Customers want to buy bitcoins with credit cards and debit cards. In fact, consumers searching for of all types of digital currencies want to buy cryptocurrency with credit cards and debit cards.
Karma Payment Solutions provides bitcoin merchant services and cryptocurrency merchant accounts for cryptocurrency exchanges, dealers, and other businesses that sell virtual coins. Selling digital currencies is easier than ever before when you offer a convenient way to buy cryptocurrency with credit cards and debit cards.
What Is Bitcoin Merchant Account?
When we use the term “bitcoin” on this page, it also includes the many other cryptocurrencies that are based on digital tokens or coins. Bitcoin now has significant competition from cryptocurrencies which were developed from blockchain technology.
Bitcoin has become somewhat of a generic term since it was the first digital currency built on a decentralized per-to-peer network. Bitcoin is the still leader based on market capitalization and popularity. Yet, the competition among cryptocurrencies is fierce.
A bitcoin merchant account gives customers of bitcoin exchanges and other crypto related businesses the ability to buy cryptocurrencies with credit cards or buy bitcoins with debit cards.
Applying for Your Cryptocurrency Merchant Account
Of course, having a signer on the account with good personal credit is important. If credit is less than good, it’s wise to add a co-signer on the application form with good personal credit.
Cryptocurrency exchanges sell through secure websites. Naturally, be sure that all the pages on your site load quickly and display properly. Privacy, refund, & other relevant policies need to be clearly visible.
Make it easy to find customer service email or phone numbers. Our underwriters often “cold call” or email customer service to determine the quality of your customer service. If calls go to a voice mail, have a message identifying the name of your company and when customers can expect a call back. When email autoresponders are used, be sure to confirm receipt of the email and advise the writer when a reply will be sent. Then respond as promised.
Cryptocurrency sites require usernames & passwords to sign in. Therefore, include a demo or test login so the underwriting team can view what customers see.
Processing statements are reviewed to confirm processing volumes and determine chargeback ratios. If chargebacks ratios are on the rise, include a short explanation about the reason & what is being done to bring chargeback ratios under control.
Bank statements are examined to verify there is enough money in the bank to run the business. Business documents are reviewed. And the remainder of the supporting documents are examined.
Once the account is approved, your merchant identification number (MID) is assigned. Login credentials to the credit card to bitcoin payment gateway are securely emailed to you. And you can begin processing payments immediately.
Bitcoin Merchant Services Special Requirements
The primary concern when reviewing an application for cryptocurrency merchant accounts is anti-money laundering. Therefore, in your application file include all details on your anti-money laundering and compliance policies. Most cryptocurrency merchants have this information readily available.
Knowing your customer is particularly important for bitcoin companies. Standard due diligence documents required from customers prior to purchasing cryptocurrency should be included in the application package.
Other information to provide include the steps you take to prevent fraudulent transactions and how your blockchain monitoring computer security system functions.
Rates for Bitcoin Merchant Account
Final processing rates for cryptocurrency merchant services are based on the strength of the application package. Our goal is to save you money on payment processing while providing you top-notch technology and service
Every bitcoin merchant account is somewhat unique. However, similar fees are common for all accounts. These include the discount rate plus a small per transaction fee as well as set rates for chargebacks, refunds, and monthly statements.
Reserves are common for cryptocurrency merchant accounts. However, the terms for reserves can be negotiated so that the reserves do not negatively affect your business operations.
What is Cryptocurrency?
Bitcoin and other virtual currencies are similar to cash transactions. Purchases made with crypto currencies are anonymous. However, to purchase bitcoins online requires that the bitcoin exchange know who the buyers are, and identification is necessary to acquire the coins.
Cryptocurrency coins are essentially computer files that are stored in digital wallets on computers or mobile devices. People can send coins to each other. Or the coins can be used to make purchases from merchants that accept cryptocurrency.
Each cryptocurrency transaction is recorded in a public list called the blockchain. As a result, virtual currency cannot be copied. Transactions cannot be undone. And transactions made with cryptocurrency are like cash payments in that sales are often final.
There are more than 1600 virtual currencies in existence world-wide, although fewer than 20 are currently widely embraced by consumers. And more cryptocurrency coins are being developed all of the time.
Why Chose Karma Payment Solutions for Your Bitcoin Merchant Account?
- World-Wide Banking Network. Network of acquiring banks keen to offer you cryptocurrency merchant services so your customers can buy bitcoins with credit cards and debit cards.
- Competitive Rates. Contact us today for a no-obligation rate comparison. Our goal is to provide you the lowest rates with the best terms and conditions.
- Quick Approvals. Fast approvals mean customers can buy cryptocurrency with credit cards quicker.
- High Volume Credit Card Processing. High volume, bitcoin merchant accounts give you the processing capacity you need to grow your business smoothly and efficiently.
- Level 1 PCI-DSS Credit Card to Bitcoin Payment Gateway. Exceeds the most stringent standards for secure cryptocurrency credit card processing.
- Chargeback Prevention & Mitigation Services. Stop chargebacks before they happen. Fight the chargebacks you can win.
- Customizable Fraud Fighting Weapons. Powerful customizable fraud fighting tools. Quickly accept good orders. Stop fraudulent transactions. Set aside questionable orders for review.
- Superior Customer Service. Experienced representatives are dedicated to your success. Get professional assistance quickly when you need help.