Bitcoin is one of the latest, greatest advancements in finance technology. Today, statistics reveal that there are over 300 million cryptocurrency users worldwide — and they’re looking for ways to spend that money. So to accommodate this brand new monetary advancement, businesses have found ways to transact with nothing but digital money.
Now, maybe you’re an early adopter and you want to be able to take in cryptocurrency as well. To do that, you’re going to need a proper Bitcoin merchant account. And while they might not be quite as easy to find, there are a few notable acquirers out there that could provide you the service you’re looking for.
These guys are based in the UK and offer high risk merchant account services to range a of businesses in various industries. They’ve recently (successfully) introduced their cryptocurrency feature that allows merchants to accept and process payments made with Bitcoin, among many other available cryptocurrencies.
While they’re pretty new to the ballgame, Patriot offers reasonable prices, a seamless onboarding process, and friendly customer support that’s available 24/7. They’re also compatible with almost all popular shopping carts, and over 150 payment processors.
Although Paytriot might be pretty unpopular compared to their competitors, they’ve got a pretty high rating on Trustpilot. In fact, it’s almost impossible to find any complaints about their service, which says a lot about the caliber of services they deliver.
As one of the major providers of cryptocurrency payment processing, Ikajo has about 15 years of experience under its belt. Of course, Bitcoin has only been around so long. But the brand touts itself as one of the merchant service providers that jumped on the cryptocurrency bandwagon before many of its competitors did.
Offering excellent customer support, Ikajo shines in the area of security and safety. Their cryptocurrency facility provides maximum protection for both buyers and sellers, allowing more seamless transactions while mitigating the risk of fraud on both ends.
Working with a wide number of Bitcoin acquiring partners, Ikajo offers its solutions to over 120 different countries around the globe. Keep in mind though that since Bitcoin is fairly new, they do have quite a rigorous application process that requires tons of documentation prior to approval.
With offices in London and Slovenia, these guys cater mostly to merchants in Europe. But let it be known that they also cater to merchants from other parts of the globe. They deliver all of the basic features and solutions you would expect from a merchant service provider, and they support over 150 different currencies — including cryptocurrency.
Without any service or sign-up fees, no transaction limits, and no need for deposits and pre-payments, ccNetPay makes sure that you won’t have to shell out too much to get your merchant account up and running. Their Bitcoin feature lets you transact with cryptocurrency, which may further reduce whatever costs are associated with the use of your merchant account.
Partnering up with a number of acquirers, the only downside with ccNetPay is that their partner banks may charge a high risk merchant fee. On the upside, they do try to curb all of the other associated costs, so you shouldn’t be too worried about the added expense.
Based in Portsmouth, New Hampshire, Instabill also has offices in Lija, Malta. The merchant service and payment processing provider has been around since 2001, making them one of the most trusted names in the industry. With the dawn of cryptocurrency, Instabill has made sure to stay on top of the trends so as to stay ahead of its competition.
Today, they offer Bitcoin features that let their merchants accept payments in Bitcoin. Much like other providers, they have extensive application requirements including various documents for their know-your-client process. Upon completion of these requirements, the provider performs the underwriting process to determine your fitness to have a Bitcoin merchant account.
Generally speaking, many of the clients that have worked with Instabill for their high risk cryptocurrency merchant accounts have nothing but good words to share about the services that the business provides. They shine in the arena of security as well, offering various tools and solutions that help keep Bitcoin transactions secure for both parties.
These guys specialize in just cryptocurrency payments, giving their merchants the upper hand when it comes to processing and accepting Bitcoin transactions. Their tools can be described as powerful and efficient, offering merchants complete control and monitoring capabilities that help keep all of your transactions and cryptocurrency cash flow well recorded.
Corepay is compatible with a range of cryptocurrency varieties, including the ever-popular Bitcoin. Their services waive application, set-up, and annual fees to help loosen the financial burden on their merchants. They’re able to do this because the costs associated with cryptocurrency transactions are much lower than working with cash or digital money.
While it might be tough to truly understand how cryptocurrency works right off the bat, Corepay offers a range of tools that can help merchants learn the ropes as they move along. They also provide efficiency tools on the buyer’s end to limit hiccups and slow processing times that could affect their willingness to make a transaction.
SecureGlobalPay works with all sorts of high risk businesses, offering merchant services that allow more flexible payment processing tools to be able to accept digital payments. Naturally, they’ve also taken their place in the cryptocurrency payment processing industry, expanding their services to include payments like Bitcoin.
If there’s anything that makes SecureGlobalPay different from their competition, it’s that they try to speed through the application process. This helps guarantee that merchants can get their Bitcoin merchant account up and running in as little waiting time as possible.
Clients who have worked with SecureGlobalPay like the provider for their quick customer support and reasonable rates. Keep in mind though that their compatibility with certain cryptocurrencies might not be quite as extensive just yet. But they do accommodate some of the more popular varieties available.
Why should you even get a Bitcoin merchant account in the first place when credit and debit cards are so convenient? Well, there are a number of reasons why you might want to consider jumping on the bandwagon and offering what is perhaps the fastest-growing digital currency movement on the planet.
You heard that right. When you accept payment in cryptocurrency, it goes into the blockchain. And unlike payments made with standard money, these transactions can’t be reversed. So accepting cryptocurrency reduces a part of the risk, especially as it relates to the possibility of chargebacks.
There’s a very low risk of fraud when it comes to cryptocurrency because of the nature of the digital payment method. These blockchains are tamper-proof, so there’s no way to enter a currency that isn’t legitimate. Another thing is that the ewallets that hold Bitcoin and other currencies are highly secure.
Compared to the processing of credit and debit card payments, cryptocurrency processing is significantly low cost. That’s mainly because banks and acquirers have little role to play. Instead, money funnels into the blockchain which is decentralized, meaning it isn’t regulated by one single entity that charges a fee.
In the case of debit or credit card payments, your acquirer may hold on to the payments for a period of time as a safety measure against chargebacks. But with crypto payments, that’s a thing of the past. These payments can enter your bank account in as little as one or two hours after the transaction is finalized.
There are over 300 million cryptocurrency users worldwide. And because these currencies don’t change across borders the same way that money does, you can cater to a wider audience without having to worry about exchange rates and the nuances of dealing with traditional payment methods.
There’s no denying that buyers often feel strongly about their preferences, including when it comes to payments. Some buyers will abandon their cart if they feel that you’re not accommodating their preferences well enough. Offering cryptocurrency lets you cover all the bases so that people interested in your products and services can find payment options that truly match their preference and provide the greatest convenience.
Cryptocurrency is the latest, greatest new trend in payments, and it’s important to make sure you’re not falling behind. Today, you can get a Bitcoin merchant account to accommodate buyers who might want to be able to pay for their purchase in the most convenient and contemporary way available.
Although there are quite a few requirements to opening up a merchant account for cryptocurrency, there’s a world of benefits to gain out of setting one up. So make sure you check out these six vetted providers to find the perfect Bitcoin merchant account services to give your business that extra edge.