In a nutshell, bitcoin payment services, or bitcoin merchant services, enable merchants and businesses to receive payments in bitcoins from individuals for the goods and services being sold or delivered.
With the advent of bitcoin, there has been a plethora of different applications and uses for this cryptocurrency. In order to effectively function in the global marketplace, bitcoin merchants must have the ability to receive payment in the cryptocurrency. At the moment, there are only a few bitcoin payment services, and even fewer that offer bitcoin-based merchant accounts. However, there are reasons why bitcoin merchant account providers have an advantage in the marketplace. First of all, it’s worth noting that there are a number of merchants that accept bitcoin and other cryptocurrencies as payment. And these businesses are the ones that truly understand the innovative nature of bitcoin and the usefulness of the cryptocurrency.
What is bitcoin?
The first Bitcoin transaction took place in January 2009 between an individual, Satoshi Nakamoto, and Hal Finney. After two weeks the next bitcoin transaction was completed. Within a few months the total number of bitcoins released into circulation topped 50,000.
Why should I accept bitcoin?
Buying and selling bitcoins is rather easy these days. As a merchant, you can accept payments in bitcoins from your customers by simply clicking on the “accept bitcoin” button when the payment is received. This gives you instant confirmation that a customer has made a payment in bitcoins. Many people prefer to pay with bitcoin over traditional methods because bitcoin payment transactions are finalised in 2 minutes or less, while most traditional payment methods take anywhere between 3 to 7 business days to settle. This means customers are guaranteed payment within a matter of minutes, which is a great convenience for your business. How do I start accepting bitcoins?
What are the benefits of bitcoin merchant services?
A bitcoin merchant service can help you with a range of different benefits. Some of them are listed below. There are some important benefits for merchants when they accept bitcoin payments: Higher conversion rates. Unlike credit card payments, bitcoin is a liquid payment method. Consumers can convert their bitcoin-to-USD to another currency instantly and convert bitcoin-to-EUR to another currency instantly. Lower credit card fraud rates. The reason why merchants pay lower fees than credit card companies, and also why they benefit from lower fraud rates is because of the lower risk associated with bitcoin payments compared to credit cards. Higher conversion rates. Unlike credit card payments, bitcoin is a liquid payment method.
What are the cons of bitcoin merchant services?
The benefits of bitcoin merchant services are compelling, but the cons are as well. Pros Increase in business or revenue Cons Hassle in setting up the company to accept bitcoin payments Lack of regulations Impact on business or revenue Government regulations on bitcoin payment services The ease of bitcoin merchant services adoption The viability of bitcoin merchant services is being watched closely by many entrepreneurs and merchants across the globe. An unprecedented number of businesses and consumers are being introduced to bitcoin and the potential advantages of it.
Every day, I get dozens of emails from different bitcoin users asking me to post an article on how to get bitcoin merchant account. I get them from Reddit, Twitter, Twitter DMs, and emails from bitcoin enthusiasts. Most of the people who send me those emails are in Brazil, Thailand, Venezuela, Zimbabwe, Russia, India, China, Japan, and South Africa. So, it is fair to say that I can cater to the needs of a large amount of bitcoin users. This article is meant to clear up any confusion about what it takes to get a bitcoin merchant account.