FAQ
What is Key Now?
Key.Now is a service for receiving payment for goods and services in cryptocurrency, which allows all types of e-commerce to accept cryptocurrency as means of payment worldwide.The service supports popular cryptocurrencies with conversion to fiat.
KeyNow is always ready to provide you with tailored solutions for accepting cryptocurrency payments that perfectly match the needs of your business.
Who is KeyNow?
We are the company UAB “AB Exchange,” registered in Lithuania and holding VASP status.
General Questions
Why do I need KeyNow when I can simply use my wallet address for crypto payments?
The process of accepting crypto is more complicated and requires integrated solutions for easy analyses, conversation and optimization of payments. There are the main advantages of using the KeyNow cryptocurrency payment gateway:
- Automatic price conversion: KeyNow automatically converts prices from local fiat currency to cryptocurrency at the current exchange rate, eliminating the need to constantly adjust prices manually for hundreds of products.
- Acceptance of multiple cryptocurrencies
- Centralized account management: KeyNow enables you to accept any cryptocurrency with the option to convert it into local fiat currency, eliminating issues with accounting and the volatility of exchange rates that could lead to profit loss.
- Cryptocurrency exchange: KeyNow exchanges cryptocurrencies at competitive rates, making your business attractive to customers.
- Payment identification: KeyNow assigns a unique identifier to each payment, making it easy for you to track orders.
- Transaction status monitoring: KeyNow provides you with complete control over the status of each transaction so you can stay informed about what is happening.
Disadvantages of using your own address without a cryptocurrency payment gateway:
- Manual price calculation: Constantly changing prices manually for hundreds of products to attract buyers.
- Limited accepted currencies: Only able to accept 1-5 currencies, or else your website’s interface will become cluttered.
- Managing multiple wallets: Needing to manage multiple wallets simultaneously to accept multiple assets.
- Payment anonymity: Not knowing who paid for what since all transactions are anonymous.
- Lack of transaction status monitoring tools: Getting lost if something goes wrong with a payment.
Which cryptocurrencies does KeyNow support?
- KeyNow supports stablecoins (such as USDt) as they are the most commonly used. Stablecoins are highly preferred in the cryptocurrency space, making up more than 60% of all payments for goods. Future expansions will include Bitcoin, altcoins, and payment tokens.
- To enable your existing KeyNow-integrated point of sale to accept new cryptocurrencies as they become available, no additional integrations or adjustments are needed. The cryptocurrencies will be automatically available to your customers.
Benefits of accepting cryptocurrency on your website:
Cryptocurrency payments offer significant advantages, such as lower fees and suitability for international transactions. You can choose from a wide range of cryptocurrencies and allow your customers to pay in their preferred currency.
What are the fees for KeyNow?
- The fee for receiving a payment is 1% + the transfer fee for all supported cryptocurrencies on incoming payments.
- The payout fee is 0.15% + 5 EUR
What are the minimum/maximum amounts supported by the service?
- Currently, the minimum amount is only limited by the business that provides the invoice.
- Please, notice that the maximum payment amount is 14,000 EUR per week for one payment address/ client. If the payment amount exceeds EUR 14,000, it is not permitted to split it into multiple payments.
Which CMS platforms have ready-made modules?
KeyNow supports popular CMS plugins, but note that some plugins may still be unavailable.
How does the payment process work for the user?
The cryptocurrency payment process for the buyer is straightforward:
- 1. Customizer creates a basket of goods on the merchant’s side
- 2. Selects a payment method in cryptocurrency
- 3. A request is sent to create an invoice for payment in local fiat currency
- 4. Keeynow converts the received amount according to the current
5. Cryptocurrency rates and displays the invoice to the customer - 6. The customer makes the payment
- 7. After receiving the cryptocurrency, it is checked for purity and credited to the merchant’s balance
- 8. Upon request, the balance is exchanged for fiat
- 9. Funds are sent to the merchant’s bank account
- 10. The customer receives the paid goods
Payment is typically automated and occurs within 5-20 minutes after confirmations on the network. The transaction status can be checked on the payment page.
Is personal identification (KYC) required?
What is KYC?
KYC (Know Your Customer) is the procedure for identifying a customer before granting them full access to the service’s functions.
Do your customers need to proceed with KYC to use KeyNow?
No, your customers do not need to complete KYC to use KeyNow. Our platform only identifies the merchant. Any legal entity except residents of the USA, Russian Federation, Belarus, territories occupied by the Russian Federation, and countries under EU/US sanctions can accept cryptocurrency payments through KeyNow.
