Question 1

What is crypto custody?

Accepted Answer

Crypto custody refers to the storage and security services provided by third-party providers for cryptocurrencies. It involves holding and safeguarding large amounts of tokens, ensuring the protection of crypto assets, and complying with regulations. Crypto custody on NOWPayments works by utilizing a combination of hot and cold storage to keep the cryptocurrencies secure. When merchants enable Custody crypto transactions on their NOWPayments account, all crypto payments made by their users are sent to the merchant's balance. This custodial solution allows merchants to accumulate funds in their personal account and withdraw them in a single transaction, reducing network fees and providing an added layer of security for the funds.

Question 2

Which financial operations are available within Custody?

Accepted Answer

The crypto custody service offered by NOWPayments includes the following transaction types: Deposits: These are funds that your customers send to your custody balance. Conversions: You can convert your funds into other currencies of your choice within your custody balance. Transfers: This feature allows you to transfer funds from one account to another. Withdrawals: You can withdraw your funds to either your crypto wallet or bank account.

Question 3

What are NOWPayments’ fees?

Accepted Answer

NOWPayments has the following fee structure in place: For each payment, there’s a small 0.5% default service fee. If you’d like to accept all 300+ cryptos and settle them down in a certain asset, you can look into the auto-conversion feature. In this case, an additional 0.5% service fee would come into place. For Custody users, conversions within the custody balance incur a 0.5% service fee without any network fees. Therefore, the max service fee for a crypto-to-crypto transaction is 1%. Please note that this does not include network fees. Both options are instant and do not require manual control from you or your team. By the way, there are no service fees for integration, support, further account optimization, and even mass payouts. Give less, get more - NOWPayments is on the lookout for your benefits!

Question 4

What security measures are in place for Custody?

Accepted Answer

NOWPayments' Custody solutions have multiple risk control measures to ensure maximum security for your funds. Your assets are protected from unauthorized operations through Whitelisting. This means that only authorized IP addresses can initiate fund withdrawals, which are then directed to authorized wallets chosen by you. Whitelisting is a necessary procedure at the beginning of your integration, withdrawals cannot be initiated without it. Once it is complete, you can start using Custody for your funds. In addition to Whitelisting, NOWPayments offers 2FA verification for all operations. This is an optional service that you are free to use to increase security.

Question 5

How can I start accepting crypto with NOWPayments?

Accepted Answer

To start your journey of accepting crypto, take these simple steps: Create a personal account on our website; Add your favourite crypto wallet from any of your crypto wallet apps; Make sure to generate an IPN secret key for callbacks and to use your API key for integration. Now that you are ready to use our service, there’s just one thing left — to choose the integration tool! We provide a fully integrated suite of payment products: plugins and standard API for e-commerce; custom API for trading, casinos, igaming, adult, and marketplaces; invoices and payment links; mass payouts for affiliate companies and salary payouts; affiliate program; billing solutions (recurring invoicing, custodial recurring payments, on-chain subscriptions); and even an offline PoS solution. We’re confident that you will find what suits your business needs the best!

Question 6

Which coins are supported by NOWPayments?

Accepted Answer

NOWPayments is all about fast and secure crypto payments and payouts in 300+ assets. We are always happy to expand our list of accepted assets! Feel free to contact us if you have a great one in mind - we’d be glad to look into it and make it happen.

Question 7

How to choose the best payment gateways for custody?

Accepted Answer

Before committing to a payment gateway for crypto currency custody, take into account the following details: Is the payment provider in question well-established? Who uses their services? How long have they been on the market? Are they secure? Are their fees reasonable? Do they provide an easy checkout process? Do they have a big enough range of supported currencies? Last but not least: how good is their customer service and support? After figuring out these instances through the project’s website or support, you should have a clear understanding of whether you should proceed with the option you are considering.

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