatibility with a variety of cryptocurrencies requires seamless integration with diverse payment processors. The integration of APIs and the consideration of transaction speed significantly impact development complexity and associated costs.
Legal and Compliance Costs
Building a crypto payment gateway like BitPay requires compliance with regulatory frameworks like anti-money laundering (AML) and know-your-customer (KYC). This involves engaging with the ongoing efforts of skilled developers to comply with industry regulations, ensuring seamless transaction processing. It adds to the overall cost of web3 crypto payment gateway development.
Testing and Quality Assurance
As said above, a crypto payment gateway like BitPay often has stringent security and compliance requirements. Thus, investing in robust testing tools and software is crucial for ensuring quality, security, and reliability of the Web3 crypto payment solutions. While these efforts contribute to development costs, they are indispensable for a stable and secure platform.
Maintenance and Updates
Ongoing maintenance, including bug fixes, security updates, and new feature implementation, plays a vital role in ensuring the seamless operation and prolonged viability of the crypto payment gateway. This continuous upkeep constitutes an ongoing expenditure that contributes to the overall crypto payment gateway development cost.
Essential Features to Make a Crypto Payment Gateway like BitPay
Features are the fuel that infuses life into a crypto payment app, making it successful and profit-driven. Thus, businesses must ponder over the essential features when considering building a crypto payment gateway like BitPay. If you are wondering which features are the best suited for your crypto payment gateway, we have compiled a detailed list below. Just refer to them and make your app stand out from the crowd.
It is one of the most important features of BitPay-like platforms that allows users to transact in various cryptocurrencies, providing flexibility and accommodating different user preferences. It expands the utility of the payment gateway and appeals to a broader audience engaged in various digital assets.
Conversion to Fiat Currency
The feature of converting cryptocurrency payments into fiat currency provides merchants with flexibility. It accommodates those who may prefer traditional currencies, facilitating a more seamless integration of crypto payments into existing financial systems.
Secure Wallet Integration
Security is the most integral feature of a crypto payment gateway like BitPay, empowering users to store and manage their cryptocurrencies with confidence. This feature is crucial for protecting users’ digital assets, employing advanced encryption techniques and secure storage protocols.
API integration allows businesses to connect their crypto gateways easily with other platforms, such as eCommerce websites like IKEA, Amazon, Walmart, Adidas, and so on. This feature streamlines the integration process for businesses, enhancing the overall accessibility and usability of the payment gateway.
Real-Time Transaction Monitoring
Real-time monitoring allows users and merchants to track transactions instantly. This transparency enhances trust, enabling users to stay informed about the status of their payments and facilitating quick responses to any issues that may arise.
User Authentication and Security
Integrating the features of robust security measures like two-factor authentication, KYC verification, and data encryption fortifies the payment gateway against unauthorized access and protects user accounts from cybercrime.
A comprehensive dashboard serves as the central hub for users, offering an at-a-glance overview of account activity, transaction statuses, and relevant information. Intuitive data visualization, detailed transaction logs, search functionalities, and categorization enhance transparency and user control over their financial data.
Efficient ticket generation mechanisms empower users to seek assistance or report issues promptly. User-friendly interfaces for creating tickets, and real-time tracking of their status help enhance user satisfaction and increase trust in the customer service ecosystem.
Merchant tools provide businesses with the necessary infrastructure to manage transactions efficiently. This includes features for tracking payments, analyzing sales data, customizing payment options, and empowering merchants to optimize their payment processes.
You can connect with a fintech app development company like Appinventiv to add these features when considering building a crypto payment gateway like BitPay for your business. These professionals possess better knowledge, skills, and experience to create a crypto payment gateway.
How to Make a Crypto Payment Gateway like BitPay?
When planning to make a crypto payment gateway like BitPay, a comprehensive understanding of the crypto payment gateway development process can help the venture run smoothly. So, whether you are developing a gateway like BitPay, considering white label crypto payment gateway development, or exploring platforms such as PayPal, CoinPayments, CoinGate, BitcoinPay, and SpicePay, an understanding of the process serves as a valuable reference.
Market Research and Planning
Conduct thorough research to identify market demand, competition, and target audience. Having gained an in-depth understanding of the market, create a framework for your white label crypto payment gateway development project.
Choose Blockchain Integration
Select the blockchain(s) network to integrate, focusing on major cryptocurrencies like Bitcoin and Ethereum. Establish secure API connections with blockchain networks to enable seamless transactions.
