By now, pretty much every crypto enthusiast has either heard about or had hands-on experience with Ethereum’s scalability issues. High fees and a relatively slow transaction speed have always been a given for all ETH users and the recent switch to PoS does not seem to have fixed these problems. This is why Layer 2 solutions built on top of Ethereum such as Polygon have been practically catapulted to success by providing a more effective approach to scaling. Cryptocurrencies that exist on Polygon possess superior characteristics thanks to their native blockchain’s extreme efficiency. NOWPayments enables businesses and individuals to accept MATIC and USDC, the key Polygon currencies, as means of payment. Specifically, you can get paid in MATIC and USDC regularly by utilizing the Recurring Payments tools.
- Polygon is an Ethereum-compatible network that provides extremely low-cost and rocket-fast transactions.
- MATIC and USDC are efficient cryptocurrencies that exist on Polygon Network.
- Businesses can receive regular payments in MATIC and USDC using NOWPayments’ Recurring Payments tools.
What is Polygon?
Polygon is an advanced Layer-2 platform that leverages the infrastructure of Ethereum while offering its custom solution for addressing the key downsides of Ethereum. Polygon is primarily valued and extensively used because it provides faster and less expensive transactions than Ethereum, while still being compatible with it. MATIC is the native cryptocurrency of Polygon, meaning that it is used in all on-chain operations, for instance, for paying transaction fees. USDC is a stablecoin that exists on the Polygon chain. At the same time, USDC also has a version on other blockchains.
What are the benefits of recurring payments on Polygon?
Cryptocurrencies have always experienced the problem of considerable volatility. The price of each coin strongly depends on the current market situation. Whenever there is a bear market most cryptocurrencies tend to drop in price. Yet, once the bull trend hits, they go up again.
Stablecoins were created to address the issue of constant price fluctuations inherent to most cryptocurrencies. USDC is a stablecoin whose value is pegged to that of the US dollar. Thus, the price of USDC is always stable, which makes it particularly relevant for businesses wishing to accept USDC payments. What’s more, it is quite simple for crypto users to convert any of their cryptocurrencies to USDC. Thus, USDC is a relatively universal coin that everyone can use.
USDC and MATIC crypto transactions on Polygon will cost you less than a cent. This is thanks to the incredibly efficient technology behind Polygon. Switching to low-fee transactions is a great way for companies to bring down their expenses. Bank fees are a common problem among businesses worldwide. At times, such fees constitute over 10% of the amount paid by customers.
Solving this problem is not an easy task, as most traditional payment methods impose high fees on clients in one way or another. Still, cryptocurrencies such as MATIC and USDC are well equipped to take on this challenge and provide companies and their customers with a solution that dramatically reduces fees for them.
Transactions made on Polygon do not have any limits, including geographical and jurisdictional ones. Therefore, MATIC and USDC can be transferred freely across the entire world in a matter of seconds. Transaction fees charged by Polygon and the speed of transactions are not affected by the place of residence of the sender and the recipient.
In other words, it does not matter where you or the person you want to send your money to live, as it does not impact the speed or cost of MATIC and USDC transactions. Businesses can utilize Polygon to accept payments from international clients quickly and without any extra hassle.
As noted above, Polygon is integrated with Ethereum. Users can transfer MATIC and USDC to Ethereum from Polygon and vice versa via special bridges. Additionally, MATIC and USDC have versions on other blockchains including Solana and Solana. The versatility of these assets makes them popular among the most proficient crypto investors. Businesses that feature MATIC and USDC potentially will be able to attract more clients wishing to pay with crypto.
This is because the cross-chain nature of MATIC and USDC makes them accessible to millions of people who use different networks. Thus, by easily exchanging their coins for USDC or MATIC, they will have a chance to pay for products with these coins.
Blockchains are inherently anonymous, meaning that they do not contain any information about users’ identities. Polygon is not an exception, so it does not ask you for your name, email, telephone number, or any other similar details. There are no KYC procedures on Polygon, therefore, one can use USDC and MATIC privately.
By featuring USDC and MATIC cryptocurrency as payment methods, companies can offer their clients to pay anonymously and protect their confidentiality. Some people may not be willing to reveal any personal info when making payments and businesses can let them do it using USDC and MATIC.
Polygon has one of the most advanced security mechanisms in place that put it in the top league of blockchains in terms of security. Polygon gets subject to regular audits. Thus, Polygon does everything to keep the funds of users safe and secure. Polygon users themselves also can do a lot to avoid losing their money to hackers or criminals.
For instance, by keeping USDC and MATIC in a non-custodial wallet, you will retain full control over your holdings, without exposing them to third parties. Additionally, a non-custodial wallet provides you with a chance to manage your crypto in any way you want. Thus, once you get USDC and MATIC payments, you can instantly withdraw your coins securely and at any moment.
How to accept recurring payments on Polygon?
NOWPayments is a MATIC payment gateway that provides businesses and individuals with two approaches to enabling recurring payments in MATIC and USDC. Specifically, you can utilize either recurring custodial payments API or recurring invoicing API. Let’s take a closer look at each solution.
Custodial payments (Billing API)
The Recurring Custodial Payments feature provides you with an opportunity to set up separate billing accounts for your users or customers and let them top up these accounts with the cryptocurrency of their choice as a means of payment. By using our API, you will be able to set up these billing accounts on your own platform and simply utilize NOWPayments’ infrastructure to automatically process all transactions.
Here is how you can implement the Recurring Custodial Payments feature:
- Register an account on NOWPayments.
- Add your MATIC or USDC wallet address and generate an API key.
- Integrate the Recurring Custodial Payment API by following this guide.
- 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.
NOWPayments’ Recurring Invoicing
NOWPayments’ Recurring Invoicing tool allows businesses, services, and individuals to send Recurring Invoices in MATIC and USDC to any number of users worldwide. It enables you to choose the frequency with which your clients get Recurring invoices by email, requesting them to pay for your services or products. You can customize individual invoices or apply the same parameters to an entire batch of invoices. Invoices can be canceled at any moment.
Here is how you can set up Recurring invoices:
- Create a NOWPayments account.
- Provide your payout address.
- Use the Recurring Invoicing API (read the detailed instruction here).
- Set up a recurring payments plan.