Bitcoin merchant account is a new way businesses can accept bitcoin payment online, by email, and in person. Accepting bitcoin payment for your business can be rewarding as it put end to high fees and chargeback and on top of that, it is a global digital currency. But what is bitcoin? How can you process bitcoin payment to your business and most importantly, what is more about a bitcoin merchant account?
What is Bitcoin?
According to Wikipedia bitcoin is defined as “a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began to use in 2009 when its implementation was released as open-source software.”
Bitcoin is the most discussed financial news item over the last 10 years. Similar to gold, Bitcoin is mined by solving a complex mathematical algorithm in a personal computer and found in blocks. Bitcoins are stored, sent, and received using e-wallets.
Businesses that are receiving their payouts in bitcoin through Bitcoin merchant account are enjoying the benefits including but not limited to easy, person-to-person transfers; no credit/debit card or PIN use; convenient storage on your PC or smartphone; and public, traceable transactions which help deter fraud.
How and where to get Bitcoin Merchant Account
Thanks to today’s advanced technology you can start accepting bitcoin in a minute; it is fast, free, global, and no chargebacks. There are many bitcoin processors that you can create your Bitcoin merchant account with we compiled the list of popular ones hereunder;
- CoinBase Commerce
Coinbase commerce offers a bitcoin merchant account, not only you can accept bitcoin payments you can also accept Litecoin, USD coin, and Ethereum. Some features of Coinbase commerce include:
- Fast: “We'll have you set up with hosted checkout pages, payment buttons, invoicing, and multiple e-commerce integrations” their words.
- Free: No fees to accept crypto
- Total Control: “We don't hold your crypto. You do. We give you all the benefits of a hosted platform while you maintain ownership.” they said.
Instabill offers the following solution for merchants looking for a bitcoin payment processor:
Offshore Bitcoin Merchant Accounts (with payment processing history):
- A minimum of six months of payment processing statements with company name showing chargebacks, refunds, returns, and total sales.
- Six months of business banking statements
- Approvals: 10 business days to two weeks
Offshore Startup Bitcoin Merchant Accounts
- Instabill currently has no solution for startup bitcoin merchant accounts.
Bitcoin cash offers Bitcoin Merchant Account to business some of their features includes;
- Lowest Fees: No matter the transaction size, Bitcoin Cash payments cost less than a cent making high payment processor fees a thing of the past.
- Zero chargebacks: Every payment in Bitcoin Cash is permanent so, unlike with credit card chargebacks, you have the right to make refunds at your own discretion.
- Immediate payment: Never wait on payment processors again. Bitcoin Cash payments are received in seconds, ready for you to save, spend, or convert into your local currency.