BitPay Clone – Crypto Payment Gateway Development Guide
Are you looking to expand your consumer base by introducing a new-age crypto payment gateway like BitPay to streamline your payment process? If yes, then this article is for you.
BitPay is a leading payment gateway that enables businesses to accept Bitcoin and other cryptocurrencies as a mode of payment. Launching a BitPay clone can help you catch the attention of the Gen-Z audience while upgrading the traditional payment processes.
From understanding the key components of a BitPay clone to identifying the must-have features and functionalities this blog will give you the information and guidance you need to develop your own BitPay clone platform.
Understand BitPay Through Stats
- The platform supports 16+ cryptocurrencies
- More than 100 million global users
- Supports over 100 crypto wallets
- 99.98% successful transaction rate
- The official website of BitPay has 100% organic traffic
Why Invest In A BitPay Clone?
- Growing Demand for Cryptocurrencies
The demand for cryptocurrencies like Bitcoin is growing day by day, and along with it, the demand for payment processing platforms that can handle cryptocurrency transactions will only grow. Having a BitPay clone can help you capitalize on all the opportunities presented by this growing demand.
- Advantage for an Early Entrant
As cryptocurrency payment processing is still a relatively new concept, investing in the development of your own BitPay clone can bring you early entrant advantages. For example, you will be able to establish your identity and reputation as a modern-age business much before your competitors.
- Well-Established Business Model
BitPay has established a successful business model for cryptocurrency payment processing platforms. A BitPay clone can leverage the benefits of this well-established and proven business model to help you generate healthy revenue.
- Higher ROI
Capitalizing on the huge demand and following the established and proven business model if your BitPay clone becomes successful the chances of higher returns get maximized.
Steps To Develop A BitPay Clone
- Step 1 – Research & Assessment
When developing a BitPay clone it is ideal to start by performing thorough research and assessment of your own requirements. But before you start analyzing your requirements you need to identify them.
To identify your requirements you need to evaluate your business plan, future expectations, goals, and objectives. Once you have your requirements identified you need to assess those while also researching your rivals, current market trends, and more. It will help you to identify the right features, technologies and other components to be incorporated into your BitPay clone.
- Step 2 – Design
Once you have figured out which features, functionalities, and technologies you need to add to your BitPay clone you need to create a highly user-friendly design. You need to create an all-feature-inclusive, attention-grabbing yet easy-to-use user interface for your BitPay clone platform.
- Step 3 – Development
The third step in developing a BitPay clone involves building the crypto payment gateway and integrating all planned cryptocurrencies using the necessary technologies. This includes developing the backend functionality and security protocols for the platform. It’s crucial to ensure the platform is scalable and able to handle high volumes of transactions.
- Step 4 – Testing
The process must not end at development as it is essential to try and test the BitPay clone before launching it. In order to test the crypto payment gateway’s functionality, compatibility, and reliability rigorous testing must be performed. It will help identify the flaws in the solution to be fixed.
- Step 5 – Launch
The final step is deploying the solution. Once the BitPay clone is ready and clears the tests it is time to launch the solution on respective platforms.
The Alternative Way To Have A BitPay Clone
Developing a BitPay clone from scratch can take months. But what is the solution when you are in hurry? A BitPay clone script becomes an ideal choice when you can’t afford the waiting to launch your Bitpay clone.
You can find various companies offering readymade BitPay clone solutions, you can just compare them against your requirements and select the right one for your business idea.
It will help you save a huge amount of time as well as costs. GoodTroopers can help you find the right BiTpay clone for you. All you need to do is contact us and share your requirements.
Must-Have Features In A BitPay Clone
- Cryptocurrency Wallet Integration
A crypto payment gateway platform like Bitpay must integrate with numerous cryptocurrency wallets to offer users flexibility in leveraging the secure storage of virtual assets.
- Multi-Cryptocurrency Support
When developing a BitPay clone platform it becomes essential that the solution must support multiple cryptocurrencies to allow the users to experience the flexible and efficient mode of new-age payment systems.
- Multiple Language Support
To offer your users a seamless experience it is important to integrate multiple language compatibility that will allow them to enjoy the features and functionalities of the app in their preferred language.
- Atomic Swaps
When you are allowing multiple cryptocurrencies in your BitPay clone you also need to make sure that the transactions of different cryptocurrencies stay simple. So integrating the atomic swap feature is the right way to offer your users a great experience in exchanging different cryptocurrencies without any mediator.
- Transaction History
A user must have a record of his all transactions in any type of payment app and that is no different for the BitPay clone. Your BitPay clone must have a transaction history feature where the user can find all his transactions in an organized way.
