Incorporate Cryptocurrency Payments into Your eCommerce Site

Dec 03, 2020

Cryptocurrency has continued to shake up the payments world by having a digital currency that is not controlled by the government or a bank. It’s only regulation is the use of encryption methodologies in order to control its use and produce its release. 

Why You Should Include Cryptocurrency In Your eCommerce Site

Despite the growing adoption of cryptocurrency use by both consumers and companies worldwide, there are still many businesses that have not jumped on board to accept cryptocurrencies as a form of payment. 

There are many benefits to using cryptocurrency within your eCommerce website. Here are a few that we will dive into today.

  • Broader Market Potential

What has proven to be true in eCommerce over the last few years is that the more payment methods you offer your current customer base, the more likely you are to grow it. By accepting cryptocurrency, you will be tapping into a completely new market, filled with more “tech-savvy” consumers who have developed a die-hard community of cryptocurrency users and advocates. As the numbers of cryptocurrency adopters continue to grow exponentially worldwide, you as the merchant are positioning yourself as a pioneering, innovative business. 

  • Swift Transactions

Another worthy benefit that bears mentioning is that, unlike credit card transactions, cryptocurrency transactions are processed immediately. This is always a plus as merchants can have access to their funds instantly. This is also excellent to ensure the cash flow for your business is not interrupted. 

  • Negligible Fees

When you begin accepting cryptocurrency as a payment method, you will also begin to see that each transaction has very low fees. The fees do vary and they do depend on whether you accept these cryptocurrency payments into your own personal wallet or a third-party provider. Even so, the fees you will pay will be far less than those fees paid out to major credit card providers or PayPal.

  • More Secure

With security front and center on the minds of most consumers and businesses, you certainly can’t go wrong with cryptocurrency. Once a transaction made with cryptocurrency is complete, it is impossible to reverse. The only exception that exists is if you have the consent of the merchant. 

eCommerce fraud becomes non-existent as there is no middle player, like a bank, that has the ability to remove the funds from your account without your permission. 

Getting Started With Accepting Cryptocurrency

In order to begin accepting cryptocurrency on your eCommerce site, you will need to explore two ways of doing so: via your personal wallet or through a third-party payment processor. 

If you go with a personal wallet, you will need a virtual wallet. A majority of these wallets can be downloaded to your computer or phone. You can even get a hardware wallet. A hardware wallet is essentially a “physically safe” where you can store cryptocurrency within the device itself or a “special hard drive.” It is considered the only hardware device that is secure and where you can store a user’s private key.

If this is not a good option, then your next option is the third-party payment processor. A good reputable payment processor will be well-versed in cryptocurrency and they will take care of the entire payment process, much like credit card payment processors.

One great advantage of using a third-party processor is its ability to convert cryptocurrency into fiat currency instantly. This saves you from any market price volatility. 

Cryptocurrency Is The Future of Payments

In spite of pushback from many in the financial sector, cryptocurrency is gaining ground as a reliable and legitimate form of payment. Merchants will do well if they take the time to educate themselves about the many benefits of accepting cryptocurrency within their eCommerce business. 

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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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