Buying Products And Services With Bitcoin

Jul 19, 2022

The meteoric rise in popularity of cryptocurrencies is due to the fact that it’s an alternative form of payment that offers anonymity, security, and speed in everyday transactions. 

In 2021, corporate giants such as Microsoft, Tesla, and Starbucks began accepting cryptocurrencies. The fact Because cryptocurrencies are another choice of payment for customers, business owners have much to gain as well. For one thing, accepting cryptocurrencies as payment means benefiting from their reduced fees over credit and debit card transactions. 

Crypto Is Now Mainstream

The market size for the retail blockchain is on course to hit $4.6 billion by the year 2028. More professionals across various industries are beginning to take note of the value that accepting cryptocurrencies can bring. They are also ready to meet customer demands for cryptocurrencies as a preferred payment option. 

It’s not only the major corporations that are driving this tremendous growth, small and medium-sized businesses are also fueling the increase. According to Cointelegraph.com, SME businesses reported a 75% increase in both suppliers and customers requesting to pay in crypto.

It has been reported that Bitcoin’s value grows much faster than inflation and therefore, it would make the perfect substitute savings vehicle. By investing in Bitcoin, businesses will have another way to gather substantial savings to cover the costs of any unforeseen circumstances. Just from an economic standpoint, accepting crypto just makes sense. 

Providing Customer-Focused Experiences

One of the most proven methods of drawing and growing your customer base is to offer a variety of payment methods. Customers are known for shopping at retailers that will accept their preferred form of payment. If that is not provided, they simply seek out the competition that does.

Accepting crypto payments from your customers communicates to them that you are an innovative, forward-thinking company. You give them what they want, and they are more likely to give you their loyalty in return.

According to the PYMTS website, 93% of consumers who already own cryptocurrencies said they would consider making a purchase with crypto. Yet, 57% have mentioned that they have already made at least one purchase with crypto in the last year. 

The way payment innovations are headed, it looks like we may have to bid farewell to traditional checkouts. Mobile payments, biometric authentication, and safe, in-store networks, are just some of the many innovations happening right now. 

Reuters.com reported that almost 75% of businesses agreed that accepting a variety of forms of payment was critical to their growth and success. 

Cutting-edge retail stores of the future will be designed around adaptable, “customer-centric”, mobile-first, experiences. 

Managing The Risks

Despite all the hype and a massive following, cryptocurrencies are not without controversy. These controversies are actually based on true concerns for both businesses and consumers alike. 

For businesses to begin accepting cryptocurrencies, it will take a bit of work to change their current point-of-sale (POS) terminals. It can also mean revamping their shop floor in its entirety. 

Then there is the issue that cryptocurrencies have had since their inception, and that is their volatility. This alone makes crypto incredibly risky.

Cryptocurrency also continues to fall under intense scrutiny from the U.S government as it grapples with the implications concerning the widespread acceptance of crypto. Concerns about consumer safety, the threat against the U.S. dollar, its volatility, and its effect on the banking system are just some of their worries. 

Crypto And The Future

Crypto is clearly leading the way for the future of payments. Now the focus of retailers has been redirected to developing “fully immersive customer journeys.”

Cryptocurrencies have already been accepted by some retailers both online and in physical stores. It will be interesting to see how this future payment method will take shape and completely revolutionize the way people pay. 

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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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