5 Major Benefits of Accepting Payment in Cryptocurrencies for Your Business

Aug 24, 2020

Crypto is growing stronger and more popular than you imagine, especially if you’ve long been caught up in other staple avenues like credit cards and eChecks.

As security becomes a growing pain among customers, many would rather buy items online using crypto instead of the traditional debit and credit cards.

Cryptocurrency payments offer clients the total privacy they require when paying for items online. A buyer can now pay for a product by simply typing their wallet ID on a crypto-taking website’s checkout without disclosing their payment info. Not even their wallet issuer can spy on the wallet details.

But security is only one of the numerous benefits of crypto payments. Why else should you accept payments in cryptocurrency?

The Many Pros of Collecting Crypto Payment

  1. An affordable way to take payments

Other staple avenues like eChecks or cards come with hidden charges that eat into your proceeds.

Lots of background deductions occur because multiple parties work together to make each transaction a success.

Often, processing card payments swallow 3% to 5% of the full amount a customer pays—which is way steep for a small business.

In contrast, crypto processing happens free of third parties and can charge 0% to 1% of the full amount.

  1. Speedy Payment Processing

Again, third parties can slow down credit card processing, which can be frustrating, especially during peak sales.

Blockchain technology, however, ensures speedy fund transfer from the customer’s wallet into the retailer’s wallet in less than a minute.

  1. No more Chargebacks!

Chargebacks, aka reverse charges, are a growing pain for many merchants. A reverse charge happens when a customer pays for a product via a credit card and later disputes it, leading to a reversal (by the card company).

The crypto model does not allow for reversals because transactions are anonymous. A dissatisfied shopper must find other ways to solve differences with the seller.

  1. Accept Payment from Anywhere

Offshore credit card processing involves tiresome procedures, especially for newbie merchants.

Crypto, however, is an international currency, not controlled by anyone. So, for instance, you start processing Bitcoin, you can take Bitcoin payments from anywhere in the world.

  1. Tap into a Growing Customer Base

According to Statista, around 50 million people worldwide pay for items using cryptocurrencies.

Adding the cryptocurrency payment option into your ecommerce platform can open new business opportunities.

Many clients who already use crypto will turn to your brand to enjoy the perceived crypto benefits.

Final Words

In a nutshell, cryptocurrency is not only easy to set-up but also secure affordable and less stressful than other avenues.

And above all, more and more customers prefer it.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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