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NOWPayments Introduces Seamless Instrument for Bitcoin (BTC) and Altcoins Payments Processing: Review

Wed, 5/10/2022 - 11:47
NOWPayments Introduces Seamless Instrument for Bitcoin (BTC) and Altcoins  Payments Processing: Review
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NOWPayments, an all-in-one solution for crypto payments processing, is set to introduce Web3 payment methods to a new generation of merchants, creators and charity foundations.

NOWPayments released a tool for accepting payments in Bitcoin (BTC) and altcoins: Why is this crucial for merchants, creators and NGOs?

Launched by a heavy-hitting team of blockchain professionals, NOWPayments platform is an out-of-the-box solution for crypto payments processing. Equipped with crypto-to-fiat paygates and the instruments of multi-currency support, it is set to introduce Web3 tech to thousands of merchants — from streamers to e-commerce platforms and charity foundations.

Image by NOWPayments

What is special about NOWPayments’ USP, and what makes it relevant in 2022?

  • NOWPayments allows every website to start accepting cryptocurrencies as regular payment instruments;
  • NOWPayments takes no coding or blockchain skills to be integrated; its module can be added even by non-tech users;
  • The platform supports 150+ cryptocurrencies, from mainstream ones (Bitcoin, Ethereum, U.S. Dollar Tether) to exotic ones like FIRO, ZEN and XVG;
  • NOWPayments works with the lowest possible fees, highest processing speeds and a flexible minimal/maximal withdrawal policy;
  • NOWPayments is seamlessly compatible with all major e-commerce platforms, including WooCommerce, Shopify, OpenCart and so on;
  • NOWPayments platform can also be used for payouts to contributors; it seamlessly employs a crypto-to-fiat paygate by ChangeNOW, the parent company of NOWPayments.
  • NOWPayments enabled direct fiat withdrawals for its clients; all funds can be withdrawn to bank accounts.

While using NOWPayments, crypto enthusiasts can also earn by joining its multi-level affiliate program.

Why is it important for businesses to accept crypto?

Mainly, businesses are starting to accept crypto for three reasons. First, it allows them to increase operational turnover: with such an impressive new instrument for payments, users are motivated to buy goods or services immediately. Paying by crypto is increasingly popular among the most influential and economically active category of Internet users.

Then, by accepting crypto, a business, creator or NGO can streamline its accounting procedures: in some jurisdictions, cryptocurrency operations are eligible to clear tax regulations (typically, with low tax rates) while, in the majority of countries, crypto payments are still not taxed.

Adding cryptocurrency payments allows businesses to expand their offerings to new regions and significantly advance its visibility in new markets - even for ‘unbanked’ territories with poorly developed financial infrastructure.

Last but not least, as the worldwide crypto community is growing day by day, the decision to start accepting cryptocurrencies is set to increase the visibility of this or that brand between various categories of users.

What are the main obstacles for organizations accepting crypto?

Meanwhile, the adoption of retail cryptocurrency payments comes with its own roadblocks. The first generation of crypto-to-fiat paygates are not user friendly; to integrate them, a team needs sophisticated software and blockchain engineers.

Also, sometimes, the procedure of crypto-to-fiat conversion is rather complicated: even if the team manages to set up the crypto paygate, transferring cryptocurrencies to bank accounts might be cumbersome.

Which cryptocurrencies are the most popular for B2B and B2C payments?

Three groups of cryptocurrencies are dominant in the retail payments segment. The first group includes mainstream stablecoins, i.e., digital assets pegged to the U.S. Dollar or Euro. Typically, the U.S. Dollar Tether (USDT) and USD Coin (USDC) are the most popular stablecoins for payments while Shiba Inu (SHIB) and SHIB-like cryptocurrencies also gained traction in 2021-2022.

Then, crypto behemoths of the likes of Bitcoin (BTC), Ethereum (ETH) and XRP are also accepted by the vast majority of vendors, creators and businesses. Also, some services work with privacy-focused cryptocurrencies like Monero (XMR), Bytecoin (BCN) and ZCash (ZEC).

Introducing NOWPayments, easiest way to start accepting crypto in 2022

This is why NOWPayments, an easy-to-integrate multi-platform noncustodial instrument for accepting payments in Bitcoin (BTC) and altcoins, is set to change the game in cryptocurrency retail payments for institutions, businesses, creators and nonprofits.

