We are proud to announce that Bankcard Brokers now offers BitCoin payment processing for high risk businesses. BitCoins are digital coins that may be sent through the World Wide Web.
Here’s how BitCoins work. Customers can select from several online currency exchanges to trade their dollars, euros, and other currencies for BitCoins. BitCoins are maintained in an online wallet, which users may access through their mobile and PC devices. BitCoins are easy to spend—as easy as sending an email. And BitCoins are starting to catch on across the globe. These days, you can buy almost anything with them. BitCoins are sent from person to person directly, with no banks involved.
Why are so many people around the world using BitCoin? Here are a few of the merchant advantages of this new form of payment:
Flexibility. BitCoin may be accepted anywhere around the world, at any time. No banking holidays, national borders, or bureaucratic jungles inhibit BitCoin processing.
Minimal Merchant Risk. Unlike credit cards, BitCoins are not linked to customers’ personal customer information. This minimizes the amount of IT security required for online sales.
Lower Fees. Some online wallets allow users to select the amount of fee they are willing to pay with each transaction. Call us to learn how BitCoin fees would work for your firm. In general, BitCoin payment fees are far lower than those for high risk merchant services.
No PCI Compliance Required. PCI compliance is necessary for those who wish to accept credit card payments. Unless you have strong help from an experienced merchant services provider, PCI compliance can be cumbersome and expensive. Since BitCoin is not linked to personal information or utilize the Interchange System, BitCoin does not require merchants to jump through the PCI compliance security hoops.
Customers appreciate BitCoin for many of these same reasons. No middle institutions (banks) mean lower fees. Further, BitCoin accounts may not be frozen. There are no account prerequisites or arbitrary account limits. And no country lines limit BitCoin transfer.
Clearly, all merchants benefit from BitCoin. However, high risk industries are especially well suited to this form of payment.
How BitCoin Payments Benefit High Risk Merchants
• No Chargebacks. BitCoin transactions cannot be reversed once a confirmation score has been assigned. Only the person receiving the BitCoin payment can reverse it.
• Anonymity. BitCoin payments may be made anonymously. There is no publicly accessible record linking transactions to merchants.
• Availability. BitCoin payment processing service is more widely available to high risk industries than credit card processing through domestic or international service providers.
The BitCoin economy is going strong across the globe. Grab your part of this innovative new market—Contact Us to learn more about how your high risk business can start accepting BitCoins.