Cryptocurrency Mining Merchant Account

Cryptocurrency Mining Merchant Account: Industry Guide.

What Is a Cryptocurrency Mining Merchant Account?

A cryptocurrency mining merchant account is a specialized payment processing solution designed for businesses that offer crypto mining-related services and products. Whether you sell mining rigs or you operate a cloud mining hub, this specialized merchant account will allow you to accept credit and debit card payments.

Why Cryptocurrency Mining Companies Struggle to Get Merchant Accounts

The cryptocurrency mining industry is sometimes labeled as high risk by traditional sponsor banks. This is because of many reasons, such as regulatory uncertainty, the potential for high chargebacks, a lack of proper industry-specific underwriting knowledge, and the volatility of the industries.

As a result, most of the crypto mining-related businesses face challenges when they apply for merchant accounts. Some even have their funds frozen or accounts shut down without any notices. These instances can happen even after months of operating the accounts smoothly.

High-Risk Merchant Account Solutions for Crypto Mining Businesses

At QuadraPay, we truly understand the business model of crypto mining companies. Our solutions are ideal for a wide range of crypto-mining-related businesses, including:

Online Mining Hubs: Platforms that offer shared or cloud mining services.

Mining Rig Manufacturers and Resellers: Ecommerce sites that sell GPU rigs, ASICs, control boards, and mining components.

Mining Ecommerce Sites: Websites offering crypto mining accessories.

Whether you are just starting with your cryptocurrency mining business or an experienced player, we have a payment solution for you. Our team will match you with the best high-risk payment processor that has good experience in working with merchants from the crypto mining industry.

Application Process for a Crypto Mining Merchant Account

The application process for a crypto mining merchant account is very simple with QuadraPay. It starts with the initial introduction, and for this you just need to fill out the short merchant account form on our website. Our team will evaluate your website and get back to you.

For approval of the merchant account, you will have to send the application form and the KYC document, which our processing partners will review. They will evaluate your business model, check your website, and carefully read all the documents that you submit. After performing the due diligence and detailed evaluation, the underwriters will come to a decision on whether they want to approve you or not.

After the approval of the account, it is time for you to integrate the merchant account. Our payment processing solutions come with detailed APIs and ready-to-use plugins for e-commerce content management systems such as WordPress, WooCommerce, Magento, and OpenCart. Once the integration is done, you can initiate a couple of test transactions, and after that, you can start accepting live orders on your website. If you have a retail store, then we can also provide you with credit card terminals.

KYC for Crypto Mining Merchant Accounts

Our solutions are powered by some of the finest acquiring institutions in the US and the UK, and they follow all the KYC and AML guidelines. This is why you will have to go through the KYC process. For this, you will submit some business and personal documents, which will be carefully evaluated by underwriting experts.

For business documents, you can provide the business registration certificate, utility bill, and letter from your bank.

For personal documents of the directors, you can submit a photo ID. This can be a driver’s license or passport. You also have to submit the utility bill for the director’s residence. To confirm the ownership of the website, you will have to provide proof of domain purchase or a copy of the WHOIS information.

The website should have important policy pages such as terms and conditions, privacy policy, and shipping and return policy. In the footer section of your website, clear contact information for your company should be present. As per the bank policy, the underwriters may request additional documents.

Frequently Asked Questions: Crypto Mining Merchant Account

Q1: Can startups in the crypto mining space apply for a merchant account?

As mentioned above, we can support startups and experienced players; however, in the case of startups, there are some factors that you must take care of. Your website should be complete and must have some organic traffic. Our processing partners can only support serious start-ups that invest time to generate some traffic on the website before approaching a payment processor.

Q2: Are there any restricted countries?

Absolutely, there are many countries where our payment processing partners cannot offer merchant accounts. These countries include all those that are sanctioned and are under the prohibited list used by banking institutions across the globe. However, our acquiring partner can share the updated information with you when you ask them.

Q3: What currencies are supported?

Our payment processing partners support multi-currency processing. That means you will be able to accept a variety of international currencies. However, in the crypto mining industry, we have noticed that most of the merchants either use USD or Euro for payment acceptance.

Q4: Can I process recurring payments?

Recurring payments are important for mining hubs, as the users are supposed to make monthly payments for their subscriptions. Yes, we support recurring payment modes.

Get a Cryptocurrency Mining Merchant Account with QuadraPay Today

Do not let traditional low-risk payment processing companies demotivate you. It is time to switch to a stable cryptocurrency mining merchant account. Get in touch with QuadraPay today, and we will let you know how you can get access to a high-risk-friendly payment solution for your business. Apply today.