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.