Cryptocurrency Payments

Our seasoned and professional team is well-versed in the vast and complex world of international payment processing. The Cryptocurrency space is quickly becoming another pathway to your global expansion.

1.1 What Is Cryptocurrency?

Cryptocurrency is a new type of “digital asset” that is housed in a network in which it is distributed throughout a vast number of computers. As a result, it has a “decentralized” structure which enables them to thrive outside government and central authority control.

The term “cryptocurrency” is based on the encryption methods used in order to keep the network secure. Blockchains are an organizational system that assures the soundness of the transactional information.

It is believed that blockchains, along with the corresponding technology, will interfere with many industries, including law and finance.

Unfortunately, cryptocurrencies have faced many objections. This is due to their use for illegal operations, the extreme change rate volatility, and some weak points in the overall foundations that support them.

1.2 Why Accept Cryptocurrencies As Payment?

So why all the hype about cryptocurrencies? Is it just another shiny new object for merchants to chase, just to keep up with the trends? Although cryptocurrencies have been proclaimed as the “currency of the future”, and “disrupters to the traditional banking system”, these claims may not be far from the truth. In fact, according to Global Newswire, the cryptocurrency market was worth $1.03 billion by the year 2019. It is estimated to top $1.4 billion by the year 2024. Bitcoin is expected to secure the highest market share during this forecasting period.

There is also an ever-growing understanding of cryptocurrency throughout Europe. In fact, after APAC (Asia Pacific), Europe is now considered as the second-largest market for cryptocurrency use.

As the demand for trading grows, along with the facilitation of “cross-border transactions”, so does the acceptance and use of cryptocurrency.

The major economies that are stimulating the growing use of cryptocurrency include the “Emerging economies” which include Brazil, China, and India. For the developed countries: Japan, Germany, and the US lead the way in the growth of cryptocurrency use.

Knowing that cryptocurrencies are an exploding market, how does that translate to you, the merchant?

First of all, remember that your business will stand out more if you offer a differentiation. In this case, accepting cryptocurrencies will establish you as a forward-thinking, innovative business.

There is no question that cryptocurrencies resist inflation, are completely secure, and accepted worldwide, this is just a few of its many benefits.

Here are more ways you can benefit from accepting cryptocurrencies as payment:

  1. It saves you money – It is estimated that US businesses have handed over more than $78 billion in fees tied to credit and debit card processing. Cryptocurrencies don’t have such fees as they are “decentralized” and don’t have a bank to validate each transaction.
  2. Transactions are quick – The beauty of cryptocurrency transactions is that they occur in real time or can take but a few minutes. No one likes to wait for their money. With traditional payment methods, such as a bank transfer, you are looking at having to wait for several days for the funds to settle. Plus, by accepting cryptocurrencies, your business cash flow will remain uninterrupted.
  3. Available worldwide – Cryptocurrency is an international currency because it is not limited to location. There are no exchange rates or costly foreign transaction fees. Merchants are able to accept cryptocurrency payments from anywhere in the world.
  4. Prevent chargebacks and fraud – The way the system is set up, it is impossible for a customer to spend more than they have. It can almost be compared to the likes of using cash. When using cryptocurrencies, both participants have to approve every transaction. All transactions are final and irreversible since transactions are attached to the blockchain through mining.
  5. Get new customers – Many new users are flocking to use cryptocurrencies. As more people are learning about it and making it their preferred form of payment, your business will really stand out and draw new customers. Again, your business must be recognized as a business that embraces innovation which can elevate you as a preferred merchant. As a rule, the more payment options you offer your customers, the better it is for your business.
  6. Lower fees: Another plus to offering cryptocurrency as a form of payment are the lower fees that are tied to each transaction. Of course the range of fees vary from each provider. However, they are still considerably less than credit card providers.
  7. Paper currency will become obsolete: As mentioned previously, cryptocurrencies continue to grow in popularity and usage. Of course, as a small business, there is much to learn. However, getting involved in accepting cryptocurrencies sooner rather than later will greatly benefit your business. The global trend seems to be pointing towards a more cashless society, therefore, it is best to become an “early-adopter”.
  8. Eliminate shopping cart abandonment: The most common reason consumers have for abandoning a merchant’s online shopping cart is not having their preferred method of payment available. This should not happen. By offering cryptocurrency as another payment option, you will see less if not a complete elimination of abandoned carts. Instead, you will experience a boost in conversions and transactions.

1.3 What Is A Cryptocurrency Payment Solution?

Cryptocurrency Payment is a payment solution that facilitates the processing of cryptocurrency. It can securely receive cryptocurrency payments. This greatly expands the payment options that merchants can offer for their customers.

1.4 How Does It Work?

As an example, let’s say you have a Shopify store:

  1. A customer clicks on the product of their choice and adds it to their cart.
  2. The customer can then view their cart and then click on the checkout button.
  3. Then the customer proceeds to the Contact Information and Shipping page. Here they will enter all of their personal information and shipping address.
  4. Next, they will click on the button “Continue to shipping.”
  5. On the Shipping Page, they will click on the “Continue to payment” button.
  6. It will then take the customer to the Payment Page and they will simply scroll down the page. Under the “Payment” section, they will click on the cryptocurrency option.
  7. After they have selected the cryptocurrency, they will click the “Complete order” button.
  8. The customer will be redirected to the customer contact information page.
  9. Customer will then click the “Pay” button.
  10. The customer will be redirected to another page called “Pay Via Crypto”. Here, customers will scan the QR Code using their phone. This will be directly connected to their digital wallet.
  11. Once approved, the “Payment Successful” prompt will appear.
  12. The customer is then redirected back to the cart. A completed transaction form will appear, detailing the order and total paid, as well as the customer’s contact information and shipping information.