NOWPayments: Basics

NOWPayments is a high-performance add-on that allows websites to accept cryptocurrencies. Its mechanism works with unmatched speed: a transfer takes 10 seconds maximum, while merchants get their funds in 5 minutes.

NOWPayments service works in a noncustodial manner; the service does not control users’ funds, private keys or sensitive information. The platform works with automated crypto-to-fiat conversion for all digital currencies provided by ChangeNOW, as NOWPayments is an integral part of the multi-product NOW ecosystem.

NOWPayments has no obligatory KYC though it implements AML procedures in place to secure merchants' and customers’ funds.

Image by NOWPayments

NOWPayments provides its users with a wide range of customized solutions, including casino payments, mass payouts and Twitch donation instruments.

NOWPayments: Assets and platforms

NOWPayments allows its clients to start accepting all types of cryptocurrencies from various segments:

  1. Crypto heavyweights, including Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Monero (XMR), Solana (SOL) and Cardano (ADA);
  2. Stablecoins: U.S. Dollar Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI) and so on;
  3. Trending coins: Shiba Inu (SHIB), Kishu Inu Coin (KISHU), Baby Doge Coin (BABYDOGE), Floki Inu (FLOKI), etc.;
  4. DeFi coins: Kyber Network Crystal (KNC), Chainlink (LINK), PancakeSwap (CAKE) and so on;
  5. Coins of non-EVM L1s: Zilliqa (ZIL), Tronics (TRX), Avalanche (AVAX), Cosmos (ATOM) and Polkadot (DOT).

In total, NOWPayments works with 150+ coins and tokens, and new assets are added every week.

Image by NOWPayments

Also, the service is seamlessly integrated with all mainstream platforms for e-commerce, including the likes of WooCommerce, OpenCart, Magento, Shopify, ZenCart, Shopware and PrestaShop.

NOWPayments: Instruments

Under the hood, NOWPayments service has a feature-rich toolkit of instruments crucial for crypto-friendly businesses, creators and NGOs. First, it has preset API tools for casinos, mass payouts and “regular” services. These three variants of APIs cover the vast majority of use cases for crypto-to-fiat paygates.

Image by NOWPayments

NOWPayments can seamlessly create invoices for its users’ transfers. Invoices can be generated via API or a user’s personal account. In “Subscriptions” mode, users can set up recurring payouts with predetermined details.

With the Crypto PoS Terminal option, visitors can pay for goods and services with their smartphone or directly from a cryptocurrency wallet.

NOWPayments supports recurring payments. This option is of paramount importance for all digital services with a subscription model.

Also, NOWPayments released an easy-to-use donations module. With its mechanisms, NOWPayments customers can accept donations through a widget, buttons, social media links or with custom-made solutions that are available on request.

Last but not least, NOWPayments has a “mass payouts” module. With these instruments, businesses can pay their contractors, freelancers and affiliates. Also, mass payout modules are suitable for salaries and digital loyalty programs.

NOWPayments: Fees and affiliate program

To allow crypto enthusiasts to benefit from their social media exposure, NOWPayments launched a multi-level affiliate program. Cryptocurrency users can join this program even without having active online stores.

To get an affiliate link, a user should set up an account in NOWPayments and visit the Affiliate Program section. Once new clients join the NOWPayments ecosystem with an affiliate link, its owner gets 0.1% minimum as a reward. The program is valid for five years from the registration of the client.

Image by NOWPayments

NOWPayments offers its clients the most amazing commissions on the market: minimum fees start at 0.4%; accurate rate depends on this or that merchant’s turnover. Also, for the majority of assets, NOWPayments has no processing limits.

Wrapping up

To sum up, NOWPayments is a cutting-edge instrument designed to allow businesses, streamers and NGOs to start accepting cryptocurrencies as payment methods, use crypto for donations and mass payouts. It can be integrated with zero extra payments and without specific technical expertise.

NOWPayments created preset modules for casinos, charity and streamers, while its instruments can be available as widgets, buttons, social media links and so on. The platform supports 150+ cryptocurrencies and is integrated with all mainstream e-commerce instruments.


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