In today's world, many areas are actively moving to online marketplaces. Online commerce comes into our lives no matter our income or profession. Many companies have their own online shops, which makes them of interest to different people, even if they live in different cities. E-commerce includes online sales, banking, the purchase of tickets for various modes of transport, the use of the payment system, and advertising activities.
All businesses that do business online need a system to accept non-cash payments. However, not only can bank cards be used to pay for goods or services; some businesses accept cryptocurrency payments as well.
We'll talk more about this system and the concept of cryptocurrency in our article. We will also discuss how to create a bitcoin merchant account for business.
Crypto processing is the name given to the medium for making virtual payments on various marketplaces. More and more online retailers are setting up their sites to accept crypto payments in order to grow their business. The first of the cryptocurrencies is thought to be Bitcoin. It was created in 2009. Other cryptocurrencies began to appear in masses since then.
The main feature of any virtual currency is that it is decentralized. Cryptocurrency is a digital payment method without the involvement of banks. More and more users are interested in this topic and are seeking cryptocurrency in different ways. In some cases, cryptocurrencies can be used to pay for goods or services and can attract customers from different countries.
There is a growing awareness of cryptocurrency, and many users have already partially switched to virtual online payments. The digital currency era is inevitable, and there are benefits.
There are quite a few varieties of cryptocurrencies in today's world.
The most popular are:
Bitcoin (Bitcoin) is the very first cryptocurrency that was used for various transactions on the internet. Bitcoin's high reliability is one of its main advantages. The user has the ability to make and receive payments with low fees and without the use of a merchant account. Bitcoin is the most stable currency that can be used to pay for any kind of goods and services.
Litecoin is the second most popular of all cryptocurrencies and is based on the Bitcoin protocol. Litecoin can be exchanged for the same Bitcoin or for cash. It can be done at any exchanger.
Ethereum is a blockchain system that is used to create a payment service. This cryptocurrency is extremely tamper-proof and is an unchanging and automated currency.
Zcash - has open source, full confidentiality, and selective transaction transparency. Low fees and high transaction processing speed allow this cryptocurrency to be of interest to users.
The cryptocurrency has no master bank and can easily be transferred to a user located in another country. The details of the sender and recipient are hidden from third parties.
With the rapid development of technology and blockchain, the number of people wishing to use cryptocurrency is increasing. Accepting bitcoin payments allows a number of companies to grow their business globally.
Setting up a cryptocurrency payment platform on your website will provide the following benefits:
Small commission for transactions. Payment in Bitcoin currency will be lower than if you pay by card of any bank.
The most secure transactions. The possibility of cryptocurrency payment allows the client not to disclose his personal data.
There are no chargebacks. Bitcoin purchase is final; there is no cancellation of the transaction. This is very convenient and profitable for business.
Receipt and transfer of funds are very fast.
International payments can be made quickly and easily. Bitcoin makes cross-border payments easy and convenient for regular users. You will not have to pay a big fee for transferring money to another country.
Increasing the number of customers.
Thanks to Bitcoin cryptocurrency, every user can accept and transfer currency without too much hassle.
A merchant account is a modern solution to accept payments from a customer. Opening such an account will be very useful even for offline sales. In today's world, it is already quite hard to imagine popular companies operating without the possibility of purchasing at any time. Continuous operation of a company without the involvement of the owner and vendors is the desire of many businesses.
Merchant accounts are divided into three types:
Low-risk;
High-risk;
Medium-risk.
Customer companies are divided into the following groups for different banks and financial institutions:
A start-up company;
A company where a high repayment rate is possible;
A company with debts and other financial difficulties;
A firm with a bad credit history;
A firm that sends products to countries in troubled times;
A company making substandard products;
A business entity that does not disclose the details of its activities;
The financial activity of a merchant account does not match the report.
The high-risk merchant account includes the following areas:
Various online gambling activities;
Trade in medicinal products;
Nutritional supplements;
Travel agencies;
Alcohol and tobacco products;
Dating and adult websites;
Jewelry shops, etc.
This list can be quite lengthy, as each payment system has its own characteristics.
The possibility of accepting online payments cannot be free, as each business is specific to its needs and peculiarities. Many entrepreneurs find it uneconomical to set up a merchant account. However, we would like to dissuade you from this.
Opening a MEEG merchant account has the following advantages:
Quick and easy to pay for the goods you need.
Cryptocurrency or other money can be transferred at any time of day.
Customers can pay for their orders through the website, bypassing any hassle.
It is much cheaper for customers to make a transfer to a merchant account than to pay by card to a regular website account.
You can view the payment history and payment details in your merchant's personal account.
The account is not difficult to manage. It is designed to be as user-friendly as possible.
It's a safe way to do business.
The benefits of merchants are actually much more than you might think. It makes it much more profitable and secure to pay for services and goods.
Cryptocurrency holders are actively debating on social media to connect high-risk payments. Making an important decision about choosing a platform for this purpose will require some knowledge, which we will discuss below.
A high-risk payment platform should have the following criteria:
The availability of experience of the firm engaged in the activity.
The ability to deal remotely with connectivity and start-up issues.
The size of the commissions after each transaction.
Ability to modify the marketing approach.
Use of multiple cryptocurrencies for users to choose from.
Possibility to make refunds for services or goods.
Easy system setup for billing.
Professional staff ready to provide support and advice as needed. This is one of the most important criteria for running a merchant.
When choosing a platform for your business, it is important to look at more than just the commission. MEEG is a perfect merchant account solution that will benefit your business and expand its audience.
