There are a plethora of reasons why some sites may not get cleared by traditional banks and payment service providers. For instance they could not like the industry the business is operating in, or the history of processing transactions or even the chargeback rates. Red flags too could translate into the cause for the closure of a merchant account. Sometimes there are strict security codes which the banks adhere to but do not share with the public. In such a case suppliers may face immense issues when they apply for merchant accounts in other financial institutions.
The solution usually is to get a high risk bitcoin merchant account. After examination and collection of a plethora of merchant accounts out there we constructed a comparison matrix so that it is easy to put your finger on the right payment solution. These businesses are huge, long standing and credible.
This is especially true for websites that do not get the nod for bitcoin merchant account applications. Banks usually will not provide any reasoning as to why they turned down the request for processing services. Some of the most common reasons are:
- The industry in question is not approved in some countries and therefore the bank there will turn the request down.
- The price tags of the products and services being offered are too high
- The volume of sales is too high and the supplier does not have the required processing history – therefore the risk is not equal to the gain and the bank will turn the request down in such a case.
- The credit history of the applying party cannot be verified. This is especially true when the vendors are located in a different country.
- The business is very new
- The merchant offers a free of cost trial that is followed up with a monthly payment
- The supplier works with overseas customers.
However, the high risk bitcoin merchant providers that we have collated here will not need suppliers to submit applications again and again. These payment service providers have rich experience in dealing with high risk industries as they have industry specialists that get assigned to your site. High chargeback too is not a limitation when it comes to these high risk bitcoin merchant account providers – provided the merchants are willing to meet some basic requirements laid down by the payment providers. Your site easily gets introduced to a number of banks that work with high risk industries and this way your site is sure to get approved without a hassle.
You do not even have to wait for too long and/or pay high application fees etc. Once you and your site are approved and on-boarded, you will be given an API integration or a PCI complaint gateway that will allow your customers to fill out and submit bitcoin details on your pages without needing to exit your website. This is a more than handy function for vendors that use partner affiliate programs and use several domains rather than using just one domain to sell all of their products and services.