A bitcoin merchant account falls into the category of high-risk merchant account, and hence is difficult to obtain such account. Quite a number of banks have stopped approving BITCOIN MERCHANT ACCOUNTS due to the very high risk involved in the bitcoin industry.
Here are a few commonly asked questions answered:
How to get approval on a bitcoin merchant account?
To get your bitcoin merchant account approved you should have a proper history of payment processing. At least 6 months of payments processing history statements should be attached along with the account application as the offshore merchant account.
Also you need to submit a bank statement of your business account from the past six months, in case there is no business account previously, the statement of your personal bank account is also admissible. These statements are compulsory it takes 1-2 week for the account approval.
Even if you come around websites giving approval in 1-2 business days it ios nearly impossible for 99% of the bitcoin merchant account to get approval in such short span.
What types of bitcoin merchant account are available?
International Bitcoin Merchant Account
By submitting above documents along with your Identity Proof. You can get approval in maximum of 15 business days to have a International Bitcoin Merchant Account.
Domestic Bitcoin Merchant Account
There is no dealing of bitcoins in the local or domestic markets. Hence there are no Domestic Bitcoin Merchant accounts available.
Is there a payment Gateway in Bitcoin Merchant Account?
Not only for Bitcoin merchant account, but for any type of approved merchant account the approving financial institution or bank provides a secure payment gateway for safe online transactions through debit/credit cards.
Which companies accept Bitcoin?
With every passing day the number of bitcoin accepting companies is increasing.
Overstock based in Utah was the first one who started accepting bitcoins and lot of companies have followed later.
Here is a list of some major companies who have been accepting bitcoin:
- Ebay / Paypal
- Ok Cupid
- Las Vegas Casinos
- Chicago Sun Times
- Dish Network and Many more..