This post was most recently updated on September 10th, 2019
You need to consider a lot of issues before setting up a bitcoin merchant account. Are you using an online or retail method to processed payments? Do you have a bank account? Do you already own a POS?
Some bitcoin payment processors, accepts either through online method or retail. If its via retail, POS – that is, point-of-sales system is employed.
Where is your bank account based? Coinbase only serve US customers, bitpay and coinPip can serve international clients.
Bitcoin merchant account money making machine
These are accounts that allow businesses to accept bitcoins as payments for goods and services.
Many banks are afraid of associating with bitcoin industries due to the risk involved. They consider such businesses as high risk businesses.
A reliable merchant account should provide and offer credible bitcoin processing solutions and various techniques for success.
The use of bitcoin is rapidly rising in popularity.
Bitcoin is a fast growing mode of payment with little, affordable or no transaction fees. Some companies now allows payments through bitcoins.
Bitcoin merchant services
All bitcoin merchant services are competing for the same customer segment. The bitcoin merchant services available are either in testing stages or well established.
These bitcoin merchant services provides bitcoin merchant gateway services depending on the location. Some are Geo-targeted while the others target international customers.
These bitcoin merchant services allows store and businesses to accept bitcoin payment online.
They also accept funds into the bitcoin network. Bitcoin can be conveniently converted to any currency of the customer’s choice.
You can store, send or receive bitcoins via these bitcoin merchant services. With a united states bank account, you can buy and sell bitcoin online.
Some of these merchant services allow worldwide payment for free I.e no transaction fee. They offer a 0% payment processing fees and hopes to earn profit over time as the conversion spreads.
The money making machines available, I.e the best bitcoin merchant services with top services and payments are:
- Bit pay
Each of these merchant services have their own target audience.
Accepting bitcoins as a means of payment for goods and services is a good idea.
If you’re not accepting payments via bitcoins, you’ve got to start quickly because bitcoins is an internet money and fast growing, gaining recognition in countries worldwide.
If you’re running an online or offline business, you need to start accepting bitcoins as payment.
The knowledge of bitcoin payment gateway makes this idea productive and possible.
These merchant services have an App that be downloaded online, either from its database or from third party sites like Google play store.
Some of these bitcoin merchant accounts are only available to selected countries. Check the homepage of the sites to confirm that your country is in their list before choosing any one.
If you have a website, blog or eCommerce store or email subscribers, you can accept bitcoin payments with just a minor integration of the bitcoin merchant services into the site’s database.
Instead of using PayPal for your business payments gateway, try out BTC. Its an alternative payment option for businesses and customers around the world. Both can work, anyway.
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These BTC wallets stores and process bitcoin transactions. There are some BTC wallets that enables you to set custom transaction fee like Ledger Nano, Trezor etc
There are a number of wallets supporting bitcoin cash, but carefulness should be employed to avoid being scammed.
Note- keep your private key safe
The available best bitcoin wallet for the free bitcoin cash are:
- Ledger Nano
BU Bitcoin Cash Client
Bitcoin Classic UAHF Client
These bitcoin wallets are in different categories:
Hardware wallet – Ledger Nano, Keepkey and Trezor.
Desktop/mobile wallet – Electron Cash and Jaxx
Mobile wallet – Coinomi and Mycelium
Web/mobile wallet – BTC.com
Desktop wallet – Bitcoin Classic UAHF Client and BU Bitcoin CASH Client.
There are popular and reliable BTC wallets.
Each bitcoin wallet have a transaction fee which can be customized, for some, it can’t be customized when sending transactions out.
Avoid playing with your private keys. If you have a transaction to do, do so cautiously by sticking to the terms and conditions.
There may be minor challenges when using some of these wallets, but, just be cautious and transact wisely.
Terms and conditions of bitcoins transactions
Bitcoin transactions is worth investing, although with a very high risk; but with smart work and patience, it pays well.
Its recommended for beginners to spend little amount of cash in bitcoin investment and top it up as knowledge and experience increases over time.
Its also advisable to buy bitcoins and hold them for few months or a few years.
To ensure adequate security, there are things you should know.
Bitcoins is not controlled by anybody, not even the government. Your security is in your own hands.
Don’t keep bitcoins in exchanges, because you may lose it. Transfer it to your own wallet.
To prevent a scenario in which one of these free exchanges is hacked, keep your BTC in hardware, mobile or desktop wallet, not in free wallets.
Keep your private key safe from friends and family members. Don’t tell them that you own some bitcoins. Keep silent to prevent any form of hacking into your account.
You can reveal your experience after earning some cash, precisely after some months or years.
Where to spend bitcoins?
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Bitcoins has the ability to function as money and it can be spent on a number of items.
Bitcoins can be converted into many local currencies and used for lots of transactions.
You can send bitcoins to friends and families around the world.
You can shop online using bitcoins. Some eCommerce stores accept bitcoins as payments gateway to receive any goods or services. Check out Amazon.
You can use bitcoin for any business investment, pleasure traveling, gambling sites and others.
Let me know if you have anything to suggest. Hope you’re enjoying your bitcoin business? Comment below.
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Dickson Pentecost is passionate about inspiring people. He want to see people live life to a shout out, manage stress, make money, stay healthy, enjoy their relationship and be productive in life.