Merchants are then able to go into the “Orders” section of their Shopify dashboard and see that the payment will be displayed with the amount as “Pending”. This will only display as such for 15 minutes, after which it will be shown as “Paid”.

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2.1 Benefits Of Having Cryptocurrency Payments

Credit card payments made online are highly vulnerable to hackers and fraudsters. Sensitive financial information can easily be stolen. However, with cryptocurrency payments, customers don’t have to share any personal, sensitive information. In fact, all payments are completely anonymous. Also, since they are paying directly from a digital wallet and not a credit card, there is no data to steal.

With this type of security, online consumers will be more likely to purchase from your website, knowing that their information is safe.

With the use of crypto payment processing, merchants are paid in just 24 hours and in more than 120 fiat currencies (including US dollars).

2.2 What To Look For In Cryptocurrency Payments

With the rising use of “digital assets” around the world and in diverse niches, there is a collective and concentrated effort to bring about a more robust practice of cyber security.

That is why choosing the right cryptocurrency payments is critical for your business. It provides efficiency and it builds trust between networks. It also gives you insight as to how to examine existing distribution channels and offers you a glimpse as to how your consumers are using the technology.

Therefore, a good, solid, and reputable cryptocurrency payments provider will offer the option to immediately transfer cryptocurrencies into fiat currency, as well as provide a broad choice in supporting “major” fiat currencies. This is due to the volatility of cryptocurrencies.

In addition, merchants will have the option to automate their payments. They will also have access to helpful tools and reports to analyze their sales, consumer behavior, all in an easy, seamless process.

Lastly, always keep the end-user in mind, your customers. Payments should be processed quickly and easily. Customer support should also be made available 24/7 to offer quick responses and solutions.

2.3 Why Choose eMerchantBroker.com?

eMerchantBroker.com has been a leader in the high-risk processing industry for many years. EMB has worked with a vast number of high risk merchants, offering customizable options to those previously denied service by traditional payment processors.

With their finger on the pulse of every high risk industry, EMB endeavors to stay on the cutting-edge of the latest innovations in FinTech, cryptocurrencies, and more.

When you choose to partner with EMB, you know you are in good hands.

2.4 Which Industries Are Supported By The Cryptocurrency Payments

These are the industries that are currently supported by the Crypto Payment Gateway:

  • Shell companies or shell banks;
  • Unlicensed Gambling
  • Weapons manufacturers and commerce
  • Bars
  • Night clubs
  • Commerce of art works
  • Commerce of luxury cars/boats/planes
  • Commerce of minerals
  • Dealers of precious metals/stones/gems

3.1 Security

By accepting crypto payments, you are allowing your customers to pay in a discreet manner. All payments are secure. Why? They are securely stored (indefinitely) within a blockchain ledger.
This platform refines the payment process as it drastically decreases the number of intermediaries involved. With the use of blockchain technology, all payments are strongly encrypted and therefore so much more secure than using traditional online payment gateways.

3.2 What Do Underwriters At EMB Look For?

During the review process, underwriters want to make sure that companies applying for a merchant account or cryptocurrency payments are stable and complying with all applicable laws and regulations.

A merchant’s credit card processing history, credit scores, bank statements, and websites will be examined. This is to ensure that merchants don’t have bank account balances that are in the negative, outstanding bills, and other issues.

Furthermore, the merchant’s website is reviewed to check for a secure (SSL). The website must also provide clear, visibly-displayed terms and conditions. This will avoid potential problems for both merchants and processors.

By demonstrating a certain amount of savings and no late bills or debts, it will place a merchant in a higher category for underwriters.

Businesses that take these steps are more likely to get high-risk payment gateways without extra restrictions.

3.3 What Documents Do I Need To Provide EMB For Cryptocurrency Payments?

If you are ready to start taking cryptocurrency as payment, you will need to provide EMB with the following documentation. This will be submitted to our processors, along with our quick and easy online application:

  • Copy of passport or ID
  • Corporate documents
  • One month of business bank statements (if available)
  • Bank letter or confirmation of deposit bank information showing business name, IBAN or Swift information

3.4 How To Apply For Cryptocurrency Payments

If you already have a merchant account, you can easily apply to EMB for cryptocurrency payments. Those that wish to apply for a merchant account and a cryptocurrency payments can begin the process today by filling out EMB’s quick and easy online application. Although we cannot guarantee approval, we do promise an open and straightforward application process. Merchants can be approved in 24 hours. Excellent and professional customer support is also provided.

3.5 Still On The Fence?

We know there is a lot of conflicting information out there. There are many naysayers that claim cryptocurrencies are simply a flash in the pan. This is simply not the case. With unparalleled customer privacy, irreversible payments, and growing adoption by customers worldwide, you simply cannot lose.

Let our many years of industry experience steer you in the right direction. Call us or drop us a quick email. Get in touch so that we can help answer any questions you may have. We’d love to hear from you.

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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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