- Security Feature
With the increasing cases of cyber crimes, a payment processing app must have all the necessary and premium security features to allow users to enjoy a highly secured payment processing experience. Security features like two-factor authentication, SSL encryption, biometric authentication, and OTP-based login can be considered.
Key Factors To Consider When Developing A BitPay Clone
- Feature & Functionalities
When developing a BitPay clone or even planning to develop one the first thing to do is plan the features and functionalities to be integrated into the solution. Always keep your target audience in mind when selecting the features for your BitPay clone.
- Tech Stack
The tech stack is another aspect that will require clear and concise focus and assessment. The tech stack you will decide for your Bitpay clone will determine the performance as well as the scalability of your cryptocurrency payment gateway like BitPay. So you must finalize a tech stack that is dependable, efficient, effective, and compatible with your business requirements.
Compliance with industry standards, as well as legal regulations, is very critical for any type of payment processing platform. When developing a BitPay clone you must ensure that the platform is well-compliant with all the regulations to avoid legal consequences. Here are a few major regulations a BitPay clone must adhere to –
- Anti-Money Laundering (AML)- AML regulations are designed to restrict money laundering and financing of terrorism.
- Know Your Customer (KYC)- KYC regulations are enforced to make businesses verify the identity of their customers in order to prevent fraudulent activities and financial crimes.
- Payment Card Industry Data Security Standards (PCI-DSS)- PCI-DSS is a set of security standards that ensures businesses do not misuse and safely store the credit card data of users.
- General Data Protection Regulation (GDPR)- GDPR is a privacy protection regulation designed to safeguard the valuable personal data of European Union citizens.
- Electronic Transactions Act (ETA)- ETA regulation is utilized to govern electronic transactions and contracts.
These are only the major regulations a cryptocurrency payment gateway needs to comply with. It is better to research and plan before developing the BitPay clone than to deal with legal troubles later.
Goodtroopers Can Help Build Your Bitpay Clone
GoodTroopers is a platform where you can find the right hands for all your technological developmental needs. We can help you find the right hands to develop your Bitpay clone. We can even help you discover the perfect readymade Bitpay clone solutions that match your business requirements.
In order to leverage the benefits of any of these services all you got to do is contact us. Just reach out to our experts and share all the requirements for your BitPay clone, along with a brief of your business idea.
Once we have the requirements and an understanding of your business plan our experts will start the assessment to finalize the right set of features and other important aspects. Within a few hours or days (usually within 48 hours) we will provide you with the right BitPay clone solutions designed and developed by experienced professionals.
So why are you waiting? Hurry up and contact us now to get your dream BitPay clone.
The Final Thoughts
With the growing demand for cryptocurrencies, the need for crypto payment gateways is inevitable. So there is no point in waiting as the perfect time is now to get your hands on new-age payment processing platforms like BitPay. But when developing a BitPay clone is very important to follow a proper development process, identify and integrate the right features and focus on key factors like the tech stack to be used, compliance, and security of users.
Que. What is BitPay?
Ans. BitPay is a new-age cryptocurrency payment processing platform built on blockchain.
Que. What is a BitPay clone?
Ans. A BitPay clone is a replica of the original BitPay platform loaded with the same or more advanced features and functionalities.
Que. What security features I must include in my BitPay clone?
Ans. To maximize the security of users in your BitPay clone you must include security features like two-factor authentication, SSL encryption, OTP-based login, biometric logins like face lock and fingerprint lock, DDoS authentication, and more.
Que. Which cryptocurrencies must be supported in a Bitpay clone for transactions?
Ans. The cryptocurrencies that must be supported in a Bitpay clone for transactions are- Bitcoin (BTC), Ethereum (ETC), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), tether (USDT), Binance Coin (BNB), Cardano (ADA) and more.
Que. How much will it cost to develop a custom BitPay clone?
Ans. The development cost of a BitPay clone depends on factors like- features you want to integrate, the tech stack to be utilized, the complexity of the solution, the development team size, and the duration of the development process. Generally, the cost to develop a custom BitPay clone can cost anywhere from $200,000 to $300,000.
GoodTroopers can help you save a huge amount of money by finding the right readymade BitPay clone that matches your requirements and is 100% customizable for future changes.
Que. How long does it take to develop a BitPay clone?
Ans. The development process duration of a BitPay clone depends on multiple factors, including features, complexity, development team size, and more. Developing a custom solution is always time-consuming. But GoodTroopers can help you save an ample amount of time by providing you with top-notch readymade and 100% customizable BitPay clones. Contact us today and share your requirements with our experts.