Subscription-based business models are nowadays espoused by numerous companies and individuals. Subscriptions have their distinct advantages, including predictable and continuous cash flow and easy scalability. NOWPayments helps businesses and individuals to implement crypto subscriptions and receive recurrent payments from their clients. Zcash is a privacy-oriented cryptocurrency that, at the same time, possesses an impressive speed of transactions. Subsequently, Zcash is a valid choice for businesses thinking of featuring anonymous and efficient crypto payments. NOWPayments enables businesses to deploy a Zcash payment gateway.
Key points:
- ZEC is the native coin of the Zcash blockchain.
- ZEC is efficient and private.
- Businesses can accept ZEC payments through NOWPayments’ crypto subscriptions solution.
What is ZEC crypto?
The Zcash blockchain runs on the Zerocash protocol. Although it is a fork of Bitcoin, it improves on the original code of Bitcoin and offers its unique blockchain and cryptocurrency. Extra privacy provided by Zcash is the blockchain’s main competitive advantage. At the same time, compared to Bitcoin, Zcash has a different proof of work algorithm. Additionally, Zcash blocks get added to the network every 1.25 minutes. The number of ZEC tokens created per one Zcash block is an eighth of the number of BTC created per Bitcoin block.
Pros and cons of Zcash payments
As mentioned above, the ZEC cryptocurrency is perfect for payments, including subscription-based. So, the ZEC crypto can bring many benefits to businesses that decide to deploy a ZEC coin payment gateway. Fast and private payments are among the key advantages of the Zcash crypto. Nevertheless, it is also important that there are some shortcomings that come along with the Zcash currency.
Pros
Speed
Those businesses that use cryptocurrency in their operations know that crypto transactions are extremely fast. In the case of ZEC, the transaction speed performance is purely incredible. It takes mere minutes for the ZEC transaction to be processed by the network. Fast crypto payments are a real asset to businesses that value the time of their clients and do not wish to wait for days for their payments to arrive.
Privacy
Another advantage enjoyed by businesses that get Zcash payments is the privacy that the coin offers. Essentially, Zcash uses an innovative approach to blockchain privacy and enables users to completely obfuscate information about their transactions. That is why ZEC is the right fit for companies that care about their clients’ confidentiality.
No chargebacks
Subscription-based services and businesses are often prone to chargeback fraud. While larger subscription platforms such as Patreon have large chargeback teams working on fraud prevention, businesses that use the good old DIY approach are less protected from such scams. Zcash transactions are irreversible, which makes them resistant to chargebacks.
Cons
Volatility
Still, like any cryptocurrency, Zcash is subject to occasional market volatility, which can cause significant fluctuations in ZEC’s price. At the same time, businesses that accept ZEC can use NOWPayments’ crypto-to-fiat feature to automatically convert their coins to fiat. This will keep them safe from volatility.
How to pay for subscriptions with Zcash
NOWPayments offers a subscription feature to all of its clients. This feature allows businesses to accept recurring payments. Moreover, it lets them create separate subscription groups and choose different frequencies and payment amounts.
In order to deploy your ZEC subscriptions, you need to follow these steps:
- First of all, create your personal account on NOWPayments.
- Next, provide your ZEC crypto address to which you would like to receive payments.
- Then, you will be asked to generate an API key.
- Once you are done with the basics, navigate to the “Invoice” section and click the “Create Invoice” button.
- Fill in the required fields (the currency, the order ID, and the frequency with which your subscribers will be sent a reminder).
- Add your subscriber’s email address (you may add as many as you wish).
- Wait for your subscriber to confirm the subscription.
Conclusion
Zcash is a quick and private blockchain offering a native cryptocurrency ideal for payments. NOWPayments helps businesses to accept ZEC payments through subscriptions.