Is the verification process mandatory for all companies?
Yes, KeyNow requires verification for all companies to comply with the Law of Lithuania on the Prevention of Money Laundering and Terrorism Financing and ensure a secure environment for transactions.
How long does the merchant confirmation process usually take?
The duration of the verification process may vary depending on the platform’s complexity and the completeness of information. However, the adaptation process typically takes 2-8 days.
What happens if my documents are rejected during verification?
If your documents are rejected, KeyNow will provide the reasons for the rejection. You may need to resubmit corrected or additional documents to complete the confirmation process.
What types of businesses does KeyNow support?
KeeyNow can connect its crypto acquiring service to most types of businesses, excluding high-risk and illegal ones such as weapons or drug sales, etc. Learn the list of prohibited industries and prohibited jurisdictions. Our service is the best solution for those who wish to accept cryptocurrency payments. We offer flexibility and ease of use for various needs, allowing for cryptocurrency acceptance and conversion.
However, the company reserves the right to refuse service. For clarification on the possibility of connecting your project, please contact technical support.
Start of collaboration
I want to integrate KeyNow, what should I do?
Submit an application to our manager at the email address xyz@keeynow.io.
Individual Integration
Submit an application to our manager at the email address xyz@keeynow.io.
Documentation and Installation Guide
Get all the necessary information for API integration at: https://docs.abex.pro/cryptoacquiring-api-docs/
Support
Contact us for assistance, and we will help you integrate the API.
How to set up fees?
Fees are automatically configured after signing an agreement with the service.
Access to accounts in the test and production environments will already have configured fees.
To change fees, contact your manager.
How to integrate with KeyNow?
The following methods are available for integration:
- API
- CMS plugins
Detailed instructions with integration algorithms are available for each method. If you have any questions or issues, contact technical support.
Can KeyNow be used without having your own website?
Currently, no. KeeyNow serves as a payment method for your website, and the possibility of using it without your own site will be available in future product iterations.
How to test the integration?
For testing KeyNow integration, we automatically enable the test mode. In this mode, you can create accounts without real payment and confirm them, which does not affect the balance. Successful integration is confirmed by the change in the account status. After successful testing, you need to regenerate the keys and exchange them with the technical manager. Congratulations, your users can now make transactions with real cryptocurrency payments.
I don’t have a cryptocurrency wallet, do I need to create one?
KeyNow creates a wallet for you within its own ecosystem, allowing you to store and exchange crypto assets accumulated by your point of sale.
Payment Acceptance
Which language is displayed on the payment window?
The language of the payment page is determined by the device’s language from which the payment is made. The page is multilingual, supporting languages such as English, Spanish, French, Portuguese, German, Italian, Polish, Ukrainian, Estonian, and Dutch. New languages are planned to be added. If the required language is not in our list, the page will be displayed in English.The language of the payment page is determined by the device’s language from which the payment is made. The page is multilingual, supporting languages such as English, Spanish, French, Portuguese, German, Italian, Polish, Ukrainian, Estonian, and Dutch. New languages are planned to be added. If the required language is not in our list, the page will be displayed in English.
At what rate is the payment made?
The transaction amount is formed at the time of creating the payment invoice based on the exchange rates from Kraken and Bitstamp exchanges (the best rate is chosen). The rate is then fixed for the payment period, during which the payment can be made (usually 10-15 minutes).
What is the transfer fee?
The transfer fee is the charge for settling bills on the Tron and Ethereum networks. This fee allows KeeyNow to collect all transactions on one main merchant address for convenient use. The fee for Tron is 0.6 USD, and for Ethereum, it depends on the network load. If the customer pays the fee, it is added to the invoice amount. If the merchant pays, the fee is deducted in addition to the service fee.
Transaction Duration
After making a transaction, information is instantly sent to the blockchain network. The transaction processing speed depends on the chosen cryptocurrency, network congestion, and network fee. Typically, it takes from a few minutes to a few hours to gather enough transaction confirmations in the blockchain and credit the funds to the recipient’s balance. The average transaction processing time:
- BTC: 10 minutes to several hours
- LTC: 2 to 10 minutes
- ERC20/TRC20: 1 to 10 minutes
Transaction status in the blockchain network can be tracked on the account page. If the funds were sent in full but the transaction was not confirmed before the end of the account validity period, the payment will still be credited after two network fees.
What to do if the invoice is not fully paid?
This case is currently under processing and will be resolved in the nearest future.
