Do you want your business to accept payment in cryptocurrencies like Bitcoin, Ethereum, or XRP?
Depending on your market, a cryptocurrency payment gateway could be an irrelevant addition or a power move that opens up new segments to your business.
Read on to find out what accepting cryptocurrency can do for you, why no bank will let you do it, and what you can do instead.
Since being introduced with Bitcoin back in 2009, cryptocurrency has grown immensely.
Back in 2009 a few tech and finance nerds were talking about it… but today, everyone has heard of Bitcoin or cryptocurrency in general.
According to one of the biggest and most widely used crypto-tracking websites in the world, Coin Market Cap, there are now at least 6,955 different cryptocurrencies out there. At the end of 2020, their value is estimated to be around $325 billion.
Now, there is at least $1,2 trillion in the world if you only count the physical notes and coins (and anywhere between $5 trillion and $80 trillion if you count the rest, the number varying with who you ask). So a quarter of that may not sound overly impressive to some…
But we’ve had the US dollar for more than 220 years, so crypto is certainly catching up fast.
What this means for your business is that with a cryptocurrency payment gateway
it has an opportunity to tap into a vast market. By adding cryptocurrency to the mix of payment options, you have the opportunity to expand your customer base and make more sales.
But first you have to determine just how relevant this is for your business. If you run a local drugstore or have a plumbing business, then you’re not likely to get much more than a headache from dealing with cryptocurrency.
But if you serve customers in a wider geographical region, or even worldwide, then crypto is more likely to be a good fit.
Another advantage of cryptocurrency is that it removes the pain of chargebacks. Depending on your industry, chargebacks can be a minor nuisance that just happens naturally from time to time or it can be a weekly or daily occurrence that costs you thousands of dollars.
A payment made with crypto is final and doesn’t leave any room for claiming a chargeback, which can be a major advantage, especially for high-risk businesses like casinos.
Now to the issues.
Cryptocurrency is still a new phenomenon, which means that the old, traditional institutions like banks don’t like it.
They don’t know what’s going to happen to it, they have reasons to see it as a threat to their business model, and the last thing they want is to support it.
This makes it almost impossible to get a cryptocurrency payment gateway with your regular bank.
Cryptocurrency is also a highly volatile asset, that can make or break a fortune overnight. This adds to its high risk profile.
And finally, cryptocurrency is massively represented in fraud, drug trade, black market trade and other illegal activities. In part this means that if a bank is caught up in assisting transactions that turn out to be for illegal services, they can get in trouble with the government.
And in part this means that no one know when the government is going to swoop in with new laws and regulations for cryptocurrencies, which makes it too uncertain a market and asset for banks.
All this adds up to a high risk profile, which means that your business won’t be able to get a cryptocurrency payment gateway from a regular bank or even from a mainstream payment gateway service like PayPal.
So what can you do about it? It’s easy – get a cryptocurrency payment gateway from a high risk payment gateway & merchant account provider. Almost opposite of banks, these providers specialize in all things high-risk, including processing cryptocurrency payments.
5 Star Processing is just such a provider. Our company was started two years ago with the specific purpose of aiding high risk businesses that can’t get a payment gateway or a merchant account anywhere else.
And, we offer the best terms and the lowest cryptocurrency processing fees in the market.
We have worked with over 5,000 businesses already, making it possible for them to process payments, send and receive funds, and grow their revenues.
If you want to know more, or you’re ready to get started with a cryptocurrency payment gateway, then call us now at (888) 253 9692 – or send an email to [email protected]
We’ll help you with your cryptocurrency payment gateway application, so that you can start accepting payments in crypto as soon as possible.