How Does a Crypto Payment Gateway Work?
A crypto payment gateway is merely the physical outpost of an entire infrastructure that facilitates payments. It makes it possible for businesses to simplify transactions for customers and ease customers’ online or in-store experience.
TL;DR
- Crypto payment gateways offer multiple options with which customers can connect to complete payments
- The payment gateway also connects to the payment processor which ensures the movement of funds from customer accounts to a business’ account
- IvoryPay’s payment gateway processes cryptocurrency for clients and also enables them to make withdrawals in both cryptocurrencies and fiat
IvoryPay’s Crypto Payment Gateway Solution
A crypto payment gateway solution such as IvoryPay enables businesses to deploy different physical options to accept payments from their customers. Businesses on IvoryPay can deploy payment checkouts, buttons, QR Codes, and payment links for easy customer transaction completion.
The crypto payment gateway is a physical infrastructure that can be attached to clients’ online platforms and is easily relatable to customers. With this gateway, customers can simply click, connect their preferred crypto wallet option, and complete transactions within the twinkle of an eye. The entire process is seamless and straightforward.
The Role of Payment Processor
Crypto payment gateways are quite popular, but underneath the infrastructure lies the payment processor. The payment processor is the infrastructure that immediately connects a customer’s information to the chosen wallet option. From there, the processor confirms that a customer has the amount charged in the wallet, and then proceeds to transfer the sum into the business’ destination wallet address.
The payment processor confirms payment with a business’ API, then checks the transaction as complete upon verification, sending a success report from the backend to the payment gateway which the customer can relate to. Upon the completion of a transaction, the entire process is tagged successful.
In essence, it is easy for users to relate with a payment gateway, but they have to rely on the payment processor to run the transaction and complete the entire payment process.
IvoryPay is Tailored to Business Needs
IvoryPay has an elaborate ecosystem that is designed to help businesses adjust to the needs of their customers. The infrastructure enables businesses to deploy a combination of payment gateways that is convenient for their customers and they could also accept payments in their preferred crypto coin. This could be in stablecoins such as DAI, USDT, and USDC, or in the platform’s native token — IVRY.
At the backend, businesses have the luxury of choosing to make withdrawals either in cryptocurrencies or to their local bank account. Businesses could also make emergency withdrawals when the need arises.
As part of IvoryPay’s business solution, it also enables businesses to make borderless payments if, and when the need arises. This helps businesses to eliminate all forms of restrictions on free trade and international transactions.
Conclusion
Payment processing is a system that goes beyond payment gateways. In the real sense, payment gateways are what they are programmed to be — gateways and entry points. They serve as the channel that connects end users to a formless infrastructure that facilitates the entire payment processing network.
To learn more about IvoryPay, feel free to use the links below
