Collect Serious Coin with a Bitcoin Merchant Account

Jul 28, 2014
Bitcoin-MoneyIn 2009, Satoshi Nakamoto created open source software that changed how ecommerce works for good. Bitcoin is a digital, peer-to-peer currency that is “mined” (via a mathematical algorithm on personal computers), stored, sent, and received via e-wallets. The substantial advantages to Bitcoin for the world of e-commerce cannot be denied, however the sheer power that digital, peer-to-peer transactions have make many in the financial industry worried.

HOW IT WORKS

Traditionally, Bitcoin payment processing occurs via a group of powerful, private network computers. The transactions that occur are recorded in a “blockchain,” which is a form of public record. Bitcoins are used to pay “Bitcoin miners,” the people who use their computers to mine the bitcoin. Only the most tech savvy individuals with the most powerful networks are able to successfully mine bitcoin, however there is still the potential for bitcoin entrepreneurs to make some serious coin, through starting bitcoin merchant accounts.

BITCOIN MERCHANT ACCOUNT

The average consumer does not have the time or means to mine bitcoin, however they still want to take advantage of the freedom that comes with using bitcoins as a currency on the internet. Bitcoin acts as a universal currency so that consumers can perform transactions without inputting all of their personal financial information, won’t have to use their credit card or debit card, nor will they have to deal with conversion fees. Also bitcoin is conveniently stored on their computers.

A growing number of consumers download a bitcoin wallet onto their device of choice, and trade actual currency for bitcoin to use on the internet. As this type of transaction increases in popularity, online businesses must keep pace with consumers and integrate bitcoin payment processing into their e-commerce strategy.

The simplest way for businesses to do this is by going through a third party like eMerchantBroker.com. Our bitcoin merchant accounts provide our clients with top of the line internet merchant accounts that will save your company money on processing fees. eMerchantBroker offers:

  • Fast approvals in 24 – 48 hours.
  • Credit card processing for bitcoin
  • Online payment gateway for bitcoin
  • No set up fees for most merchants.
  • High Risk merchants approved.
  • High volume solutions: load balancing gateways and multiple MIDS.
  • Chargeback protection & chargeback prevention programs available.

Contact us at: 1-800-621-4893 to get started.

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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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