Everything about Recurring Payments in nano

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For companies that process hundreds of transactions daily, by the nature of their business, it is vital to have a cost-effective payment solution that can help them minimize their expenses related to high transaction volumes. Traditional payment methods such as credit cards and bank transfers come pre-packed with exorbitant fees that cut into profits and cause businesses to earn less than they could. Luckily, there are crypto projects like Nano that discard the idea of transaction fees whatsoever and instead let users transfer their coins free of charge. The Recurring Payments tools offered by NOWPayments can help companies dealing with a great load of transactions to accept the NANO crypto as a payment method to radically reduce costs.

Key points:

Billing Tools by NOWPayments let you facilitate payment processing.
The Custodial and Invoicing solutions can supercharge your business.
Accept the XNO crypto via the free and easy-to-integrate tools.

What are Billing Tools by NOWPayments?

NOWPayments is a nano payment gateway, providing two types of billing solutions for companies interested in accepting recurring payments in the Nano crypto.

Recurring Custodial Payments

The Recurring Custodial Payments feature gives businesses a chance to provide each client with their personal billing account, which they can fund using a cryptocurrency of their choice, including XNO. You can easily establish billing accounts on your platform while leveraging NOWPayments’ infrastructure to manage all transactions with our API.

This option will fit perfectly in your business model if you have a platform where users can access different types of services or purchase various kinds of products. For instance, online marketplaces can integrate Recurring Custodial Payments to relieve their clients of the necessity to pay every single time they want to buy something. Instead, marketplaces can deploy free accounts for every customer and, thus, let them simply top up their account once and have the freedom to make use of their balance without needing to carry out any extra transactions.

Recurring Invoicing

The Recurring Invoicing empowers businesses and individuals alike to email regular invoices to an unrestricted number of clients worldwide. This billing option gives a lot of room for customization, as users can set the frequency of each invoice or batch of invoices, their amount, and the recipients whom they want to get these invoices. The billing process is automatic and free.

This solution is extensively utilized by subscription services that usually charge their clients on a monthly or yearly basis. It is much more efficient, compared to other platforms that provide the option of managing customized invoices. NOWPayments’ invoicing tool does not cost a penny to run, as you will only need to pay a 0.5% fee per actual transaction processed by NOWPayments. This means that NOWPayments allows you to create hundreds of invoices and send them to thousands of people absolutely for free. So, if you sell your products using the subscription business model, the Recurring Invoicing tool is the right choice for you.

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What are the Benefits of Recurring Payments for Nano?

Instant payment processing without borders

NOWPayments’ billing solutions ensure seamless transaction processing that does not take more than a couple of minutes. Given that NANO transactions are nearly instant, NOWPayments can process and transfer funds to your wallet without any delays.

This is also true for the Recurring Custodial Payments feature, which lets your clients replenish their accounts with Nano or other cryptocurrencies. NOWPayments immediately adds funds to your clients’ accounts after processing.

Another important aspect of NOWPayments’ billing tools is the lack of any restrictions when it comes to international payments. This means that you can use NOWPayments to accept nano payments globally, irrespective of where your clients reside. Simultaneously, your clients will not have any problem using NOWPayments’ tools whether they live in the United States, China, or even the North Pole. As long as they have an internet connection, they are good to go.

No verification

NOWPayments does not conduct any KYC or other types of identity checks. We trust our users and let them integrate our tools without providing any extra information about themselves. Similarly, when your customers make a payment via the billing solutions, they do it anonymously, as they are also free from the necessity to disclose their personal info.

Thus, you can offer NOWPayments’ tools as a totally private payment option for your clients. What’s more, the privacy NOWPayments gives to users positively impacts the integrity and security of the data of their business and their clients.

Free integration

NOWPayments does not charge you a cent for the integration of the billing solutions. Essentially, you can deploy your payment tools and offer them to your clients at no expense.

Most of the alternatives on the market will ask you to pay in advance and will charge you setup and maintenance fees on top of the transaction fees. With NOWPayments, you can forget about this nightmare, as we espouse the pay-per-use model that involves our users paying a small fee only when they receive a payment.

No chargebacks

The billing tools from NOWPayments are also an effective remedy for chargeback fraud. As you may know, crypto transactions, including XNO coin ones, cannot be reversed once sent. This is a complete game changer for businesses that try to fight chargeback scammers. In traditional finance, banks hold all the power over their clients’ transactions.

This also concerns their ability to pull back payments on the grounds of illegal activities. Such an option is frequently abused by criminals who request chargebacks from banks to strip businesses of their legitimately-earned funds. NOWPayments protects businesses from this bane by offering chargeback-free payment tools.

Low processing fee

As it was noted above, NOWPayments requires users to pay only for the transactions processed by the billing tools. We keep the fee rate as low as possible and charge you only 0.5% per transaction, which is practically negligible, especially considering the fees offered by banks or other crypto-processing services.

Since Nano does not have transaction fees whatsoever, you will not even notice any change in the payment you receive and it will not make any substantial dent in your profits.

How to Use Billing with Nano?

Recurring Invoicing

The Recurring Invoicing grants companies the opportunity to create and send Nano-denominated invoices to the clientele and, thus, receive payments in crypto. The solution provides a myriad of advantages to businesses. For instance, Nano is not the only payment method option you can offer as part of this solution. NOWPayments features over 150 cryptocurrencies in which you can charge customers. NOWPayments is a non-custodial service that instantly pays out funds to its users. Yet, you may turn on the custody feature if you wish to store your funds with us and then withdraw a larger sum at a later time. You can utilize our Mass Payouts API to streamline your payroll or payout processing. If you want to send refunds to clients or salaries to employees in crypto then the Mass Payouts feature will be right up your alley.

Here is how you can set up Recurring Invoicing from NOWPayments:

Create a NOWPayments account.

Provide your Nano payout address.

Use the Recurring Invoicing API (read the detailed instruction).
Set up a recurring payments plan.

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Custody + Custodial Recurring Payments API

The Custodial Recurring Payments API allows companies to implement any number of billing accounts, which their clients can fund with Nano or other cryptocurrencies. The tool has multiple advantages for your business. It greatly facilitates user experience, as the people using your service gain the ability to simply make a one-time payment and avoid constantly conducting small transactions. It also provides you with the capacity to charge your clients automatically based on their activity on the platform, which adds flexibility to how your clients can use their balance. Finally, you get to manage transfers between deposit accounts and move funds however you wish to.

Here is a comprehensive guide on how to begin using the Custodial Payments tool:

First, create a NOWPayments account.
Provide your Nano payout address.
Go to the “Custody” section.

Custody + Custodial Recurring Payments API

Read the Custody Solution user agreement, agree to the terms, and press “Continue.”

Provide your IP address, which you plan to use to send salaries, check the box to agree to the Custody Solution terms, and press “Continue.”

You may be shown the page saying that the Balances feature is temporarily unavailable for you, but it will be removed in a couple of minutes.

Once the system is ready to process your transactions, it will show you the following page

Now, you can follow the guide on how to implement the Recurring Custodial Payments and deploy the tool. Contact us at [email protected] if you have any questions.
Create deposit accounts for your users via the Billing API.
Set up a recurring payments plan.
Allow your customers to top up their deposit accounts.
Charge your users automatically based on their activity on your platform.

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Conclusion

NOWPayments’ Billing Tools are powerful solutions for deploying recurring payments. Begin accepting the XNO token using these tools today.

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