It has become evident that the world of cryptocurrency is here to stay and this can be seen in the numerous virtual coins that are churned out regularly. Many crypto enthusiasts are looking for ways to use their tokens. They want to use them in normal transactions. This is where NOWPayments comes into the equation. This platform has created an easy payment service where businesses and merchants can receive crypto payments from clients.
What is NOWPayments?
ChangeNOW is the creator of this payment platform. It has partnered with Atomic Wallet, Ledger, and Binance in the past. It created NOWPayments with the vision of offering clients the opportunity to use their tokens in transactions and merchants to receive tokens effortlessly.
This decentralized payment platform has a number of payment solutions like invoices and payment solutions, which are linked via an API. There is a myriad of plugins that merchants can choose to link to an external marketplace.
NOWPayments Offer Inclusive Services
To help users of different walks of lives and different needs to have a place on the platform, NOWPayments has created a myriad of programs. This payment platform allows users to buy goods and services with their tokens and coins. Merchants can also accept tokens from their clients with this payment system.
Merchants that want to receive crypto payments can incorporate this payment platform into their business channels. It is quite easy to do this, and after the integration process is completed, crypto payments can then be accepted effortlessly. Merchants can bask in any of the options that are available at the moment.
Before merchants can receive crypto payments, they have to do the API integration. After signing up on NOWPayments, merchants can opt for the outcome wallet they want, and choose their brand new API key.
Immediately clients make payments via the cryptos that are supported in this payment platform, the payments are transformed into the crypto that has been specified earlier on in the account of the merchant.
NOWPayments' Tools That Will Benefit Merchants
To let merchants know of what is going on with their payments, this platform has an Instant Notifications feature. This means that immediately a client pays a merchant, the latter is intimated of this. This payment processing platform uses a non-custodial function. What this means is that merchants can have access to their cryptos immediately clients send them.
Apart from that, this payment platform has a myriad of plugins that merchants can use in linking their stores to external marketplaces, like OpenCart. This means that sellers can easily link their sales channels to this revolutionizing crypto payment system.
This payment platform has other features up its sleeves, as merchants can have access to additional widgets when using NOWPayments. Sellers are allowed to add a donation button on their page. Clients can easily donate to them in cryptos that are supported in the platform.
What they have to do is merely copy and paste the needed source code on their merchant web page and they are good to go.
Supported Coins on This Payment Platform
For now, this payment platform offers a number of cryptocurrencies, though it updates its list regularly. There are currently over fifty cryptos that are accepted in this platform. Some are Bitcoin, Ethereum, Litecoin, and so on. The good thing about NOWPayments is that it adds new coins regularly meaning that sellers can be paid in different cryptos.
Transaction and Exchange Fees
NOWPayments, currently, has a minimum amount of crypto that can be transferred, and it is about three dollars. There are plans to reduce the minimum value in the future.
It is quite easy to find out the transaction fees on this platform as it is of two parts. There is the exchange fee and the transaction fee. The transaction fee is dependent on the number of payments that are done monthly.
There is a threshold of payment that if merchants cross monthly will usher in far lower transaction fees. The current transaction fees for at most 49 BTC is 0.5% monthly. If it is above 50 BTC but less than 100 BTC monthly, the fees reduce to 0.45%. If it gets to 100 BTC and above monthly, it drops to 0.4%.
For those sellers that their volume is above 200 BTC monthly, they get a better transaction fee. It is important to note that the fees are removed from the payments of the clients before the payments are sent to merchants.
The exchange fees are incurred if a client sends payment in crypto that is different from the one that the seller has specified. ChangeNOW charges 0.5% to change the crypto that the client sent to the one that the merchant will receive. The exchange fees are also removed before the funds are sent to the merchant.
The Perks of Using NOWPayments
There are a lot of advantages that accrue to those that use NOWPayments for their crypto transactions. We will look at some.
1. The payment process is fast. This is what everyone craves. There is hardly a soul that fancies transactions that take a long time to be completed. In the traditional payment gateways, one may have to wait for hours before transactions are done. This is not the case here, as it takes a few minutes. Immediately a transaction is done, the merchant gets an Instant Payment Notification. The recipients of the funds are allowed to withdraw their funds whenever they want.
2. Users have access to non-custodial services without paying a lot. NOWPayments is designed to send money directly to the recipients or merchants without the need of any middleman or intermediary. This ensures that the transaction speed is high. As a result, the transaction fees of NOWPayment are low compared to competitors.
3. NOWPayments views transparency and regulatory compliance as paramount.
This platform is dedicated to ensuring that the interests of their clients are partners are safe, and this is why it has a legal team that is tirelessly working on it. This is one reason that NOWPayments is safe from illicit activities.
4. Intuitive guidance and inclusive support. This platform allows merchants to easily integrate their API using source codes, which is quite easy. There are alternatives for those that feel that the above may be complicated. Plugins can be installed to external marketplaces. To make everything simple, this platform has created a lot of simplifying materials, documents, and instructions for users.
If a user falls into any issue, there is a support team present every second of the day. You can reach them via email or chatbot.
Article Written by Tochukwu Emmanuel.