Will Bitcoin Mark the End of Traditional Payments?

Jul 26, 2017

Virtual currency can be characterized as a type of unregulated, digital money that is issued and sometimes controlled by its developers. It’s used and accepted among the members of a specific virtual community. The most famous virtual currency is bitcoin.

Need a Bitcoin Merchant Account?

Bitcoin is a public-ledger distributed virtual currency, which means anyone can see everyone else’s bitcoin wallet balance. However, if a new bitcoin wallet is created every few seconds, it won’t be easy to see anyone’s real balance. Moreover, a wallet address is a code.

It’s important for ISOs and merchant level salespeople (MLSs) learn about virtual currency and educate their merchant customers. If you’re interested in a bitcoin merchant account, consider turning to eMerchantbroker.com, the #1 high risk payment processor in the US that boasts an A+ rating with the BBB. EMB offers exceptional merchant account services and the lowest possible rates in the industry. eMerchantbroker.com has an A rating with Card Payment Options and is named one of Inc. 500’s Fastest Growing Companies of 2016.

Important to Know

The IRS (Internal Revenue Service) considers bitcoin like property. Owners of bitcoin are required to report gains or losses to the IRS. By the way, from thousands of people owning bitcoin in the US, perhaps only 802 have actually reported ownership of that asset to the IRS.

Establishing a national virtual currency business is like establishing a national money transmitter business. A high level of technical sophistication will be required.

Conventional processing of credit and debit cards is the basis of US retail. Processing of US dollars from credit and debit cards can’t be brought to its end soon. Real currency plays such an immense role for banks, regulators, and the entire economy. The same can’t be said about virtual currency. The shift from cards to virtual currency is associated with macroeconomics issues and the ability of nations to control their economies.

The US Commodity Futures Trading Commission has approved LedgerX LLC, a cryptocurrency trading platform operator, as a federally-regulated exchange and clearing house for derivatives contracts settling in digital currencies. Ledgerx is going to start trading bitcoin options in the fall and ether options a few months after that.

According to Bloomberg, bitcoin has reached so much success that its operation needs upgrading. The problem is that there are opposing views on how this can be done and there is no all-powerful administrative body to figure out which method to implement.

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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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