How To Accept Bitcoin Payments For Small Business?

The prize of bitcoin is reaching new heights with each passing day, so it comes without surprise that the interest of public to invest in bitcoin is also increasing, even large MNC corporations are ready to invest in bitcoin as they see bitcoin as the financial future. So, small businesses are also taught to start accepting bitcoin Payments to match themselves for the upcoming future.

If you are a small business owner and want to accept bitcoin payment for your provided goods and services, than this guide is to help you through the procedure to start accepting the payments. There are a number of ways to start accepting such payments.

Apply for a Instant Approval Bitcoin Merchant Account

The Beginning:

The above is the sign that will help to start with the process. It will also help your consumers to be interested in doing bitcoin payments and they will be easily able to make contact with you directly.

Accept Payments:

1. If you are a store or a shop, your consumers can pay you through terminals like mobile apps, wallet addresses, QR Codes, etc.

2. If you are a online website implementation of accepting bitcoins would be done by competent programmer to help you.

Avoiding Frauds:

Along with the bright day comes a dark night, which means, along with all the profits with bitcoin there are high chances of frauds in it. There are chances that fraudsters may send fake invoices to your consumers and ask them to make payments to the bitcoin address they have control of. So it is very necessary that you apply the best way to avoid all the frauds so that the fraudsters do not get the information about your consumers. For which you need to consult best Bitcoin Merchant Account provider to avoid fraudulent activities in your business transactions.

Tax Payments of Bitcoin Income:

You need to consult with a educated accountant or lawyer to deal with this aspect of accepting bitcoin payments.

Following all the above steps will help to accomplish your goal of accepting bitcoin Payments.

How To Get Bitcoin Merchant Account Approval?

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.

Apply for a Bitcoin 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:

Amazon
Ebay / Paypal
Microsoft
Ok Cupid
WordPress
Sears
Las Vegas Casinos
Chicago Sun Times
Target
Dish Network and Many more..

Accept BitCoins with High Risk Merchant Account

In order to flourish as an e-commerce merchant in this economy, it is mandatory to keep up with all the latest industry trends and consumer preferences.

A most recent and increasingly popular trend in the payments industry has been accepting Bitcoins as payments. Gone are the days when consumers only used cards & cash for purchasing items. Alternative payment solutions like Instant Bank Transfer, E-wallets, Mobile Wallets and Bitcoins are a hit, especially among the younger demography.

So what is a Bitcoin? Bitcoins are a virtual currency traded using a peer-to-peer system. This digital asset is non-regulated. Buyers and users of bitcoin are usually self-governed.

Because of its growing popularity as a mode of payment, several merchants have started accepting Bitcoins as payments. However, finding a bank or a processor to integrate bitcoin payment processing with your business can prove to be a difficult task.

A High-Risk Industry for Bitcoin Payment Processing

Bitcoin Industry falls under the High-Risk category. Merchants accepting bitcoins are labeled as High Risk.

The fact that these digital currencies are non-regulated makes financial institutions extremely wary of processing them.

A common misconception regarding Bitcoins is that they are traded almost exclusively for criminal reasons. Another issue being merchants require a merchant account provider that can convert Bitcoins in real-time since there is always an issue of volatility.

Benefits of accepting Bitcoins

Apart from being a fast-growing payment method favored by the tech-savvy generation to buy products and services, accepting Bitcoins has several advantages to you as a merchant:

Lower Transaction Cost: Bitcoin payment processing fees are lower than credit card transaction fees.

No Chargeback Risks: This currency has an irreversible payment structure which means once the transaction is done, the payment cannot be reversed. No possibility of a chargeback. This is advantageous particularly to the high risk merchants.

Minimal Security Risk: Unlike credit card processing wherein the customers’ card details are used, payment in bitcoin does not use personal information which lowers security risks & frauds significantly.

Choice of Payouts: You have the choice to receive payouts in either bitcoins itself or any other currency of your choice.

High Risk Merchant Account for Bitcoin Payment Processing

Most merchant account providers do not understand the challenges and complexities of the Bitcoin industry and will provide merchant solutions that will not suit your payment processing requirements. This may affect your business in the long run and can eventually lead to Bitcoin Merchant Account termination.

Here, it becomes essential to obtain a Merchant Account that will enhance and provide the right services required to process bitcoin payments smoothly.

Team up with a merchant account provider that specializes in High Risk Merchant Account solutions that will help you with smooth integration of bitcoin payment processor in your system. These processors will also provide you with a secure payment gateway to accept other forms of payment.