Credit Card Processing for Crypto Currencies
Even after being so popular , crypto currencies are still considered high risk. Crypto currency exchanges are not considered for banking and acquiring solutions in a normal fashion. Business owners running crypto exchanges and crypto trading platforms are denied bank accounts and merchant accounts even when they are fully licensed.Accepting fiat for cryptocurrencies or accepting cryptocurrencies as an online retailer or casino is notoriously challenging. iPaytotal can provide expert advise and the payment processing solutions you need.
If you hadn’t noticed, banks don’t really like crypto. In fact, nobody really does apart from the people who do like crypto. Decentralisation is one of the most groundbreaking concepts of recent times, which is in truth a very old concept, however to the established business models and the status quo which it threatens, it is pretty much persona non grata. That is until they can figure out a way to monetize it eg. Facebook and Libra etc.
Anyway, that’s a topic for another day. The fact is crypto is high risk. It’s pretty much code red to most people. Fraught with corruption, scams, money laundering it is no wonder that most people have this attitude. And it is unfortunate that this has marred the legitimate crypto and blockchain business out there which are really pushing make a difference in the world. It will therefore come as no surprise that finding a payment processor for your fiat payments in this sector is tough.
At iPayTotal, our integrated features are designed with the flexibility to support a wide variety of transaction types from all over the world.
The key to operating in a high risk environment is to be a specialist in that environment. With great reward comes risk and that risk comes in many shapes and sizes. So if you are not a specialist, it is imperative that you partner with somebody who is! We have navigated this landscape for many clients and our pledge to you is to keep your payments operational and smooth.
Our product range will give you the confidence you deserve when accepting fiat payments.
We’ve seen it so many times. Crypto businesses onboard with a normal payment processor just to find to have their account shut down. Unable to process transactions, customers look elsewhere which is real risk to the business! The whole business is now in jeopardy and it becomes a race against time to find another provider before there is no business left. As opposed to traditional payment processors, iPaytotal was designed with Crypto businesses in our mind as many of our team have worked in crypto. We are here to support you.
Online payments have to go via a processor in order to facilitate the card transaction with the bank, there is no way around this other than using pre-paid solutions such a PayPal or cryptocurrencies. The reason for the risk is almost certainly money laundering, where the money that goes into a casino is not always the same money that comes out - or Bitcoin that goes in, comes out.
1. Banks do not want to be involved with risk because it's costly and time consuming and they also would rather not be associated with gambling.
2. The chances of fraud, KYC & AML issues and chargebacks are much higher in these industries, causing additional headaches for the payment providers and banks.