Cryptocurrency Payments Processing

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

Cryptocurrency explained

Cryptocurrency payment processing is becoming increasing popular amongst merchants worldwide. Here we have put together a guide to accepting cryptocurrency payments from start to finish. Our industry experts answer the most commonly asked questions relating to the new digital currency.

What is cryptocurrency?

The easiest way to describe cryptocurrency is a form of digital money. It is mainly associated with online transactions and designed to be secure and in most cases anonymous. The most common cryptocurrency is Bitcoin, which was created in 2009 by Satoshi Nakamoto. The value of Bitcoin in 2017 reached a huge $180 billion.

Cryptocurrency units, be it Bitcoin or any of the alternatives, are generated through ‘mining.’ This involves using a computer to solve math’s problems that generate coins. Users of the currency can also purchase it from brokers and spend them using cryptographic wallets.

Why do customers want to use cryptocurrency?

Merchants accepting cryptocurrency will appeal to a wider client market, the reasons for this are;

Security

The currency uses code which is almost uncrackable, which when making either large or regular transactions can be very appealing to customers.

Availability

The decentralised nature of cryptocurrency means that it’s assessable to all, however banks and building societies can be selective as to who they do business with.

Anonymous transactions

Cryptocurrency payments are the majority of the time anonymous.

Investment

With cryptocurrency being a ‘new’ type of cash, the markets have been known to boom massively. Meaning a small investment 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.

Accept cryptocurrency payments

How can accepting cryptocurrency benefit my business?

Cryptocurrency merchant accounts are available both within the UK and worldwide. As well as the customer benefits listed above, accepting cryptocurrency can have some appealing attributes to merchants. The transactions cannot be faked or reversed, providing an element of security for both customer and merchant. In industries known for large chargebacks, this can be very beneficial. Also, the fees involved in cryptocurrency payment methods tend to be low.

How to start accepting bitcoin payments on your website

There is a lot to be said for big brands, Bitcoin was first to the cryptocurrency market and started what was to become a huge trend in online trading. If you are wanting to accept Bitcoin payments, our experts can help in the following areas;

– Accepting Bitcoin through wordpress, opencart, squarespace etc.
– Bitcoin face to face payments, such as debit/credit card, apps and EPOS
– Accepting UK and international bitcoin payments
– Bitcoin mobile payments

Bitcoin issues a list of which merchants accept its payments, to find out more CLICK HERE.

Our expertise doesn’t just stop there…here are some alternatives to bitcoin.

Accept bitcoin payments

Alternatives to Bitcoin

The most common cryptocurrencies, listed below, followed in Bitcoin’s footsteps;

ETHEREUM

Developed in 2015 ether is the currency token used in the ethereum of blockchain. This is the second most popular cryptocurrency to Bitcoin and has sparked huge interest in similar companies which use blockchains code.

RIPPLE

Used by banks such as Santander, Ripple was developed in 2012. It’s not just a cryptocurrency as it can be used to track different types of transaction.

LITECOIN

This is most similar to Bitcoin; however, the company have moved quickly to develop faster payments and processes to allow more transactions to take place.

Our expert advisors can help with accepting any type of cryptocurrencies.

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Cryptocurrency merchant services

Cryptocurrency can now be accepted online and in person, for online transactions you will require a payment gateway which will accept cryptocurrency. The most common way is through bitcoin online payments; however, solutions are available for most mainstream providers. Finding these cryptocurrency payment solutions is relatively straight forward, with the majority of providers offering plugins for websites using; wordpress, WooCommerce, Megento, Zencart and SaaS-hosted shopping carts like Shopify.

Fee’s start from as little as 1%, with the most providers charging 0% for the first lot of transactions up to a certain amount.

Speak to our experts today

Accept cryptocurrency payments face to face

Cryptocurrency payment systems

Although the majority of cryptocurrency payments are made online, some merchants like to offer a face to face cryptocurrency payment platform. This is normally via an app or EPOS system.

Cryptocurrency payment app works by the merchant scanning the QR code. At checkout, customers can scan a unique QR code to make secure payment, or alternatively they can send a unique code to a one-off address. The app is provided by companies such as BitPay — if using Bitcoin, they also offer a card option.

Some EPOS systems are now geared up to accept cryptocurrency payments, they do so in a very similar way to the app. The user will scan (in a similar way to a bar code) the customers unique QR code, generated through their wallet at check out before finalising the sale.

FAQ

What is a cryptocurrency payment API?

API means application programming interface — which in layman’s terms is a special password to allow programs to access client’s cryptocurrency wallet.

How can I get a cryptocurrency payment terminal?

Some cryptocurrency payment processors offer clients a card payment facility — these work with Visa in a similar way to a standard credit or debit card, however they are pre-paid so the client will have to top the card up before finalising the purchase.

Does Ebay accept bitcoin payments?

Yes — PayPal and Ebay announced their plans to accept Bitcoin payment in 2015 — this is now up and running.

Can I accept more than one form of cryptocurrency?

Yes — although accepting bitcoin on website or in person seems to be the most popular form of currency, many cryptocurrency payment providers offer the merchants the option of accepting other mainstream cryptocurrencies.

How long will it take to get set up with accepting cryptocurrency?

Depending on your industry, applications can take as little as a few working days. We suggest speaking with expert advisors who deal with similar applications regularly.

Accepting crypto payments

Our expert advisors specialise in the latest technology surrounding crypto merchant services. They will be able to speak to you in depth about your requirements and get you up and running in accepting cryptocurrency with the right processor for your needs. We give plain English advice in the following areas; merchant accounts for cryptocurrency mining and trading and merchants wishing to accept cryptocurrency through online or face to face transactions.

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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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