Cryptocurrency payment processing continues to evolve, with NOWPayments leading the way in providing seamless and efficient solutions. In the August updates, NOWPayments introduced several enhancements that promise to make cryptocurrency transactions even more convenient and user-friendly. From improved payment object handling to simplified billing plans and the addition of new coins, these updates are set to transform the way users engage with cryptocurrency payments. Let’s dive into the details of these exciting developments.
Enhanced Payment Object Handling
NOWPayments has improved the handling of payment objects in the API. Now, both repeated and child payments are easily accessible through the following endpoints:
GET v1/payment
GET v1/payment/:id
These joint payments are now included in the original payment object under the payment_extra_ids field as an array. Additionally, the origin_type field has been introduced, allowing users to identify whether a payment is a child or repeated one. This update enhances clarity and ease of use for API users.
Error Handling for Insufficient Funds
One common challenge in cryptocurrency transactions is insufficient funds. NOWPayments has addressed this issue by adding specific error handling. Instead of a generic “Internal error” message, users will now receive a more informative “Not enough balance” error message when attempting to create a transfer with insufficient funds. This improvement simplifies troubleshooting and enhances the user experience.
Accelerated Payment Creation
NOWPayments has significantly increased the speed of payment creation by optimizing various processes, such as the implementation of a local cache for certain data and request optimization, have resulted in a remarkable 20-30% increase in transaction processing speed.
Customer Top-Ups Display
For added transparency, NOWPayments now displays customer top-ups via payments in the Personal Account. These top-ups are distinct from merchant custodial account transactions and are created through a special endpoint to directly credit the customer’s account. This update ensures that customers can easily track their deposits and transactions.
Customer Billing Plans
NOWPayments introduces the ability to create billing plans and manage customer subscriptions. Users can now:
- Create recurring subscriptions that deduct payments from the customer’s account.
- Add customers to these subscription plans.
- Monitor the status of debit transactions and customer balances.
This feature simplifies subscription management, allowing users to set up regular debits, create subscription plans, and track payments effortlessly.
Reduced Minimum Payment Amount for Fiat Crypto Payments
To make cryptocurrency payments more accessible, NOWPayments has significantly lowered the minimum payment amount for fiat-to-crypto transactions. This reduction applies to all currencies supported by Guardarian and sets a new minimum threshold, making crypto payments more inclusive, with minimums now hovering around the equivalent of $2.5-3.
Fiat Equivalent for Custody Balances
NOWPayments has introduced a fiat equivalent display for Custody balances, specifically in USD. This feature provides users with a clearer understanding of their cryptocurrency holdings in terms of traditional currency values.
Invoice Creation for Customer Account Top-Ups
Users can now create invoices within their personal cabinets to top up a customer’s account. Corresponding to the endpoint API (Custody: Deposit with payment /v1/sub-partner/payment), this feature ensures that funds go directly to the customer’s account rather than the merchant’s custody. These created payments are displayed on the Payments History tab, each generating an invoice page in the familiar format.
Simplified Subscription Management
NOWPayments has introduced simplified methods for adding customers to subscriptions, enhancing user-friendliness. Users can easily view subscriptions linked to a customer, making subscription management more efficient and accessible.
Estimated Withdrawal Fee Endpoint
NOWPayments now provides an endpoint to estimate the current withdrawal fee for payments. This feature enables users to gauge the expected network fee for a payout request. However, it’s important to note that the fee is dynamic and subject to change based on blockchain congestion. The actual fee will be calculated at the moment of payout processing.
Tronlink Extension for TRX Invoices
For users dealing with TRX, USDTTRC20, TUSDTRC20, USDJ, SUN, WINTRC20, BTTC, USDDTRC20, and KLV, NOWPayments has added a Tronlink extension button on TRX invoices. This enhancement aims to eliminate issues related to partially paid payments and deposits in the wrong coin, streamlining the payment process for Tronlink users.
New Supported Coins
NOWPayments continues to expand its cryptocurrency offerings by adding several new coins to its platform. These include PIVX, BUSD MATIC, USDC OP, PYUSD, USDT MATIC, USDT NEAR, USDT ALGO, USDD BSC, USDC BSC, FDUSD BSC, and FDUSD ERC20.
Conclusion
In conclusion, NOWPayments’ August updates bring a slew of improvements to the platform, enhancing speed, convenience, and flexibility for cryptocurrency users and businesses alike. These enhancements reflect NOWPayments’ commitment to making cryptocurrency payments more accessible and user-friendly, further solidifying its position as a leading player in the crypto payment processing industry.