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

What industries can benefit from Custody?

Accepted Answer

The NOWPayments Custody solution is specifically designed to meet the needs of any business that is looking for a secure solution for storing and operating crypto funds. For example, the Custody solution is perfect for: Marketplaces: Set up seller accounts to collect payments from customers. Send funds to seller accounts at any time while retaining your commission. Trading platforms: Offer your traders a reliable fund storage system and allow them to top up their balances, make deposits and receive funds directly to their wallets. Crypto casinos: Create player accounts, accept cryptocurrency payments, and manage your financial flow efficiently. Subscription services: Create subscription plans and subscriber accounts easily. The subscription cost is automatically deducted from sub-accounts within the specified payment timeframe.

Question 3

How to choose the best crypto custody providers?

Accepted Answer

Before committing to a custody provider, take into account the following details: Is the 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.

Question 4

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 5

What fees are applied to Custody operations?

Accepted Answer

The fee structure in Custody varies for each transaction type: Deposit fees include standard NOWPayments fee (0,5% or 1% depending on the deposit type) and network fees. Operations within the Custody balance (transfers between accounts) do not incur any fees; Conversions into different currencies have a 0,5% service fee; Withdrawals to your crypto wallet do not have any service fees; only the network fees are applied.

Question 6

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 7

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! Here is our integration guide to help you.

Question 8

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.

Customer Management

With Extended Custody, you get:

Efficient user accounts

Management of user accounts

Recurring payments

Reduced fees

Smart security

Safe storage

Risk control

Industries we serve best

Gaming/iGaming

Subscriptions

Trading

Marketplaces

Customizable for your project

NOWPayments API
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