Feature of the Week: Recurring Payments API explained

In a rapidly evolving business landscape, traditional payment gateways are giving way to innovative solutions harnessing the potential of cutting-edge technologies like blockchain. The emergence of cryptocurrencies, including Bitcoin, Ethereum, and more, has revolutionized the dynamics of business transactions, ushering in a wave of advantages such as heightened security, cost reduction, and global accessibility. Among these groundbreaking solutions stands the Recurring Payments API, also known as the Email Subscriptions feature, presented by NOWPayments.

In this comprehensive guide, we will navigate the realm of recurring crypto payments, elucidate the merits of incorporating this technology into your business, and provide you with a step-by-step walkthrough on setting up recurring invoices using the NOWPayments API. So, let’s embark on this transformative journey!

Unveiling the Recurring Payments API

The Recurring Payments API is a formidable tool, offering businesses a means to streamline their payment processes by scheduling regular payments for their customers. This feature proves particularly advantageous for enterprises operating under subscription models, catering to services like Software-as-a-Service (SaaS), memberships, or any other recurring billing structures.

Through the incorporation of the Recurring Payments API, companies can streamline their billing processes, guaranteeing timely and precise payments while reducing the necessity for time-consuming manual oversight. This not only amplifies operational effectiveness but also enriches the customer journey, making payments effortlessly smooth and free from hassle.

Advantages of NOWPayments’ Recurring Payments API

NOWPayments’ Recurring Payments API boasts an impressive array of features that empower businesses to seamlessly accept recurring crypto payments. Here are some key benefits offered by this API:

1. Intuitive User Interface: NOWPayments takes pride in its user-friendly interface, making the integration of the Recurring Payments API into existing systems a breeze. This interface encompasses a rich array of features, including plan creation, updates, and the retrieval of detailed plan information. All of these features are developed in order to streamline the management of payments.
2. Adaptability and Versatility: The Recurring Payments API exhibits remarkable flexibility by accommodating a broad spectrum of cryptocurrencies. This adaptability empowers businesses to embrace various digital currencies, meeting the diverse preferences of their customers and expanding their reach to a broader clientele.
3. Cutting-Edge Security: When it comes to online transactions, security is of utmost importance, and NOWPayments takes it seriously. Through the utilization of cutting-edge encryption protocols and state-of-the-art secure wallet technologies, NOWPayments establishes a formidable security fortress to safeguard precious customer data. This robust security infrastructure significantly mitigates the risks tied to unauthorized access and deceptive activities, ensuring the utmost protection for your sensitive information.
4. Effortless Payment Automation: The true potential of the Recurring Payments API shines through its capacity to automate payment processes. By automating billing, businesses liberate valuable resources and ensure that payments are executed with precision and punctuality. This automated approach eliminates the need for manual intervention, enabling businesses to concentrate on their core operations and elevate their service quality.
5. Extensive Reporting and Analytical Resources: NOWPayments’ Recurring Payments API equips enterprises with a wealth of exhaustive analytical resources. Within this arsenal, businesses can track payment volumes, chart customer trends, and assess the effectiveness of recurring payment avenues. Armed with these invaluable insights, companies can craft informed, data-backed decisions and refine their payment strategies with precision.

Exploring NOWPayments’ Recurring Payments API in Depth

Let’s take a further look at the features provided by NOWPayments’ Recurring Payments API and explore how businesses can lcan harness these tools to enhance the efficiency of their recurring payment procedures

Creating a Recurring Payment Plan

To establish a recurrent payment plan, companies can utilize the POST method with the subsequent URL:

POST https://api.nowpayments.io/v1/subscriptions/plans

This method facilitates the creation of unique Recurring Payments plans with with a distinct ID necessary for generating separate payments. Parameters that can be set include title, interval_day, amount, currency, ipn_callback_url, success_url, cancel_url, and partially_paid_url.

Updating a Recurring Payment Plan

Companies have the flexibility to enact essential modifications to their current plans by employing the PATCH method through the subsequent URL”

PATCH https://api.nowpayments.io/v1/subscriptions/plans/:plan-id

Changes made won’t affect users who have already paid, but they will come into effect for new payments.

Viewing Your Recurring Payment Plans

For gaining insights into payment plan details or all payment plans initiated by a business, you can engage the GET method using the subsequent URLs:

GET https://api.nowpayments.io/v1/subscriptions/plans/:plan-id

GET https://api.nowpayments.io/v1/subscriptions/plans?limit=10&offset=3

Creating an Email Subscription

To send payment links to customers via email, you can implement the POST method with the following URL:

POST https://api.nowpayments.io/v1/subscriptions

This method requires the provision of the subscription_plan_id and the customer’s email address to which the payment links will be sent.

Viewing Recurring Payments

To retrieve a list of recurring payments, filtered by payment status and/or payment plan ID, businesses can employ the GET method with the following URL:

GET https://api.nowpayments.io/v1/subscriptions?status=PAID&subscription_plan_id=111394288&is_active=false&limit=10&offset=0

The utilization of the GET method offers a perspective of all recurring payments, equipping enterprises with valuable insights into the dynamics of their payment procedures.

Conclusion

NOWPayments’ Recurring Payments API offers a turnkey comprehensive solution for businesses seeking to streamline their recurring crypto income and enhance operational efficiency.

By seamlessly integrating NOWPayments’ Recurring Payments API into their infrastructure, businesses can unlock new opportunities, cater to a broader customer base, and pave the way for long-term growth. Embrace the future of payments with NOWPayments and revolutionize your approach to transactions.