Get a Cryptocurrency Merchant Account

If you would like to trade cryptocurrency as a business then you should know how to process payments made by your customers.

Right now cryptocurrency is still a new technology, the essential requirements for running a crypto business is equivalent to the other e-commerce activity, i.e. you should have a merchant account, or a cryptocurrency merchants account.

But the majority of the European banks rejected to process crypto merchants because of the high risks. As a result, crypto business owners are looking for an alternative payment method.

What does a Cryptocurrency Merchant Account do?

A merchant account may be a sort of a billboard account, meaning that unlike your bank account it's meant for business transactions. Otherwise, it's the same, the bank or processing company gives you this account which makes the whole difference, not the merchant account.

When you're doing the processing between your business and your customer, you require a negotiator to truly do the processing. You can't accept payments from your customers via credit or debit card if you don't have this.

The provider of your merchant account is going to do things for your business like verifying the card which is being used for payments, requesting confirmation from the customer's bank that the funds are there, and transferring the money from their account into your merchant account.

Why Cryptocurrency Business is Considered High Risk? 

Cryptocurrency merchant account is considered high risk because of the following reasons:

1. Automatic approval

The crypto payments are sent by unknown people and are irreversible. You cannot apply for a refund as there is no credit card statement or chargeback.

2. No law regulations

No rules and regulations are meaning no laws regulating the crypto business. Because of this, the majority of the European banks reject a crypto account, as they see it is equal to trading which is a very high risk.

3. Instability

As there is no law regulating the crypto businesses, it's dependents upon the trust of the humans that are involved in it.

4. Illegal usage

Even with license crypto is considered as high risk due to the number of people using it for money washing, buying or selling drugs, etc. 

What documents are needed to open a cryptocurrency account?

1. Certificate of incorporation
2. History of the process of the payment.
3.  Local documents which the company requires as its jurisdiction display the company's directors and owners.
4. Utility bill, bank statement, rental agreement, etc. which is proving the company's location.
5. Your valid ID copies for all the company directors and owners.

Website requirements to open a cryptocurrency account

•         Privacy policy
•        Terms and conditions
•        Name of the company
•        Contact us button with an email and contact number
•        Deposit and refund policy
•     Logos of visa and MasterCard 

Why do customers want to use cryptocurrency?

1. Security

When making either large or regular transactions, the cryptocurrency uses the code which is nearly uncrackable or unhackable.

2. Availability

The localized nature of cryptocurrency means that it can be used by anyone, however, banks and building societies are often selective with who they are doing business with.

3. Anonymous transactions

Cryptocurrency payments are most of the time anonymous

4. Investment

With cryptocurrency being a new sort of cash, the markets are known to grow rapidly. Meaning a little investment can prove profitable growth in the market. The foremost comment investment is understood as holding meaning client purchase cryptocurrency and holding onto it and hoping that its value will increase in the coming future.

How can accepting cryptocurrency benefit my business?

Cryptocurrency merchant accounts are available within both the United Kingdom and worldwide. Also because of the customer benefits, accepting cryptocurrency can give many great advantages to merchants. The transactions can't be faked or reversed, providing security to both customer and merchant. This can be very beneficial for the Industries that deal with large chargebacks. Also, the fee of the payment in cryptocurrency is very low.