Cryptocurrency Merchant Account
The majority of European banks reject to process crypto merchants. The wide range of possible risks is to blame. As a result, crypto business owners are looking for alternative payment solution in a face of PSPs. Ikajo International offers beneficial conditions for opening a crypto merchant account.
Why cryptocurrency business is considered high-risk.
Cryptocurrency merchant account falls into the category of a high-risk merchant account for the next reasons:
- Automatic approval. The crypto payments are anonymous and irreversible. There are no chargebacks as well as no credit card statement. What that means, customers can not apply for a refund.
- No law regulations. There are no laws regulating the crypto business. Thus, the majority of European banks reject opening a crypto merchant account. They see it equal to trading which is too high of a risk [until merchant holds a Forex license].
- Instability. Once again, the crypto business is not regulated by any law. It totally relies on human trust in it. When bitcoin falls down, all the other cryptocurrencies are to follow. That leads to uncertainty and instability of crypto.
- Illegal usage. Even with license crypto is considered high risk due to the numbers of people using crypto to money laundering, buying/selling drugs, e.g.
What documents one needs to open a cryptocurrency merchant account:
Here is a list of documents one should collect to start selling crypto:
- Certificate of Incorporation;
- Payment processing history;
- Local documents as per company jurisdiction which displays company directors and owners;
- Utility bill/Bank statement/Rental agreement under corporate names proving company location;
- Valid ID copies for all company directors and owners.
Website requirements to open a cryptocurrency merchant account:
To open a cryptocurrency merchant account, you have to make sure that your website contains the following:
- Terms & Conditions Page;
- Name of the company in the footer;
- Contact us button with an email and phone number;
- Deposit & Refund Policy Page;
- Visa and Mastercard logos [in case you offer them as payment methods]
Ikajo International makes payment processing easy and smooth. The 15+ years of experience turned us into professionals. We provide crypto merchants’ account easily as we have multiple acquiring banking partners all over the globe. Contact us today, and we will help you to find a perfect payment solution.
- Payouts worldwide.
- Fast and smooth merchant boarding process, with minimal merchant KYC requirements.
- Very flexible license requirements
- API and HPP integration
- PCI DSS certificate
- Chargeback prevention
- A wide range of payment methods
- 24/7 customer support