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

by James · October 5, 2022

NOWPayments, an all-in-one crypto payment processing solution, is set to introduce Web3 payment methods to a new generation of merchants, creators and charities.

Table of Contents

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

Launched by a hard-hitting team of blockchain professionals, NOWPayments the platform is an out-of-the-box solution for processing crypto payments. Equipped with crypto-to-fiat payment gateways and the tools to support multiple currencies, it is set to introduce Web3 technology to thousands of merchants – from streamers to e-commerce platforms and charitable foundations.

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 requires no coding or blockchain skills to integrate; the module can be added even by non-tech users;
The platform supports 150+ cryptocurrencies, from mainstream (Bitcoin, Ethereum, US Dollar Tether) to exotics such as FIRO, ZEN and XVG;
NOWPayments works with the lowest possible fees, fastest processing speeds and a flexible minimum/maximum withdrawal policy;
NOWPayments is seamlessly compatible with all major e-commerce platforms, including WooCommerce, Shopify, OpenCart and so on;
The NOWPayments platform can also be used for payments to contributors; it seamlessly uses a crypto-to-fiat payment gateway from ChangeNOW, the parent company of NOWPayments.
NOWPayments enabled direct fiat withdrawals for its customers; all funds can be withdrawn to bank accounts.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 operating revenue: with such an impressive new payment instrument, users are motivated to buy goods or services immediately. Paying with crypto is becoming 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 rules (usually with low tax rates), while crypto payments still are in most countries. not taxed.

By adding cryptocurrency payments, companies can expand their offerings to new regions and significantly increase their visibility in new markets – even for “unbanked” territories with poorly developed financial infrastructure.

Last but not least, as the worldwide crypto community grows day by day, the decision to start accepting cryptocurrency is set to increase the visibility of this or that brand among different categories of users.

What are the main obstacles to organizations accepting crypto?

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

Also, sometimes the crypto-to-fiat conversion procedure is quite complicated: even if the team manages to set up the crypto payment gateway, transferring cryptocurrencies to bank accounts can be cumbersome.

Which cryptocurrencies are most popular for B2B and B2C payments?

Three groups of cryptocurrencies are dominant in the retail payment segment. The first group includes mainstream stablecoins, i.e. digital assets linked to the US dollar or euro. Typically US 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.

Subsequently, crypto behemoths of the likes of Bitcoin (BTC), Ethereum (ETH) and XRP are also accepted by the vast majority of providers, creators and businesses. Some services also work with privacy-focused cryptocurrencies such as Monero (XMR), Bytecoin (BCN) and ZCash (ZEC).

Introducing NOWPayments, the easiest way to start accepting crypto in 2022

This is why NOWPayments, an easily integrated multi-platform non-custodial instrument for accepting payments in Bitcoin (BTC) and altcoins, is set to change the game in cryptocurrency retail payments for institutions, businesses, creators and non-profits.

NOWPayments: Basics

NOWPayments is a high-performance plugin that allows websites to accept cryptocurrencies. The mechanism works with unmatched speed: a transfer takes a maximum of 10 seconds, while sellers get their money in 5 minutes.

The NOWPayments service operates in a non-custodial 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 mandatory KYC although it implements AML procedures in place to secure merchant and customer funds.

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

NOWPayments: Assets and Platforms

NOWPayments allows its customers to start accepting all types of cryptocurrencies from different segments:

Crypto heavyweights, including Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Monero (XMR), Solana (SOL), and Cardano (ADA);
Stablecoins: US Dollar Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI) and so on;
Trending Coins: Shiba Inu (SHIB), Kishu Inu Coin (KISHU), Baby Doge Coin (BABYDOGE), Floki Inu (FLOKI), etc.;
DeFi coins: Kyber Network Crystal (KNC), Chainlink (LINK), PancakeSwap (CAKE) and so on;
Coins from 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.

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

NOWPayments: Instruments

Under the hood, the NOWPayments service has a feature-rich toolkit of instruments that are essential for crypto-friendly businesses, creators and voluntary organisations. First, it has pre-set API tools for casinos, bulk payouts and “regular” services. These three variants of APIs cover the vast majority of use cases for crypto-to-fiat payment gateways.

NOWPayments can seamlessly create invoices for users’ transfers. Invoices can be generated via the API or a user’s personal account. In “Subscriptions” mode, users can set up recurring payments 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 utmost importance for all digital services with a subscription model.

NOWPayments also released a user-friendly donation module. With its mechanisms, NOWPayments customers can accept donations through a widget, buttons, social media links or with customized solutions available on demand.

Last but not least, NOWPayments has a “bulk payouts” module. With these instruments, companies can pay their contractors, freelancers and affiliates. Bulk payment modules are also suitable for payroll 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 active online stores.

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

NOWPayments offers its customers the most amazing commissions on the market: minimum fees start at 0.4%; the exact rate depends on this or that dealer’s turnover. For most assets, NOWPayments has no processing limits.

Ends

To summarize, NOWPayments is a ground-breaking instrument designed to allow businesses, streamers and NGOs to start accepting cryptocurrencies as payment methods, using crypto for donations and bulk payouts. It can be integrated with zero additional payments and without specific technical expertise.

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