Crypto Merchant Accounts: A Guide for Business Owners
There has been a massive increase in the popularity of cryptocurrencies. More business owners are in need of a crypto merchant account. Cryptocurrencies in general have gained global attention and acceptance. As a result, there is an increased need for crypto merchant accounts. In addition, these businesses need crypto payment processing solutions.
How to Get a Crypto Merchant Account
Cryptocurrencies are very popular, but still very new. Nonetheless, options for your crypto merchant account are more abundant than you think. Many high risk merchant account providers have crypto payment solutions.
One of the benefits to a crypto merchant account is that for the most part, they are ungoverned. Because of this, financial endeavors within the crypto market are classified as high risk.
Banks and high risk payment processors recognize these liabilities and set regulations. They still accept and approve merchant accounts for riskier merchants. As a result, crypto merchants need to find trusted cryptocurrency payment solutions from a high risk merchant account provider.
Crypto Payment Gateway
As alternative forms of payment continue to emerge, crypto payment gateways will fast become an essential tool for merchants. The allure of cryptocurrency is its anonymity and ease of exchange.
A crypto payment gateway helps you transfer from consumer payments to your merchant account. With it, you can reduce payment processing fees and extend your business into the new burgeoning crypto industry.
Nearly every new type of cryptocurrency is untraceable in terms of ownership. Merchants and customers alike value the appeal of an un-trackable footprint. Because of this, certain high risk goods like firearms, marijuana, and adult services seek to offer crypto payment processing.
Secure Crypto Payment Gateways
Presently, most websites process payments with SSL certificates that guarantee safe transactions. Crypto payment gateways are secure in an entirely different way.
They use blockchain technology to verify transactions. The information is cross-checked across multiple servers provided by separate users. Essentially, there is a web of shared data that makes certain the transactional information is valid before sending confirmation.
What Does Crypto Stand For?
Crypto is short for cryptocurrency. It is a secure form of online money that trades around the world 24/7. Crypto payment gateways are online tools that convert money from cryptocurrency to mainstream money like the USD.
Digital Currency Payments
There are countless types of digital currencies. The first decentralized digital coin, Bitcoin, was created in 2009 and is a well-established cryptocurrency. Dogecoin, which dissimilar to it's meme of a name, is a a legitimate coin and investment. Now, this new form of online money is recognized by many businesses. As a result, they take it as a real form of payment for their products or services.
It's highly likely that you have encountered the word cryptocurrency. There are countless different types of digital currencies. They can be referred to as the currency of the internet or crypto coins. Others call it revolutionary digital money. However, this new digital currency is described, it's clear crypto is here to stay.
List of Popular Crypto Currencies:
- Bitcoin (BTC)
- Etherium (ETH)
- Lightcoin (LTC)
- Dogecoin (DOGE)
- Cardano (ADA)
- Binance Coin (BNB)
- Tether (USDT)
- Stellar (XLM)
- Bitcoin Cash (BCH)
- XRP (XRP)
- Polkadot (DOT)
Fiat Currencies vs Cryptocurrencies
The recent adoption of cryptocurrencies has brought fiat currency into the spotlight. Therefore, both merchants and consumers are questioning what really makes money function.
Fiat Currency
Fiat currency is physical. Usually, in the form of paper money or coins, physical cash has long been the default currency. This type of currency is often issued by the government. And unlike the Gold Standard, it is not backed by a secondary value system. Therefore, fiat currency gives central banks more control over the economy. As a result, they can control the amount of money printed.
Crypto Currency
Crypto currency is a completely digital type of money. The entire world of cryptocurrency payments lives on servers, computers and the internet. Therefore, there is no physical cash or coins to trade. This type maintains its anonymity, and is presently unregulated. Moreover, unlike the Federal Reserve, it is decentralized. But, just like fiat money, the success of its existence is solely based on the adopters.
Accepting Crypto As Payments
If you are looking to accept one of the many cryptocurrencies as payment for your services or products, you'll need a crypto merchant account. This payments account needs to be provided by a high risk merchant processor. Especially one that specializes in crypto currencies.