iPayTotal Cryptocurrency Merchant Accounts

IPAYTOTAL is a bitcoin payment processor and is one of the biggest players in merchant services. Ipaytotal has earned this place in the industry as we provide best Internet merchant account services at extremely competitive rates. We help in establishing bitcoin merchant accounts or any merchant accounts through our connections with Acquiring Partners and it gives us the edge to offer Reliable Credit, Debit and Echeck Processing to almost every industry which is considered high risk.

Cryptocurrency payment processing is gaining huge popularity among merchants around the world. In this blog, we will discuss accepting cryptocurrency payments from beginning to end.

What is cryptocurrency?

A cryptocurrency can be defined as a digital or virtual currency and it is designed to work as a medium of exchange. It makes use of cryptography to secure and verify the transactions as well as to manage the creation of new units of a particular cryptocurrency. Basically, cryptocurrencies are coded in specific blockchain entries which are stored in computers and cannot be altered unless specific conditions are satisfied.

Bitcoin is the most widely recognized cryptocurrency and was created in 2009 by Satoshi Nakamoto. The value of Bitcoin in 2017 reached a huge $180 billion.

Cryptocurrency units, like Bitcoin, are generated through ‘mining. Cryptocurrency units are generated by utilizing a computer to solve math’s problems. The users of this currency can buy it from brokers and by utilizing cryptographic wallets they can spend it for their use.

What are the reasons that now most of the customers prefer to use cryptocurrency ?

  • Availability
    • The decentralized nature of cryptocurrency means that it’s assessable to all, however, banks and building societies can be selective concerning whom they work with. Over two billion people who have access to the internet and they don’t have right to utilize the traditional transaction systems. These people find cryptocurrency more convenient over traditional transaction systems.
  • Quick And Easy Settlement
    • The blockchain is the reason behind why cryptocurrency has any value. Ease of use is the reason behind why cryptocurrency is sought after. All you require is a smart device, an internet connection and instantly you become your own bank making payments and money transfers.
  • Investment
    • With cryptocurrency being a ‘new’ kind of money, the business sectors have been known to boom massively. Which means a small venture can prove rather lucrative. The most common investment is known as ‘holding’ meaning clients purchase cryptocurrency and hold onto it, hoping it increases in value.

  • Fraud-proof
    • When cryptocurrency came into existence, then every approved transaction are safely stored in a public ledger. The identities of all the owners of a coin are encrypted so as to ensure the authenticity of record keeping. Because the currency is decentralized, you claim it. Only the owner of the currency has control over it, neither bank or even government has any control over it. Customers can make large or regular transactions as the currency uses code which is relatively uncrackable that make this currency more appealing to them.

Who Accepts Bitcoin?

The list of companies who utilize Bitcoin payment processing develops constantly. It is quite a reality that the virtual currency is here to remain. There are a number of small ventures worldwide that accept bitcoin, however major companies are following. Virgin Galactic, Overstock.com, Tiger Direct, and the NBA’s Sacramento Kings to name several.

At present, many big, as well as small companies, are accepting and offering BITCOIN payment

Benefits of Accepting Cryptocurrency Payment

Eliminate chargeback fraud

A Bitcoin transaction is immutable. Once a client has paid for a product or service, the money is in your account. Unlike credit card payments, charges cannot be reversed.

Immediate availability

There is no third party-dependent waiting period the way there is with bank-owned payments. Once payment is successful, the transaction amount is in your wallet and accessible immediately.

Lower Transaction Cost

Credit card payments usually end up costing you a 2 to 4 percent fee. With Bitcoin, this amount is a low flat fee, not a percentage of the transaction, so no paying extra. Cheap, Safe and Reliable.

Garner publicity

Bitcoin makes the news in a way fiat currency can’t. Local, national and even international news outlets are reporting on businesses taking Bitcoin payments, giving you an opportunity for free publicity.

Gain experience

The blockchain is the future. Bitcoin is an easy, accessible way to introduce yourself and your business to its workings. This could lead to further technical exploration at a later stage once you’ve gained confidence

Inevitable business practice

Given the steady rise of cryptocurrency, there is no indication that it will cease being in circulation. In the future, accepting cryptocurrency as payment might be standard procedure.

How to get a bitcoin merchant account

With Ipaytotal on your side, It is quite easy..Ipaytotal offers the following solution for merchants looking for a bitcoin payment processor:

Processing History

Minimum 6 months of payment processing statements with your company name and showing all the details of chargebacks, refunds, returns, and total sales.

Business Banking

Six months of business banking statements

Approval Time

Approvals: 10 business days to two weeks

Can I get a payment gateway with my

very merchant account provided by IPAYTOTAL incorporates a payment gateway provided by the approving bank. IPAYTOTAL’s trusted banking partners offer a secure payment gateway for all transactions, with which you will connect the bank’s API to your website upon approval.

The Time Required For Bitcoin Merchant Accounts

The time required for bitcoin merchant account approval can take around 3-5 days but It may take longer as approvals are dependent upon several factors:

  • Industry type
  • Merchant’s payment processing history
  • The acquiring bank

Our team of experts walks you step by step through the bitcoin merchant account application process and remain as your consultant for the life of your partnership with IPAYTOTAL.

Merchant Accounts For Bitcoin Mining Hardware

Many hardcore bitcoin and crypto enthusiasts are also bitcoin and cryptocurrency miners. The process of mining is done by the use of a specific programming that solves complex numerical conditions, resulting in the creation of bitcoins. Bitcoin is a constrained currency it is accepted to be capped at 21 million bitcoins, just 50% of which have been released and are in circulation. As more bitcoin enters into the system, it will make more difficult to mine.

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The easiest way to accept bitcoin for your business is to use an app like Coinbase merchant or Blockchain.info merchant. They are simple, easy to use and straightforward. For example, to setup the Blockchain.info merchant app, all you need to do is to enter the Bitcoin address that you want the bitcoins to be sent to, and then you can start accepting bitcoins. Just enter the amount to be accepted, and a QR code is generated automatically.  You can even add a note for the payment, so that you can easily account your sales later. However, while this is a good solution for someone who is just starting out, it may not be if your store is picking up sales volume rapidly.  In that case, you should consider migrating to a more robust Bitcoin merchant account service like iPayTotal.