Hire a Blockchain Development Company
Outsource a reliable team of skilled developers, designers, and project managers with experience in blockchain technology. They are skilled professionals who will bring your project idea to life, ensuring the quality, functionality, reliability, and security of the solution.
Craft a visually appealing and user-friendly interface for both merchants and users. Design a smooth user flow to ensure intuitive transactions and effective account management.
Prioritize security measures, including data encryption and secure user authentication. Implement fraud prevention measures to safeguard against unauthorized access.
Integrate Payment Processing
Integrate payment processing APIs to facilitate cryptocurrency transactions. Provide merchants with tools for easy integration into their platforms.
Merchant Integration Tools
Create plugins, APIs, or SDKs for merchants to easily integrate your payment gateway. Offer solutions compatible with various eCommerce platforms to broaden your user base.
Testing and Deployment
Conduct comprehensive testing to ensure the functionality, security, and usability of the platform. Once done with the testing and iteration phase, it is time to launch your crypto payment gateway for end users.
Ongoing Maintenance and Updates
Monitor the performance of your payment gateway to promptly address any issues. Release updates to enhance functionality and address user feedback for continuous improvement.
These steps form the foundational framework for constructing robust and reliable payment gateways. To ensure the seamless and successful development of a crypto payment gateway like BitPay, partnering with a reliable blockchain and fintech app development company like Appinventiv can be a strategic choice.
Whether your objective is to build a white label crypto payment gateway to cater to businesses seeking off-the-shelf solutions or create a custom solution for your enterprise and its merchant facilitation needs, our seasoned blockchain developers stand by you throughout the process.
Why is Appinventiv a Strategic Choice for Crypto Payment App Development?
Appinventiv is a leading fintech app development company, accelerating digital innovation and driving growth for businesses worldwide. We have been engaged in delivering next-gen blockchain development services for a very long time and have never failed to deliver the desired results to our clients.
With a proven track record of building 500+ custom FinTech solutions, we guarantee the seamless development and sustained success of your crypto payment gateways. Our team of 350+ FinTech professionals is well-versed with the latest technologies and best practices required to create a crypto payment gateway like BitPay.
With us, your journey to BitPay crypto payment gateway development will be an easy road free from barriers and errors, leading to a destination that gives a competitive edge to your business. So, if you are looking for a company for a secure crypto payment gateway development like BitPay, contact us now.
Q. How much time does it take to make a crypto payment gateway like BitPay?
A. The time it takes to make a crypto payment gateway like BitPay can vary based on various factors such as the project’s complexity, development team efficiency, features, and so on.
On average, BitPay crypto payment gateway development can take 3 to 9 months or more. However, the precise timeline depends on your specific project requirements and the allocated resources.
You can connect with our blockchain experts and discuss your project requirements to get an accurate idea of the timeframe required to bring your project to life.
Q. How much does it cost to develop a crypto payment gateway?
A. The cost to develop a crypto payment gateway like BitPay can vary depending on multiple elements like the features and functionalities of the gateways, its UI/UX design, the location of the app developers, and so on.
On average, crypto payment app development costs range between $30,000 to $300,000 or more, based on your unique project requirements.
Discuss your project idea with us and get an accurate estimate for your crypto gateway platform development.
Q. What are the benefits of web3 crypto payment gateway development?
A. The development of a crypto payment gateway offers numerous advantages. Here is a list of some of the most common benefits of crypto payment gateway development:
- Crypto payment gateways provide a secure transaction environment, reducing the risk of fraud and unauthorized access.
- Such platforms allow businesses to reach a global audience without the constraints of traditional banking systems or currency exchange rates.
- Cryptocurrency payment gateways can significantly reduce transaction fees by eliminating intermediaries such as banks, making it more cost-effective for merchants and customers.
- Since crypto platforms operate 24/7, they facilitate faster transactions, enhancing the speed and efficiency of each transaction.
- The irreversible nature of cryptocurrency transactions reduces the risk of chargebacks, providing merchants with greater assurance and reducing disputes.
Q. What are the essential features to add during white label crypto payment gateway development?
A. The essential features in a white label crypto payment gateway include robust security measures such as encryption and two-factor authentication, support for multiple cryptocurrencies, seamless integration options for merchants, customizable branding and user interface, comprehensive reporting and analytics tools, compliance with regulatory standards, and scalable infrastructure to accommodate business growth.