NOWPayments

What is NOWPayments

NOWPayments is a non-custodial cryptocurrency payment gateway that allows businesses to accept payments in a wide variety of digital currencies. Launched by the team behind the ChangeNOW crypto exchange service, its main purpose is to provide an easy and secure way for online merchants, service providers, and individuals to integrate crypto payments into their operations. The platform handles the payment process, from generating an invoice to confirming the transaction on the blockchain, and then sends the funds directly to the merchant's personal wallet. This approach gives businesses full control over their funds without relying on a third party to hold them. NOWPayments is designed to be flexible, offering multiple integration tools like APIs, e-commerce plugins, and simple payment buttons.

NOWPayments Features

• Wide Cryptocurrency Support: Accept payments in over 300 different cryptocurrencies, including major coins like Bitcoin (BTC), Ethereum (ETH), and USDT, as well as many altcoins.
• Low Transaction Fees: The service offers a competitive and transparent fee structure, with one of the lowest commission rates in the market.
• Auto Coin Conversion: Merchants can choose to receive payments in a currency different from the one the customer paid with. The platform automatically converts the coins at a favorable rate.
• Fiat Integration: NOWPayments supports both crypto-to-fiat and fiat-to-crypto transactions, allowing businesses to withdraw their earnings in over 75 traditional currencies.
• Multiple Integration Tools: It provides various ways to connect, including a flexible API for custom solutions, plugins for popular e-commerce platforms like Shopify and WooCommerce, and simple payment links or buttons.
• Mass Payments: Businesses can process a large number of transactions at once, making it suitable for payroll, affiliate rewards, or other bulk payment needs.
• Security Features: The platform includes robust security measures such as two-step verification, IP whitelisting for withdrawals, and multi-account access management to protect funds.
• 24/7 Customer Support: Users have access to round-the-clock support to help with any technical issues or questions.

NOWPayments Pricing Plans

NOWPayments does not use a traditional tiered pricing model with monthly subscription fees. Instead, it operates on a simple pay-as-you-go basis, making it accessible for businesses of all sizes. The pricing is based on a fixed service commission per transaction.

• Standard Payment Fee: A fee of 0.5% is charged for payments where the customer pays and the merchant receives the same cryptocurrency.
• Payment with Conversion Fee: A fee of 1% is charged for transactions that involve automatic currency conversion (e.g., a customer pays in BTC, and the merchant receives USDT).

This structure is straightforward and does not depend on the business's turnover. It is important to note that these fees are separate from the blockchain network fees required to process a transaction.

NOWPayments Free Plan

There is no subscription fee to use NOWPayments. Signing up for an account, integrating the gateway, and accessing the dashboard are all free of charge. Users only pay the small transaction fee when they successfully receive a payment. This makes it a cost-effective solution, as there are no upfront costs or recurring charges to maintain an account. Businesses can set up and test the integration without any financial commitment.

How to use NOWPayments

Getting started with NOWPayments is a direct process. Here is a typical workflow for a business:

1. Create an Account: Go to the NOWPayments website and sign up for a new account using your email.
2. Add Your Wallet Address: In your account dashboard, go to the settings and add the cryptocurrency wallet addresses where you want to receive your funds.
3. Generate an API Key: For integration, you will need an API key. You can generate one easily from the 'Store Settings' section in your dashboard.
4. Choose an Integration Method: Decide how you want to accept payments. You can use one of their pre-built plugins for platforms like WooCommerce or Shopify, or use the API for a custom integration on your website or application.
5. Implement the Gateway: Follow the documentation to install the plugin or integrate the API. This will add the crypto payment option to your checkout process.
6. Start Accepting Payments: Once integrated, your customers can choose to pay with any of the supported cryptocurrencies. The funds will be sent directly to your specified wallet after the transaction is confirmed.
7. Track Transactions: You can monitor all your payments, check transaction statuses, and view your payment history in the NOWPayments dashboard.

Pros and Cons of NOWPayments

Pros:

• Very Low Fees: The 0.5% transaction fee is one of the most competitive in the industry.
• Extensive Coin Support: Supports a massive list of over 300 cryptocurrencies, offering great flexibility for customers.
• Non-Custodial: Funds are sent directly to your personal wallet, giving you full control and better security.
• No Setup or Monthly Fees: Free to sign up and integrate, making it accessible for small businesses and startups.
• Flexible Integration Options: Offers APIs, plugins, and simple payment buttons to fit different business needs.

