If you’re interested in adding cryptocurrency to the ways that your customers can pay you, or you’re running a business that sells cryptocurrency to others, you need a cryptocurrency payment gateway that can process these payments. Unfortunately, as exciting as working with crypto can be, as difficult as it is to get a payment gateway and a merchant account for it with the traditional banks. Read to find out why and how you can start processing crypto payments without them.
Why Banks Are Afraid Of Credit Card Processing For Cryptocurrency?
Two of the main innovations of cryptocurrency are the decentralization of control it brings, and the anonymity of the holders. While this is great news for the individual, it’s very bad news for the old institutions. You’ll see in a moment why this makes credit card processing for cryptocurrency harder. Decentralization threatens the powerful position that banks and other financial institutions have today.
Given this, it’s not surprising that these organizations (with a few exceptions) are in no hurry to support the growth of cryptocurrency. Anonymity is a competitive threat to the banks, but more importantly, it’s a major threat to governments all around the world.
Governments and their tax divisions prefer to have the ability to know what money goes where. With the traditional banking system and fiat currencies, they may not always have immediate access to this information, but at least they have the tools to get it. Crypto goes against this and makes tracing transactions impossible.
And since banks need the government in their corner, they are unlikely to risk harming that relationship by going all-in on cryptocurrency. Especially when this can lead to getting mixed up in allegations of money laundering. As a result, getting credit card processing for cryptocurrency with a regular bank is almost completely out of the question.
Cryptocurrency Is also both a high-risk asset and a high-risk industry
Even without its political aspects, cryptocurrency is destined to be treated as high risk by banks because it’s a volatile, high-risk asset. The prices for any given cryptocurrency can have wild swings on a weekly and even daily basis. This means that any business that is either trading in cryptocurrency or even just taking a portion of their payments in it is exposed to a higher risk. And high-risk businesses have a hard time getting credit card processing solutions from both regular banks and mainstream payment solutions providers like Stripe or PayPal.
So how can you get a credit card processing for cryptocurrency?
You can go to a Payment Service Provider who deals in high-risk merchant accounts and high-risk payment gateways. Such a provider will be able to offer you credit card processing for cryptocurrency because they specialize in high-risk businesses and high-risk processing.
At 5 Star Processing, we pride ourselves to be one of the best Payment Solutions Providers on the US market. We work almost exclusively with high-risk businesses and understand the volatility that such businesses operate with. We understand the needs of a business that processes cryptocurrency payments. Because of our knowledge of the market, we are also able to lower fees than you’re likely to find anywhere else. This allows you to keep growing your profits and expand your business in any direction you like, without losing money on unprofitable transactions.
Contact 5 Star Processing today
Get in touch with our crypto experts and get started with credit card processing for cryptocurrency in your business. Contact 5 Star Processing now at (888) 253 9692, or send an email to [email protected] and we’ll get back to you shortly.