Get the Right Bitcoin Merchant Account That Fits Your Business Needs

Aug 13, 2019

Today’s payments industry is competing with traditional financial systems, but it’s already clear that amazingly flexible digital currency Bitcoin isn’t going to disappear any time soon. Bitcoin is changing and will continue to change people’s lives to a greater extent. If you’re a merchant interested in a reliable and low cost Bitcoin merchant account, you’re at the right place.

The Bitcoin Merchant Account You Need

The blockchain and cryptocurrency industry is growing incredibly fast. People are becoming more interested in digital currencies, and the number of people taking up crypto trading continues to grow. Bitcoin or the Bitcoin Core (BTC) network is the most famous one worldwide.
Satoshi Nakamoto was the person to introduce Bitcoin to the world. In a white paper, he described the innovation as “a peer-to-peer electronic cash system.” Bitcoin’s blockchain began without any limit on the block size.

Merchants selling goods or services via Bitcoin should remember that the price of this digital currency can change within hours at the time of sale. That’s the reason why Bitcoin merchant accounts are tabbed as high risk is because of such uncertainty of the value and the way this electronic money is used.

Be aware that the laws by the Federal Reserve or any other system haven’t legalized Bitcoin. Purchasers, and users are self-governed.

Did you know that Bitcoin can be used across borders, without falling under country restrictions and local regulations? Since this is a digital payment system, it’s mainly used online. To use Bitcoin, you’ll need to set it up initially.

In reality, lots of U.S. banks regard Bitcoin-related companies as high risk and refuse to provide merchant accounts to this type of businesses. Thankfully, there’re high risk processors like eMerchantBroker.com that’re ready to work with companies involved in Bitcoin. With EMB, you can open a secure and cheap Bitcoin merchant account without difficulty. The application is quick and hassle free.

eMerchantBroker.com, which is also a respectable alternative online lender, is voted the top high risk processor in the U.S. and carries an A+ rating with the BBB What’s more, EMB has an excellent rating with cardpaymentoptions.com and is considered “Best All-Around High Risk Merchant Account Provider” by ValuePenguin.

So, even if finding a processor to start accepting Bitcoin payments isn’t a simple thing, credit card processing companies like EMB have made things easier for you. Conservative processors and mainstream banks are no more the only option to rely on. Moreover, because of blockchain and cryptocurrencies, traditional banks and financial institutions need to change and evolve so to fight the growing competition in the field.

Bitcoin Payment Processing for Merchants: Benefits

The innovation brought about by Bitcoin enables people to instantly send cash directly to anyone worldwide. No need to turn to intermediary banks or service providers. The blockchain, which is a distributed ledger, records all the transactions, with blocks of transactions being added on average every 10 minutes.
Bitcoin promises that merchants and consumers will increasingly use a payment system that’s faster and cheaper. Have you heard about Bitcoin SV (BSV)? It was launched in November 2018 to guarantee the mentioned features. Let’s see what benefits you can get from Bitcoin SV:

  • Thanks to BSV, merchants can enjoy much cheaper transaction fees as compared to what they can find in today’s market.
  • Cross-border transactions will offer increased efficiency. Foreign exchange costs will get lower. Payment networks and merchants operating in more than one country can enjoy fast transfer across borders.
  • Speed, which is everything these days, will get accelerated. Merchants can confirm instantly and receive customers’ BSV without delay. They’ll be able to avoid fraud and chargebacks more successfully.
  • The BSV ecosystem will provide more ease of use.

By the way, Bitcoin.com has launched Local.Bitcoin.com to allow for buying and selling Bitcoin Cash. The new exchange is developed to support tokens via a simple ledger protocol (SLP). All the traders on the platform can have access to the SLP-based tokens.

A cryptocurrency trading platform makes it possible for traders to enjoy user-friendly trading service. The platform is designed to offer traders more than one trading option, including Bitcoin, Bitcoin Cash, Ether, and Tether.

To sum up, Bitcoin, a revolutionary electronic currency, continues to change today’s payments landscape. Bitcoin adoption is growing with rapid advances. Big stores are already offering it as a payment option.

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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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