The Hidden Mystery Behind Bitcoin Payment Merchant
Quadrapay has always welcomed merchants with the common currency of your choice and Bitcoin is one of them. We also provide a secure and straightforward process of application of an account to accept payments in bitcoin with a respective bitcoin merchant account. The unique feature of bitcoin is that it can be across countries with complete fraud protection.
What Is Bitcoin?
Bitcoin is a digital currency by the people known as Satoshi Nakamoto. It is a currency that needs to be mined by solving the blocks of the sophisticated mathematical algorithm with the help of a high processing computer. Bitcoin exchange can be done with the help of a bitcoin wallet.
There is no need to use a credit card or debit card; all it needs is a qr code to transfer payments in-between person to person. Merchants don’t need to worry about any fraud transaction because each of the block-chain structures are very hard to break and virtually safe to the risk of being hacked or anything. And a bitcoin can be converted easily with the applicable currency exchange rate to the traditional currency including dollars or euros, etc. whenever it is required.
How To Obtain A Quadrapay Bitcoin Payment Merchant Account?
Quadrapay offers many solutions for the bitcoin payment processor:
Overseas Bitcoin Payment merchant account(inclusive of historical payment processing):
- Banking statements for the last six months.
- Statement of the last six months of payment processing that includes overall sales and any chargebacks if any.
- The account gets approved within two weeks after the successful submission of application.
Who Accepts Payments With A Bitcoin?
Just like other digital currencies, bitcoin processing is increasing day by day. Most of the online shopping carts are receiving payments in the form of bitcoin. From small businesses to large scale businesses are now using bitcoin to transfer funds because of the peer to peer transaction. Even some of the high-risk merchants accept bitcoin as a primary method of transaction. Bitcoin holds the same value as a traditional currency, and the only difference is that it needs a unique verification process.
What are the fees for a Bitcoin Payment Account?
The fees applicable on a merchant depends upon several factors like the type of market they operate that can be a low risk or even a high-risk market account history of processing, overall volume of sales.
There are multiple types of fees that can be applied on a bitcoin payment account:
- Regular Gateway fees
- Rolling reserve
- Chargeback fees
- Refund fees
- Fees on a per transaction
- Merchant service discount fee rate
- Regular statement fees
Bitcoin Mining Hardware Merchant Account
The mining of the bitcoin process is done by several cryptocurrency miners and bitcoin enthusiasts. They use a high processing powerful computer and unique applications that solve the blocks of complex equations of mathematical operations. Upon solving the block, bitcoin gets generated. But as the number of bitcoin enters the circulation, it becomes more complex and challenging to be solved by the process of mining cryptocurrency.
Is a Payment Gateway Applicable For a Bitcoin Payment Merchant?
As all the payment accounts provided by Quadrapay, bitcoin payment merchants also include a gateway for accepting bitcoin payments point to point. Our associated bank account partner provides a highly safe and secure gateway to process all the payments.
Chargeback Applicable On Bitcoin Payment Merchant
There are only a few processing of transactions that includes bitcoins that can receive a chargeback. Not every payment that is done through a bitcoin payment merchant is immune to get a chargeback. A customer can keep the amount of transaction or the purchased bitcoins only after the successful filling of a chargeback.