Choosing a relevant payment service provider is of immense importance for the proper performance of any business. And when it comes to cryptocurrency exchanges, the procedure of choosing a payment gateway is even more vital. The reason is obvious — exchanges of such a kind won't be able to function properly without a robust crypto payment gateway. A crypto-friendly PSP will not only ensure smooth payment and payout processing but also represent a backing as a reliable partner.
What is a crypto exchange?
The general meaning says it's a business that allows for trading digital or cryptocurrencies for fiat money or other digital currencies. Plainly, it's a place of exchange where buyers and sellers trade cryptocurrencies or transfer and convert currencies from fiat to crypto and vice versa.
But a crypto exchange concept can also be defined as:
- broker-dealers representing traders and trading on their own behalf;
- private traders who buy and sell currency on their accounts on their own platform;
- holders of large volumes of cryptocurrencies;
- issuers of their own currencies who trade on their own platforms.
How to choose a crypto-friendly PSP for your business
For traders, cryptocurrency exchange looks quite simple: a site with updatable information about rates, charts, and order books for buying and selling coins. Depending on the exchange, it can feature a market depth chart, additional tools, and indicators. The ability to quickly refill the balance and withdraw funds to a personal wallet is a must. Personal account with viewing trade statistics and the possibility to contact technical support is at a premium.
But what is needed to ensure a stable and uninterrupted operation of a crypto exchange? And what are the crypto trading basics, and how is the exchange structured and functioning from the inside? Let's figure things out in due order. After all, the interface is only a small component of the exchange.
If you nurture a plan to run your own cryptocurrency exchange but not to trade, your primary task is to find a reliable payment gateway for your business. Frictionless payment processing is one of the crucial elements of the whole business scheme. Integrating a reliable payment partner allows for the quick processing of users' funds. It also helps to avoid several fraudulent transactions. But not all payment processors are equal and suitable for crypto exchanges.
Checklist of essential criteria for choosing a PSP for crypto exchange
Choosing the right payment partner delivers you a bunch of advantages. Apart from the security of the data and funds, you can accept various payment types, including alternative payment options. Check out the list of vital points to pay attention to when choosing a PSP for your crypto exchange.
There are many factors to consider when trying to discern which PSP to choose. But the core is as follows: countries it operates in, its technical aptitude, and the services it provides. Sure, there is one more factor that appears to be individual for each enterprise: different price tags for the services. And they depend not only on the depth of the offered services but also on security, reliability, and establishment in the market.
Benefits of using a PSP for crypto exchange
Utilising a payment solution for crypto exchange, you get an opportunity to devote more time to your project development, avoiding technical hassles. Here's a list of benefits you'll get partnering with a reliable PSP for crypto exchange:
Convenienсe & unification
All your incoming & outgoing transactions are tracked in one dashboard. A unified payment dashboard allows you to monitor all transaction data, including statuses, callbacks, declined payment requests, etc. By monitoring the metrics, you can spot certain trends in traders' behaviour and make better decisions on business development.
Reduced processing costs & time on development
Choose a solution with a smart processing engine that allows for routing each transaction to the most relevant provider and saving on processing fees. Having a ready-made solution with multiple capabilities allows you to start accepting crypto payments and making payouts without losing time on development.
Dedicated support team
If anything goes wrong or you have a question, a skilled payment team is at your service. They help you find out the reasons and fix the situation. Moreover, in case you have a request for a new feature, you can ask them and avoid hiring specialists to develop it on your end.
Corefy for crypto businesses
We know that finding a reliable payment solution is not an easy task. It requires thorough consideration and matching of your needs with the offerings. We are here to help.
Corefy's solution can be easily integrated into your current processes or launched as a new service. Partnering up with our payment orchestration platform allows you to connect as many payment service providers as your business requires and get multiple capabilities in a unified dashboard. Our payment experts team and a range of smart tools, including Routing & Cascading and currency conversion, help your conversion rates grow and your business scale up. We enable you to accept payments in 400+ methods via 650+ providers. By offering a convenient payment solution with a wide choice of payment options for your clients, you'll get advantages over competitors. Contact us to find out how you can boost your business with us.