Bitcoin merchant accounts need to find the right banking partner

1. Bitcoinmerchantaccountsneedtofindtherightbankingpartner Online merchants or businesses that accept Bitcoin or other cryptocurrencies as a payment method need to have a Bitcoin merchant account. It is important to remind here that even though the United Kingdom does not have any explicitly defined cryptocurrency laws, there is an elaborate authorization process involved for exchanges and entities with the Financial Conduct Authority or FCA for dealing in cryptocurrencies. When it comes to Bitcoin specifically, Britons can buy and sell with ease and flexibility. FCA however, keeps on warning regulators and people dealing in Bitcoins and cryptocurrencies about the potential risks and the speculative nature of the currency. Under such circumstances, for an online merchant to get his Bitcoin merchantaccountactivated and operational can be a tough proposition. It is a big challenge finding the right acquiring bank to underwrite your business. That is why; it becomes incredibly essential for these merchants to scout for a reputed and credible banking partner that offers optimized cryptocurrency payment processing solutions. Challenges faced by Bitcoin merchant accounts with typical banks Most banks categorize the merchant account as a high-risk merchant account. From there on, most of the banks are ready to reject your application upfront without even considering the credentials of the company or looking into the history of its transactions. Some banks relent but they need tonnes of documents from the merchant proving the authenticity and legitimacy of the business. From the company incorporation documents to the ID cards of the owner, there is an endless documentation process here, along with the application. Even if the banks take their sweet time to process the application, they usually come back with a big ‘Not Accepted’ written in bold, all across. This essentially means that if online merchants are to follow the traditional route, they waste a lot of their time and resources without much success. This is where the growth of service providers or payment processors of High-Risk Merchant Account Instant Approval in theUKhas made a key impact in the way the online merchants in the high-risk industries are now performing and doing business online. As is evident from the term - High-Risk Merchant Account Instant Approval – these are payment processors who instantly process the merchant accounts so that the accounts are up and running, accepting online Bitcoin payments with ease and almost immediately. Few simple steps, the merchant account is activated, no questions asked and no detailed documentation required. Online merchants need to look for the right service provider, though, to act as their banking partner.

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