Bitcoin Has a Growing User Base But it’s Still a Niche Market

Jan 14, 2015

Bitcoin’s digital currency payment is still getting traction with approximately 80,000 merchants accepting the payment worldwide. The numbers are predicted to increase throughout the years with the majority of merchants coming from e-commerce businesses. Notable sectors using Bitcoin include technology, computer, electronics, apparel retailers, food and travel services. Gone are stigmas that Bitcoins are only used for drug dealers and shady merchants, these days the digital currency is being used as a safe and efficient way to make online sales.

With numbers cited from Bitcoin specialty processors Coinbase and Bitpay Inc., “The average Bitcoin sale is about $400, more than four times the typical bank credit card purchase of $90”. Bitcoin is continuing to gain merchant approval and is the go to alternative choice for forward-thinking ecommerce businesses. With its trending popularity, it still remains a niche payment method. Most of the currency’s main users being males ages 18-45 years old, the currency is mainly used by tech-savvy males pushing the forefront of digital solutions.

Although, going mainstream won’t be anytime soon, but with technology growing exponentially, digital services and products can make leaps and bounds in a short amount of time. If you are a business interested in using Bitcoins as a means of payment, Emerchantbroker.com can help you get a Bitcoin merchant account. Start accepting and managing your Bitcoin payments for your business and open your doors to a whole new form of income.

The acceleration of technology growth has already created tech businesses to start incorporating Bitcoin into their business strategy and the success of early adopters such as Square and Intuit have shown tremendous potential in digital currency. These early adopters provide the foundation and acknowledgement that Bitcoin needs for other providers to enter the market with confidence and more research and development in the Bitcoin payment system.

Bitcoin’s selling points is its efficient and low cost payment system compared to credit cards. With the typical sales charge being approximately half or even less than half of a credit card, which alone can convince businesses to switch over to Bitcoin.

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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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