Bitcoin Merchant Accounts: The Advantages of Digital Currencies
How can merchants process bitcoins?
A relatively new, high-risk industry, finding the right banking partner for your bitcoin merchant account can be challenging. Teaming with Instabill, however, is easy.
A global leader in merchant services, Instabill is a bitcoin payment processor with high-quality Internet merchant account services at extremely competitive rates. Through our trusted domestic and offshore banking partners, we help establish bitcoin merchant accounts while saving company money on processing fees.
Get Payouts in Bitcoin!
Instabill has always offered merchants the choice of payouts in their own familiar currency. Now, Instabill can offer payouts in bitcoin. Prospective merchants seeking payment solutions need to provide the necessary know-your-customer (KYC) documents, as they would with any merchant account with Instabill.
Once the merchant’s application is approved, merchants can receive payouts in bitcoin from Instabill contingent on having/opening a bitcoin account with a reputable bitcoin wallet, such as:
- For Android Users: Airbitz, GreenAddress, Bitcoin Wallet, MyCelium, Greenbitz
- For iOS Users: Airbitz, GreenAddress, BreadWallet, CoPay
- For Desktop Users: Armory, Bitcoin Core, Electrum, MultiBit
What is Bitcoin?
Perhaps the most discussed financial news item over the last 10 years, Bitcoin is digital, peer-to-peer currency founded in 2009 by the persons or people known as Satoshi Nakamoto. 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.
Bitcoin merchant benefits include 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. Though volatility is an issue, the value of bitcoin skyrocketed to more than $2,730 as of Q3 of 2017.
How do I get a bitcoin merchant account?
Speak with a merchant account manager directly at 1-800-318-2713, or simply click the ‘Apply Now’ button to get started.
Instabill offers the following solution for merchants looking for a bitcoin payment processor:
Offshore Bitcoin Merchant Accounts (with payment processing history):
- A minimum 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.
The timetable for bitcoin merchant accounts
We often see our competitors offer approvals as fast as 1-2 business days, even for offshore merchant accounts. For 99 percent of all merchant account applications, this is simply not true.
Approvals for any of the merchant account solutions that Instabill offers can take anywhere from five business days to two weeks. We’ve done it quicker, but approvals are contingent upon several factors:
- Industry type
- Merchant’s payment processing history
- The acquiring bank with which we match your business
We would love to be able to offer an approval within 24 or 48 hours, but chances are it will take longer for the acquiring bank to give the green light. Rest assured, however, that our expert merchant account managers will do everything possible to get your business approved as soon as possible.
Our staffers walk you step by step through the application process and remain as your consultant for the life of your partnership with Instabill. Chat live with a merchant account manager by selecting the button below.
Can I get a payment gateway with my bitcoin merchant account?
Every merchant account furnished by Instabill includes a payment gateway provided by the approving bank. Instabill’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.
Who accepts bitcoin?
The list of companies who accept and offer Bitcoin payment processing grows by the week. It is further evidence that the virtual currency is here to stay. There are a number of small businesses worldwide that accept bitcoin, but major companies are following. Utah-based Overstock.com became the first major U.S. retailer to recognize it and others have followed, including Virgin Galactic, Tiger Direct, and the NBA’s Sacramento Kings to name several.
- Amazon
- Bloomberg
- Chicago Sun Times
- CVS
- Dish Network
- eBay/PayPal
- K-Mart
- Las Vegas Casinos
- Microsoft
- MIT Coop Store
- OK Cupid
- Overstock.com
- Sacramento Kings
- Sears
- Target
- Tesla
- Tiger Direct
- University of Nicosia
- University of Cumbria
- Victoria’s Secret
- Virgin Galactic
- Whole Foods
- WordPress
- Zappos
What are bitcoin merchant account fees?
The fees Instabill charges are depend on several factors, such as the merchant’s processing history, type of industry (high risk or low risk) and/or projected sales volume. Each merchant account is unique, but typical fees for Bitcoin merchants include:
- Merchant Discount Rate
- Per Transaction Fee
- Monthly Statement Fee
- Monthly Gateway Fee
- Six-Month Rolling Reserve
- Chargeback Fee
- Refund Fee
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 particular software that solves complex mathematical equations, resulting in the creation of bitcoins. Bitcoin is a limited currency — it is believed to be capped at 21 million bitcoins, only half of which have been released and are in circulation. As more bitcoin enters circulation, the more difficult it is to mine for them. Alas, advances are also being made in mining techniques.
Must-Reads for bitcoin merchants
3 Reasons Bitcoin Value is Eyeing $500
Australian Businessman Believed to Be Bitcoin Founder