Do You Need a Bitcoin Merchant Account?

Nov 12, 2014
we-are-accepting-bitcoinThere is quite the debate among those in the financial industries on whether Bitcoin will garner more attraction as time passes. If you are not familiar with this mode of payment, investors purchase Bitcoins and supply and demand makes them more or less valuable. Unlike gold or silver which has published values, Bitcoin values are in the virtual world because there is no paper on which it is printed or metal in which coins are struck. It is the uncertainty of the value and the way Bitcoin is used that makes a Bitcoin Merchant Account a high risk venture.

If you are a merchant who sells goods and services via Bitcoin, the Bitcoin price at the time of sale can be different than two days later – or an hour later. You could say that prices are like opening rates on a stock, and based on the activity during the day, the price of that stock can rise, fall or remain flat. Processors will honor the price of what is sold based on the sale itself.

Several articles published by respected individuals call attention to the Bitcoin value. Jeremiah Bohr and Masooda Bashir at the University of Illinois at Urbana-Champaign wrote an article titled Who Uses Bitcoin? An Exploration of the Bitcoin Community. It points out a good deal of interesting facts. Bohr and Bashir found that age was a statistically significant factor in predicting the amount of Bitcoin a respondent held. Respondents with the most bitcoins were aged between 55 and 60 years old. However, these owners were generally from overseas.

Probably one of the most interesting aspects of the research indicates that users who spent bitcoin on illegal goods had significantly more bitcoins than those who didn’t. Users who purchased illicit goods, such as narcotics, had up to 45% more bitcoin holdings than those who stuck strictly to goods that wouldn’t get them in trouble with the law. Bitcoin is not legislated by laws from the Federal Reserve or any other system. Purchasers and users are self-governed.

The only factor that suggested a preference for anonymity was whether a user was a miner or not. Respondents who favored bitcoin for its potential to disrupt the banking system were found to be above the age of 40 and residing outside the US.

With all the uncertainty of using Bitcoin as a manner of payment for goods and services there are those who want a Bitcoin Merchant Account. It is estimated that there are 80,000 businesses that accept Bitcoin now in the US. Other good news is those will a Bitcoin Merchant account will generally pay less in transaction fees that are charged by the major credit card companies.

Finding a processor to open a Bitcoin Merchant Account will be difficult. Conservative processors as well as mainstream banks will certainly decline the business. However, there is a high risk specialist that can get your Bitcoin Merchant Account opened and have you accepting orders within 72 hours. They offer secure gateways that are already set up to accept mobile payments.

For more information regarding opening a Bitcoin Merchant Account call 1-800-621-4893 today or click below to get started today!

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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 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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