A Payment Processing Solution With a Data Analytics Platform
30 May ยท 5 min read
Challenge: To develop a platform that can accept all sorts of payments, including cryptocurrency to offer a great customer experience.
Solution: Developed a payment processing system and platform to provide seamless payment experience to users and stakeholders.
User Group: Crypto providers
We built a payment processing system that quickly accepts all types of digital payments, including cryptocurrency, and a sophisticated analytics platform that analyzes and sorts data for users to access and filter at any time. The platform processes over 10,000 transactions each day and has over 500 users worldwide.
About
Our customer is a global cryptocurrency provider determined to bring cryptocurrency into the mainstream and unify all payment methods by creating an all-in-one solution and enabling the merchants to have the ultimate access to the world of simplified, futuristic, and frictionless payment options. The client came to us to develop a payment processor that could take crypto payments and settle them swiftly.
The goal was the development of a system that can accept all sorts of payments, including cryptocurrency, settle them fast, and be transparent and cost-effective for end-users. They were well-connected and able to form partnerships, allowing them to effortlessly integrate the product into the correct places and spread the word.
Challenge
Challenges that the team faced on this project were multiple:
- Securing the crypto payment instantly
- Facilitate the communication between different systems
- Provide e-commerce integration
- Enable easy on-site KYC
- Enable crypto exchange
- Provide analytics and transparency
Creating a payment processing application is not a challenge on its own, it's a process of knowing and implementing industry standards and best practices. In process of developing this solution, we had to consider a number of factors:
- If we want to bring crypto into the mainstream, we need to make the payment process as simple as traditional payment methods. We all know that speed is always an issue with blockchain-based payment currency, therefore that was our first major challenge.
- Facilitate easy integration with any crypto wallet, and make it simple for users to exchange crypto instantly, which leads to the need to establish a KYC process on-site for users.
- All parties engaged required transparency. For our customers and the retailers who integrated their systems with ours. They all wanted to know what was going on in terms of pos activity, crypto exchanges, and fees, among other things.
Solution
We created two products from scratch:
- Payment processing system that may be used as a POS solution or incorporated into an eCommerce store and can be connected to any hardware.
- A platform that manages all data and offers analytics to all stakeholders.
Our team is in charge of creating a product roadmap, solution architecture, design, development, and system maintenance.
1. Payment processing system
The first solution we developed for this client was an Android app that can be connected to any Android device (phone, POS, etc.) and accepts all sorts of payments. We focused on crypto payment when designing this product, and we built a mechanism that can:
- Accept all types and flows of cryptocurrency payments
- Processed payment instantly
- Integrate with any cryptocurrency wallet that is accessible on the market
- Easily identify and block transactions from blacklisted wallets
- On the merchant side, settlements are made in local currency
- There is just one instance per account, which adds an extra layer of security.
- It's possible to use the system as a cryptocurrency exchange platform
- The KYC process takes only 5 minutes when using the user's ID or passport
We know security is important, so we made an effort to incorporate top-of-the-line security features into the solution. Our DevOps engineers invested their time into testing and establishing security protocols, and creating a full security infrastructure. This allowed us to secure the data and establish a safe system.
After creating a safe and secure infrastructure, the development was straight forward and the solution had its first round of implementations in six months.
An eCommerce platform can also be integrated with the solution. The system can work with CS-Cart, osCommerce, OpenCart, PrestaShop, WooCommerce, Magento, Shopify, and other platforms.
2. System management platform
When all of the payments have been processed and all of the front-end processes have been finished, there is a large amount of data that must be managed in a way that maximizes the value for all parties involved. For this reason, we developed a management platform that brought all of this information together in one location and made it simple to handle.
Two main roles in the platform were admin (payment provider) and user (merchants).
Admin is the system's owner and is accountable for all of the information displayed. User management, KYC procedures, fees, and transaction insight are his primary tasks.
They have an overview of all transactions from the merchant's perspective:
- Date and time
- e-commerce / store ID
- POS ID
- The amount in cryptocurrency and a fiat currency
- Fees associated with transactions
They are also able to connect the platform to their own wallet and use it as a crypto management tool for trending and exchangers, and they can effortlessly whitewall funds to their wallets.
Impact
100+ merchants from all over the world are using our system, and we are the number 1 crypto payment solution in the world.
In three years' time the system:
- Was introduced in 60+ countries.
- Was used by more than 100 merchants.
- Has more than 5000 active accounts.
- Processes more than 600 transactions per day.
- Our client raised more than 5 million in funds on this project.
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