A thing we take for granted nowadays is the ease of payment within online stores. It makes sense that the party on the other side, the store, makes it as easy as possible for people to make a payment. Back in the day, this wasn’t as easy as it was before. It took days for the money to arrive within the same country, let alone whenever you made a payment to a bank account on the other side of the world. These days, there are tons of online banks, companies that solely exist on the cloud and a new phenomenon; cryptocurrency. The virtual currencies cross any border, cut out every middleman out there and simply make it possible for anyone to transact with anyone. A true revolutionary technology that is changing the way we see our old system.
One industry that has changed because of the invention of cryptocurrencies is the payment industry. Back in the day, you had to write a check that got filed at the bank and it was processed by hand by an employee of the bank. This system got replaced by mobile applications and such, but the crossing of borders remains a difficult part of the process. Within the e-commerce world, payment should be as easy as possible. Put e-commerce and cryptocurrency together and you get NOWPayments, the solution for anyone that’s trying to accept virtual assets all over the world. Now, you might be wondering why NOWPayments would be a better option than the other services that offer crypto payments. That’s a fair question, let’s see where NOWPayments differs and helps you save in comparison to other services out there.
Transaction fees
Paying money just for paying money, that sounds weird, right? See the payment process as a big piece of cake that has to be brought from one place to another. Along the way, each person it passes wants to have a little piece of that cake. For traditional companies, these are the hosting partners, security measures, employees, etc. For cryptocurrency payments, these are the validators of the network.
In order to verify a transaction, miners are in place to make sure these transactions are valid. The fees can be really tiny in comparison to traditional companies like PayPal for example. When accepting cryptocurrency payments, you might be wondering where the fees that you pay your partner end up. Usually, it is a part of the fees for using an exchange whenever the paid currency requires to be exchanged. NOWPayments has found a way around this system. We’ll map it out with a short example;
Imagine you are running an online store that sells Crypto Merchandise. You are properly running and each month you bring in around $3000 in revenue. That’s $3000 that’s being processed by payment providers. In your case, all your payments that you receive are being made in cryptocurrency as that’s the only thing you accept. Let’s say you receive 50 percent of your total revenue in bitcoin, the rest is in other currencies.
The average commission for receiving crypto payments is 1%, so you pay 30$ monthly to accept all of your cryptocurrency, no matter which currency you accept. With NOWPayments you can set a payout wallet in BTC, as that’s what you’d like to accept. Now, each payment done in BTC is not charged by any commission. In your case, you save at least $15 dollars a month by simply accepting BTC with the use of NOWPayments. The main reason for this is because NOWPayments charges the lowest transaction fees besides the exchange fees.
The best rates offered by NOWPayments
So you save some money by accepting Bitcoin straight away into your wallet, that’s a bonus. Another thing that should be noted when comparing cryptocurrency payment providers is the overall transaction fee. NOWPayments is aiming to always give the merchant as much of the paid amount as possible. In most cases, the fees charged are near to zero. This can be best described with the following example;
“Let’s say your customer would like to make a $20 purchase. They would like to pay you in ETH, while you’re accepting your funds into a BTC wallet. The ETH to USD rate is $171 per 1 ETH. Therefore, the customer would pay 0.11695906 ETH, while you would get 0.0031984 BTC with all the exchange and processing fees, as well as a network fee for the instant fund transfer to your wallet, already subtracted.”
All the rates are as of 04/11/2019. The rates as of now may drastically differ.
Money is not the only thing you can save with NOWPayments
With NOWPayments we aim to make life as easy for the merchant as possible. In the examples described above, there’s a clear description of how you can save some money by using NOWPayments as a service to start accepting cryptocurrency payments. Now, we like to do more than just that. We have a really easy and smooth integration process. We offer a variety of options on how you could start accepting cryptocurrencies into your online store, SaaS or whatever you’d like to sell online. There are options to use our API, a WooCommerce plugin or the option to add a donation button on your websites. This saves you all the struggle, the time and sweat of having to deal with complicated systems.
One thing that can take loads of your time is dealing with issues within the payment process. We do not like our customers to deal with any problems, that’s why we have a customer service department that’s available 24/7. No matter what timezone you’re in, we are there for you to help you out with any kind of issue you run into. Saving you headaches, worrying time and any inconvenience for your customers.
We are ready for you and your store, what are you waiting for?