As virtual coins are becoming more and more popular, a lot of token holders are looking for ways to spend their cryptos on day-to-day needs, and stores are also working to expand their payment methods. Given the increasing demand, NOWPayments is working to provide a convenient payment service that accepts cryptocurrencies throughout the globe.
Who is NOWPayments?
Since 2019, NOWPayments has been operated by ChangeNOW, an instant crypto exchange with a close relationship with Binance, Ledger, and Atomic. Its mission is to provide a crypto payment gateway for merchants and customers.
By offering a bunch of solutions, such as invoices and payment solutions that are connected through an API and a wide selection of plugins like WooCommerce, NOWPayments is capable of forming a bridge that attaches and satisfies the needs of all the parties involved in a commercial transaction.
In the future, the platform promises to continuously work and upgrade the features for its growing number of users.
NOWPayments provides different programs so that users can participate in whatever way is best for them. It is easy to buy things using cryptos with the platform, and also to accept cryptos as a means of payment.
Merchants can integrate their channels with NOWPayments’s system, and after that, the platform will process crypto payments from customers and transfer those tokens to the store. There are a variety of options for merchants when connecting through NOWPayments’s ecosystem.
API integration is essential for accepting crypto transactions, and it is a necessary step in the process.
Once merchants have signed up on NOWPayments, they can select their outcome wallet and proceed with a new API key. Later on, whenever customers pay with supported coins, their payments will be automatically converted into the predefined crypto in merchants’ accounts.
NOWPayments offers a stunning Instant Notifications feature to keep sellers constantly updated with payment status. Payment processing on NOWPayments is non-custodial, which means stores can receive cryptos immediately without any delay.
In addition, NOWPayments enables a number of plugins to allow integration with online shops on external eCommerce marketplaces, such as WooCommerce, WHMCS, or OpenCart. With this functionality, merchants will find it easy to combine crypto payment with their existing sales channels.
NOWPayments supplies extra widgets that give merchants more chances to use digital money. Stores can choose to display a donation button on their page, from which they can accept donations in any supported coins from followers.
All they have to do is just copy a paragraph of source code and paste it into their web page, then they can start collecting funding from supporters.
Besides the primary function of enabling crypto payment for online stores, NOWPayments introduces an affiliate referral program to its users.
For the purpose of promoting Verge (XVG), a cryptocurrency designed from Bitcoin protocol with improvements to be adapted in quick transactions in businesses and daily life, NOWPayments offers a deal for anyone who wants to become an affiliate partner.
Basically, there are rewards when you recommend NOWPayments and successfully invite a merchant to use NOWPayments’s service.
At that time, referrers will receive $25 in Verge in their wallets.
Afterward, they continue to earn 0.2% of each transaction for 3 months. This promotion is available to the first 20 partners, so if you want to earn bonuses, this company could be a good choice.
Since its establishment, NOWPayments has constantly updated their crypto list. The platform accepts more than 50 of the most popular digital coins that are traded regularly on global large exchanges.
With plenty of choices, such as BTC, ETH, LTC, XVG, BCH…and so many more promised to be added in near future, merchants can widen their payment options quickly, and appeal to a much wider audience.
Currently, NOWPayments is transferring payments with a minimum value from $3 to $5 for almost all of the supported coin pairs. In the future, the platform is working towards lowering that minimum level, so as to open the door for more trading activities to be included.
How to calculate the fees of payments processed by NOWPayments is very simple. There are two separate parts: a transaction fee and an exchange fee. NOWPayments’s transaction fee is charged based on the volume of payments progressed in a month.
If merchants reach a specific amount of payment per month, they can receive a more advantageous rate.
In particular, a rate of 0.5% is applied for the amount between 0 and 49 BTC a month. From 50 BTC/month, it drops to 0.45% and continues going down to 0.4% for the volume from 100 BTC or higher a month.
Some merchants with over 200 BTC in monthly transactions will get a special offer from the provider. The fee is deducted from customers’ payment before it is forwarded to sellers.
In case buyers pay in a coin different from the preset wallets by merchants, an exchange fee is added. It is 0.5% that is charged by ChangeNOW for converting the paid crypto from customers into the ones accepted by stores. This fee is also charged prior to sending it to merchants.
Totally, the maximum fee merchants need to bear for using NOWPayments processing service is only 1%. That is an extremely competitive rate to maintain positive profitability for NOWpayments’s partners.
How to Get Started with NOWPayments
It only takes a couple of steps to get connected with NOWPayments’s gateway.
Go to the main website, choose “Start now” and create an account
After inputting the required information, a verification link will be sent to the registered email
Once the new account is confirmed, log in and insert a code to integrate API, or use plugins to connect with WooCommerce/WHMCS/OpenCart stores.
Then, it’s all set. Enjoy and collect your crypto!
Why Choose NOWPayments?
With rising demand from both online/offline merchants and coin holders, the potential for NOWPayments’s growth is easy to spot. The close collaboration between NOWPayments and renowned crypto exchanges undoubtedly strengthens its capacity to fulfill the client’s needs.
NOWPayments is one of the great payment solutions, especially for cryptocurrencies, for a number of reasons.
- Fast payment completion. Unlike other payment gateways, transactions on NOWPayments can be done as quickly in up to 24 hours from the time they are initiated. Besides, the Instant Payment Notification function keeps merchants on top of their money. Once payments are transferred to their wallets, they can choose to withdraw anytime.
- Non-custodial services with competitive fees. Except for holding back its fees, NOWPayments forwards payments directly to merchants without going through any intermediaries. That helps to boost the speed of transactions as well as makes NOWPayments able to offer a lower rate to its partners. This is a noticeable strength of NOWPayments
- Transparency and regulatory compliance. NOWPayments clearly determines the priority of its clients and partners’ safety. The company has created a legal team to strictly work on these matters. Thanks to that, NOWPayments successfully secures all transactions from illegal acts and protect the benefits of its users.
- Intuitive guidance and inclusive support. Although it requires merchants to integrate API through some source codes, it is not so complicated. Additionally, alternative options is available by installing plugins to connect with external marketplaces. NOWPayments also provides abundant instruction by FAQ and documents on their main site. In case a merchant needs further assistance, a support team is always ready 24/7 and can be reached via chatbot or email.
If you would like to learn more about NOWPayments, just click right here to visit its website. The platform is a perfect fit for any merchant that wants to accept cryptos, without having to trust an intermediary, and also have direct access to its funds.
The post NOWPayments: An Easy Way to Accept Cryptocurrency Payments appeared first on Blockonomi.