Is Bitcoin Still Relevant?

Feb 13, 2015

Bitcoin was huge news this time last year. However, since then many types of mobile apps have hit the market, and the mobile currency has taken a backseat. Bitcoin has also lost some of its value, which does not help matters. The good side to this is that Bitcoin does not seem to be a fad, so there is hope that its popularity will rise again, along with its value. When this happens, merchants need to be ready to accept the currency – as well as offer it for sale.

If you already have a Bitcoin merchant account, kudos to you! If not, you should seriously consider obtaining one. The problem with most merchant account processors is that they do not, and will not, offer you the ability to accept Bitcoin payments. Bitcoin is still a fairly new e-currency, and most processors are weary of its newness. Some believe it to be a fad, but the market trends tell us otherwise. Another issue with Bitcoin is our increased internet security, thanks to massive hackings. Bitcoin’s cryptic coding can at times hinder a false alarm, which can end in a chargeback for merchants.

A chargeback can happen to any business, but when it comes to cyber errors, it seems as though it may happen more to Bitcoin merchants than anyone else may. Typical merchant accounts can close your account if you end up with too many chargebacks. The best thing that you can do is look for a “high risk” merchant account processor that specializes in Bitcoin merchant accounts, such as EMB. With EMB, you are not only getting a merchant account, but you are getting an experienced and dedicated team to help you along the way. While many processors require you to leave a message and wait for a returned call, a human will answer the phone at EMB. For more information about out Bitcoin merchant accounts, as well as our other “high risk” merchant accounts, contact us today.

 

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat