The growth of digital payments significantly increased during this Covid 19 times. As a result, many businesses and merchants have begun including digital payments for their goods and services. These payment options offer their customers a fast, simple, and contactless approach.
Most businesses and companies have transitioned into digital payments such as cryptocurrencies, i.e., Bitcoin. However, it’s worth recognizing that the growth of Bitcoin as a digital payment solution has been remarkable. As of 2021 alone, bitcoin merchants added over $500 billion to its ever-growing market capitalization.
However, a business will require a bitcoin merchant account to streamline payments and reduce the risk of making losses.
What is a Bitcoin merchant account?
A Bitcoin merchant account allows customers to buy Bitcoin or exchange bitcoin using their debit or credit cards. These merchant accounts protect business owners from the volatile nature of Bitcoins by immediately exchanging Bitcoin for its real-time cash value.
Getting a Bitcoin merchant account
Cryptocurrencies are mainly exchanged via secure websites. Before taking any steps, ensure you have stable and active internet so that all pages load fast and display well. Always double-check the refund, privacy, and other important policies and understand the company’s intentions.
You will need to set up a username and password to sign in. Once Your account is approved, An MID (merchant identification number) is emailed to you together with your login credentials.
Now you can begin processing bitcoin payments as a form of digital payment.
Benefits of Bitcoin as a form of digital payment
Open up to new customer bases: Cryptocurrencies are growing into a global currency. Opening your business to this form of digital payment will introduce you to new customers you previously did not have.
Always available: Once clients send, payments are immediately deposited into your bitcoin wallet due to no third-party involvement in the transaction process. You can change bitcoin to your preferred currency immediately or later without any delays.
Reduces chargeback Fraud: Bitcoin transactions are irreversible once completed; the money is deposited into your account when a client pays for services or products. Reversal of funds is not possible.
Reduces Cost of transaction: While debit and credit card providers charge between 1.5% -4% fee per transaction, Bitcoin transactions enjoy a minimal flat charge per transaction and are cheaper.
Secure and Safe: Transactions are also safe and secure and less susceptible to fraud.
Always take your time before incorporating emerging digital payment systems. Do adequate research on the service providers before incorporating a new payment system. For example, it may be easy to open a bitcoin merchant account, but you might put your business at risk of losing money without the proper information. Also, be keen to understand the pricing, features, and policies that align with your business’s long-term goals.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books