What to do if the payment is not credited?
You need to clarify with the customer:
- Invoice INV number – specified in the invoice and payment confirmation email.
- txID of your transaction – specified in your wallet or on the exchange from where the transfer was made.
After obtaining this information, contact our technical support. We will identify the reason for the unsuccessful transaction and help resolve the issue.
What is the network fee, and who pays it?
The blockchain network fee is the fee the sender pays to make a cryptocurrency payment. It is necessary to support miners/validators, ensure network security, and regulate transaction priority. The fee amount depends on the network load and other factors. In the KeyNow service, the buyer pays the fee for payments, and it is added to the payment amount. When withdrawing funds from the system, the seller pays the fee.
How is the payout from the merchant’s balance done?
Payouts are made based on the terms agreed upon in the contract with KeyNow. For more details about payouts, you can inquire with your manager.
What are advantages of accepting different cryptocurrencies and converting balance to fiat?
The main advantage of our service is that you can accept payments in a wide range of popular cryptocurrencies and then convert the received funds into local fiat currency, transferring them to your bank account. This allows you to attract more customers and show greater loyalty to their needs without creating additional difficulties for your business.
Why is cryptocurrency better than fiat?
Low fees, security, anonymity, full decentralization, global coverage – these are just some of the advantages of cryptocurrency over fiat.
What are reasons for payment refusal?
Payments may fail for various reasons: the sending amount is less than the minimum, the client sends funds to the wrong network, or after verification, it is found that digital assets are used or associated with illegal activities such as money laundering, terrorism financing, cybercrime, or other unlawful activities.
Is the cryptocurrency I accepted clean?
“Clean cryptocurrency” means that the funds are not associated with illegal activities and comply with all regulatory requirements. This applies to transactions verified for legality and absence of connections to fraud or money laundering. Your received cryptocurrency is “clean” as each transaction undergoes a detailed check by our partner Chainanalysis, ensuring legality and compliance of all funds with regulatory requirements.
Security
Is it safe to accept cryptocurrency payments?
Yes, using cryptocurrency for receiving payments avoids the risk of blocking from payment systems due to disputes about transactions. Unlike card payments or electronic wallets, cryptocurrency transactions cannot be canceled or revoked. Refunds are only possible at the seller’s initiative, protecting you from fraudulent attempts by dishonest buyers. Cryptography forms the basis of cryptocurrency, providing a reliable way to encrypt any data. Breaking an encrypted system is impossible, and blockchain technology ensures access to the complete history of operations related to each transaction, including the dates on which these actions took place.
Where are the received funds stored?
Received funds are stored in custodial wallets created and managed exclusively within AB Exchange’s own ecosystem. We pay a lot of attention to the security of these wallets.
How can I protect my account?
To protect your KeeyNow account, use unique and complex passwords that should not be disclosed and are recommended to be changed every three months. Use password managers for secure storage of credentials. Activate two-factor authentication for an additional layer of security and use reliable antivirus software. Remember that KeeyNow employees will not ask for passwords or other confidential information. In case of suspicious requests, contact customer support.
Account Management
How to receive payment notifications?
To receive payment notifications, you can activate email notifications. You can also check the payment status using our API to verify the transaction status. For more detailed information about receiving payment reports, please contact your manager.
Can I immediately withdraw funds to my bank account?
If you want the funds you receive to be automatically withdrawn to your bank account, such functionality is available, but there is an additional fee for each such transaction.
Can someone else withdraw funds from my balance to their own account?
No, currently, fund withdrawal is only possible to the bank account and cryptocurrency address specified during the contract signing and whitelisted and confirmed by you.
Can I download order information?
Yes, you can download the order information and analyze the merchant account, as well, using transaction reports and dashboards.
How to delete my account?
To delete your account, please contact our technical support.
Refunds in Cryptocurrency
What is a cryptocurrency refund?
In traditional finance, a refund is the cancellation of a payment made by a credit card. This can happen for various reasons:
- The goods were not received.
- The payment was mistakenly deducted.
- The goods need to be returned.
Is it possible to receive refunds in cryptocurrency?
No, refunds in cryptocurrency are not possible due to the inherent characteristics of cryptocurrency payment processing, which precludes many scenarios allowing fiat payment refunds, and the technical irreversibility of cryptocurrency transactions.
Other
What should I do if I can’t find the answer to my question?
If you can’t find the answer to your question in our help center, contact customer support on the website using the email support@keeynow.io. We are always happy to help you with any inquiries you may have.