Tip Mechanism for Bitcoin Micropayments

Dec 23, 2014

Bitcoin is gaining considerable steam in becoming one of the most accepted forms of digital currency in the world. Bitcoin is now the first interoperable payment network, to enable small amounts of money to be distributed throughout the world with a new “tip” button. Digital currency experts believe that this newest development will revolutionize how consumers support their favorite websites, and change the way websites can acquire more financial support.

Coinbase, a San Francisco-based company, created the tip button to enable Coinbase users to make micropayments to website owners. Website owners can place the tip button anywhere on their webpage just like any other social media sharing link. With only one click, visitors can make payments directly to the site. Currently the default amount is 300 bits (10 cents), but senders can choose other amounts.

When the tip button is clicked, a dialogue box appears to show who receives the micropayment. Visitors can also choose between using a Bitcoin address or a Coinbase wallet. Early adopters of the tip button include:  Zapchain, Startup Management, Haywire Adam Carolla, and The Morning News. Bitcoin use in general is also speeding up. PayPal’s Braintree now accepts the digital currency. Merchants who use Braintree’s v.zero software development kit can use Bitcoin when opening an account with Coinbase Inc. In addition, Square Market online marketplace, and E-retailer Bitcoin Shop Inc. will accept Bitcoin along with Litecoin, and Dogecoin.

Bitcoin is quickly becoming a globally recognized currency. The beauty of this digital currency is that it traverses the need for the exchange of physical currency, or the conversion of physical currency. It also eliminates the need to disseminate private credit card information to business entities.

Is your business ready to accept Bitcoin from your customers? eMerchantBroker.com is the #1 payment processor for Bitcoin merchant account setup and management. Contact us to start your Bitcoin merchant account 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 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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