A unique kind of cryptocurrency introduced in 2008, which is getting popularity exponentially, Bitcoin is not just an innovative payment network but the digital money of modern world also. Bitcoin is an open source peer to peer transaction Technology, with borderless payments enabling and no Central authority at all. These features combinedly make Bitcoin a true innovation in the finance world. This is come up as a true gift for The E-Commerce platform. Merchants with online business are facing issues to deal in multi currency payment options. With the introduction of Bitcoin, transactions are pretty easy for online merchants. The payment gateway for Bitcoin is also easily available and can be used very swiftly. Bitcoin merchant account can also be availed for domestic and international Merchant. There are a number of service providers and acquirers, ready to provide Bitcoin merchant account for online business. Quadra pay has been a path leader in this innovation campaign, by guiding merchants with the best resources available and services from the best processes for Bitcoin payment gateway and Bitcoin merchant account. A merchant can simply log onto www.quadrapay.com and follow the easy application form to enroll for our services. Merchants can also send us inquiry on [email protected] or contact our 24/7 customer care on +1 6318321773.
What is Bitcoin?
Bitcoins aren’t printed or minted like other currencies and coins. They are actually produced electronically by computers. Bitcoin is basically formulated by two different parts – token and protocol. Together the digital concept is known as the Bitcoin currency. Bitcoins are as valuable as traditional currency, but the verification of Bitcoins is based on cryptography. Bitcoins were originated to form the electronic currency which can be exchanged independently without any governing Central authority. At the same time, genuinely and reliability of those cryptocurrencies is also ensured.
Decentralization is the main characteristic of Bitcoin has no single institution or bank has the governing authority over it. It also saves from the double spending problem of previous electronic currencies. Bitcoins come in a limited supply and that is controlled by the underlying algorithm which manages the trickling of new Bitcoins every hour as per the need. Pseudonym it is another important feature of Bitcoin where The Identity of Bitcoin owner is anonymous. Only the wallet IDs needed to complete the transaction. The transactions completed used in Bitcoin cannot be reversed. The most attractive feature of Bitcoins is, it can be converted into any physical currency whenever required. This is the currency of modern world which enables peer-to-peer transactions without any border and complete protection from fraud.
What is Bitcoin Merchant Account?
Technological advancements have made it possible for people to sell and buy things online. With the introduction of e-commerce, merchants belonging to any industry type have to get a merchant account to accept online payments. From credit/ Debit Card processing, wire transfer internet banking, mobile wallet to Echeck and ACH, Various payment options have their own advantages and disadvantages. The most beneficial payment option for online merchants Echeck and ACH, but this is available only for merchants having client base in the United States of America. The payment option was preferred because of its ability of reducing the chargeback ratio of Merchant account.
Bitcoins have surpassed all these payment options and have been the most innovative, secure, reliable and efficient way of payment for a merchant account. The way you need a merchant account to accept Credit/Debit card payments or echeck, a bitcoin merchant account enables the merchant to accept Bitcoins. With an internet merchant account for Bitcoin, A merchant can avail services at extremely competitive rates with complete fraud protection and security. Accepting Bitcoins is another advantage for merchants as the transaction process is Irreversible. That means, once done the transaction cannot be reversed. It zeros the possibilities of chargebacks, which is the greatest advantage that a merchant can get in online business. Bitcoin is accepted worldwide; hence changing this cryptocurrency into the local currency is quite easier. Apart from the above mentioned benefits, Bitcoins can be used in many more ways as well.
Can I get a bitcoin merchant account for high risk business?
Absolutely yes, both domestic and offshore service providers offer Bitcoin merchant accounts to businesses belonging to various industry segments. Getting a merchant account for low risk and mid risk industry is quite easy. But when it comes to a high risk industry, most of the domestic banks and acquirers have very strict underwriting guidelines which restrict high risk merchants to get a merchant account. Most of the merchant’s resort to Offshore service providers to get the solution for their online business. These days, many of the offshore service providers are ready to onboard high risk merchants and provide them high risk Bitcoin merchant account. In the previous segment we have already mentioned the advantages of a bitcoin merchant account, especially for high risk merchant accounts.
Does chargeback ratio have any impact on a bitcoin merchant account?
When the cryptocurrency was developed for peer to peer transaction without any Central authority, the immutability of Bitcoin transactions was also ensured so that the transactions cannot be tampered with. This actually works as an advantage for high risk Merchant because the possibility of chargeback is nullified. To deduce the final statement, this can be inferred that chargeback ratio has no impact on a bitcoin merchant account. if a customer is not satisfied by the product or services provided by The Merchant and the payment has been made in terms of Bitcoin, then in case of customer’s dissatisfaction only the merchant can return the money on his behest.
Are there additional charges and fees for a bitcoin merchant account and Bitcoin transaction?
The answer can actually surprise most of the people. The transaction fees and charges applicable for Bitcoin transactions is much lower in comparison with the fees and charges for conventional payment options. Even the integration of Bitcoin payment gateway is much easier with any point of sales (POS) device. Just by using a Google application or a small API integration, transaction can be initiated. If one has to compare high risk merchant account and a bitcoin merchant account for high risk business then, the latter is more beneficial in comparison with the previous one.
With the ever evolving and technological advancing world, acceptance of Bitcoin is crucial for online merchants. It is advisable that merchants should opt for Bitcoin payment option as well apart from other payment options. Quadrapay has come up with the most comprehensive solutions after a rigorous market analysis to help merchants in getting the best Bitcoin merchant account and affiliated services. Whether it is a merchant account, payment gateway or payment processing solution, visit www.quadrapay.com for the perfect solution. You can also send us a inquiry on [email protected]. Our 24/7 helpline on +1 63183 21773 is also active to help merchants throughout.
Note:- To get a Bitcoin or Crypto-currency merchant account the merchant must have all the required licences. This may include a financial license. The approval of any merchant account is subject to the review and analysis of PSPs and not Quadra Services. We will only get the merchants connected with the processing institutions. We do not guaranty the approval of any solution as we are only re-sellers.