Bitcoin Merchant Account 2021

By | September 12, 2021
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Bitcoin Merchant Account | Customers want to buy bitcoins with credit cards and debit cards. In fact, consumers searching for all types of digital currencies want to buy cryptocurrency with credit cards and debit cards. 

Paynet secure provides bitcoin merchant services and cryptocurrency merchant accounts for cryptocurrency exchanges, dealers, and other businesses that sell virtual coins. 

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Selling digital currencies is easier than ever before when you offer a convenient way to buy cryptocurrency with credit cards and debit cards. 

What Is Bitcoin Merchant Account?

When we use the term“ bitcoin” on this page, it also includes the many other cryptocurrencies that are based on digital tokens or coins.  Bitcoin now has significant competition from cryptocurrencies that were developed from blockchain technology. 

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Bitcoin has become somewhat of a generic term since it was the first digital currency built on a decentralized per-to-peer network.  Bitcoin is the still leader based on market capitalization and popularity.  Yet, the competition among cryptocurrencies is fierce. 

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A bitcoin merchant account gives customers of bitcoin exchanges and other crypto-related businesses the ability to buy cryptocurrencies with credit cards or buy bitcoins with debit cards. 

Bitcoin Merchant Services Get You More Customers

Giving you customers a convenient way to buy bitcoins with credit cards instantly is important to increasing sales.  Bitcoin and cryptocurrency merchant accounts make it easier and more convenient for customers to buy from you. 

Let’s face it.  As popular as cryptocurrencies are becoming, many consumers still prefer to make online purchases, including buying bitcoins, with debit and credit cards. 

Take a look at your competitors.  You’ll discover that many already offer customers the ability to buy cryptocurrency with credit cards or debit cards.  Don’t risk losing a sale to your competition simply because you do not offer consumers the ability to buy bitcoins with credit cards or debit cards. 

Bitcoin Merchant Account Acquiring Banks

Cryptocurrency merchant services are considered high risk by acquiring banks primarily due to the lack of knowledge about the industry and the pricing volatility in the bitcoin marketplace.  

Since the industry is fairly new, many acquiring banks do not understand how to best evaluate and monitor risks associated with bitcoin merchant accounts.  Rather than seize the opportunities cryptocurrency merchant services present, some banks decline to board cryptocurrency merchant accounts.  

Still, there are excellent bitcoin merchant services available with competitive rates. 

The key to success if to work with financial  institutions banks that are friendly to the industry and understand how to manage the risks.  Take advantage of our relationships with acquiring banks keen to process payments for cryptocurrency and are happy to establish crypto merchant accounts tor you.

Applying for Your Cryptocurrency Merchant Account

Of course, having a signer on the account with good personal credit is important.  If credit is less than good, it’s wise to add a co-signer on the application form with good personal credit.  

Cryptocurrency exchanges sell through secure websites.  Naturally, be sure that all the pages on your site load quickly and display properly.  Privacy, refund, & other relevant policies need to be clearly visible. 

Make it easy to find customer service email or phone numbers.  Underwriters often “cold call” or email customer service to determine the qualify of your customer service.  If calls go to a voice mail, have a message identifying the name of your company and when customers can expect a callback.  When email autoresponders are used, be sure to confirm receipt of the email and advise the writer when a reply will be sent. Then respond as promised. 

Cryptocurrency sites require usernames & passwords to sign in.  Therefore, include a demo or test login so the underwriting team can view what customers see.

Processing statements are reviewed to confirm processing volumes and determine chargeback ratios.  If chargebacks ratios are on the rise, include a short explanation about the reason & what is being done to bring chargeback ratios under control.    

Bank statements are examined to verify there is enough money in the bank to run the business.  Business documents are reviewed.  And the remainder of the supporting documents is examined. 

Once the account is approved, your merchant identification number (MID) is assigned.  Login credentials to the credit card to bitcoin payment gateway are securely emailed to you.  And you can begin processing payments immediately. 

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