Cons:

• Network Fees Not Included: The listed service fee does not cover blockchain network fees, which can be high for certain currencies like Ethereum during peak times.
• Interface Can Be Technical: While powerful, the dashboard and API documentation may be slightly complex for users with no technical background.
• Fiat Withdrawals Can Take Time: While supported, converting crypto to fiat and withdrawing to a bank account can sometimes take longer than crypto-to-crypto transactions.

NOWPayments integrations

NOWPayments provides a range of plugins and integrations to connect with popular e-commerce platforms and content management systems. This makes it easy for merchants to add crypto payment options without needing to write code.

• Shopify: An official app allows Shopify store owners to accept crypto payments directly at checkout.
• WooCommerce: A dedicated plugin for WordPress websites using WooCommerce enables a seamless crypto payment experience.
• Magento: Merchants using the Magento platform can integrate NOWPayments to offer crypto as a payment method.
• PrestaShop: A module is available for PrestaShop users to easily add cryptocurrency payment options.
• OpenCart: An extension allows OpenCart-based stores to accept payments in hundreds of cryptocurrencies.
• WHMCS: Hosting providers and other businesses using WHMCS for billing can integrate NOWPayments for crypto invoicing and payments.

NOWPayments Alternatives

• CoinPayments: One of the oldest crypto payment gateways, CoinPayments supports over 2,000 cryptocurrencies. Its fees are also low at 0.5%, but it offers a wider range of coins, making it a strong alternative.
• BitPay: A well-known and established provider that focuses on major cryptocurrencies like Bitcoin and Ethereum. BitPay is known for its reliability and also offers a crypto debit card, but it supports far fewer coins than NOWPayments.
• Coinbase Commerce: Backed by the major cryptocurrency exchange Coinbase, this platform is very user-friendly and easy to set up. It is a good choice for beginners but supports a more limited selection of cryptocurrencies compared to NOWPayments.
• BTCPay Server: A free, open-source, and self-hosted payment processor. It is ideal for users who want maximum privacy and control, as there are no fees or third-party involvement. However, it requires technical knowledge to set up and maintain a server.

NOWPayments API

Yes, NOWPayments provides a comprehensive and well-documented API for developers. This allows for custom integrations into websites, mobile apps, and other platforms. To get started, you need to sign up for a free NOWPayments account and generate an API key from your dashboard under the 'Store Settings' section. The API is free to use, with charges only applying to transactions.

The API allows you to create invoices, check payment statuses, get a list of available currencies, and more.

Here is a basic cURL example of how to check the API status:

curl https://api.nowpayments.io/v1/status

And here is an example of creating a payment invoice using cURL, which requires your API key:

curl --location --request POST 'https://api.nowpayments.io/v1/invoice' \
--header 'x-api-key: YOUR_API_KEY' \
--header 'Content-Type: application/json' \
--data-raw '{
  "price_amount": 100,
  "price_currency": "usd",
  "order_id": "RGDBP-21314",
  "order_description": "Apple Macbook Pro 2019",
  "ipn_callback_url": "https://nowpayments.io/payment-notification",
  "success_url": "https://nowpayments.io",
  "cancel_url": "https://nowpayments.io"
}'

For full details, developers should consult the official API documentation on the NOWPayments website.

NOWPayments Affiliate program

NOWPayments offers an affiliate program that allows partners to earn a commission by referring new merchants to the platform. When a business signs up using your unique affiliate link and starts processing payments, you earn a percentage of the service fees collected by NOWPayments from their transactions.

How it works:

1. Join the Program: You can sign up for the affiliate program through the NOWPayments website.
2. Get Your Link: Once approved, you will receive a unique referral link to share with your audience or potential clients.
3. Refer Merchants: Share the link on your website, blog, social media, or directly with businesses you know.
4. Earn Commissions: You will earn a share of the revenue generated from every transaction made by the merchants you referred. The commission rates can be up to 0.1% of the partner's turnover and are paid out for five years.

Payments are typically made in cryptocurrency, and you can track your referrals and earnings through a dedicated affiliate dashboard.