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Will my payment processor work with NFTs?
Will my payment processor work with NFTs?
Ismail Pathan avatar
Written by Ismail Pathan
Updated over a week ago

If you are, or plan on upgrading to Shopify Plus, you are eligible to be approved into Shopify's NFT Beta program where you can use Shop Pay as your payment gateway/merchant service provider. Reach out via chat in the bottom right corner, so we can facilitate your approval into the Shopify NFT Beta Program.



If you are not on Shopify Plus, please read on.


With the mainstream adoption of NFTs in early 2021 and the lack of regulation and ruling from banks and the government on cryptocurrency - many payment providers sit in the gray area with how to handle NFT and crypto related sales.

To date, many banks and subsequent payment providers have treated NFTs as a high-risk product - requiring the use of a high-risk merchant service provider. (At the core, these have higher fees per transaction) As NFTs become mainstream, many payment processors have begun changing their stance. With that, the current payment options you are using may not currently support NFTs requiring you to either gain approval from your payment provider or switch to a payment provider that does.

If you are interested in launching an NFT collection, a great first step would be to reach out to your payment provider and ask them about their stance on NFTs. Due to how quickly the space is evolving, we recommend also getting any approvals in writing for your own peace of mind.

Below we've provided a list of Payment processors that we know to support NFTs:

Payment Provider

Notes

Contact

Support NFT transactions up to $10k

Stripe

Bankful (formerly Pinwheel Pay)

High risk merchant service provider with 24-48 hour turnaround time.

Daniel Guy [email protected] (feel free to mention you're working with Novel)




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