A number of businesses that deal in accepting payment through bitcoins have realized the need to go for a specialized third party service known as a bitcoin payment gateway. This third party service is responsible for handling all sensitive transactions that bitcoin payment processor are part of any transaction made through a wallet. This allows easy transfer of funds to any part of the world and removes the need for using an international money transfer agent or a bank for this purpose.
There are a number of advantages of using a third party service for processing payments through bitcoins. For instance, there will be no need for a business to be technically proficient to interface with a payment processing history provider such as a payment gateway. It is also much easier to use since there is no need for a payment processing history provider to be connected to a bank or an international money transfer agent. This also frees up the time and resources of the business, since there will be no longer a need for staff members to deal with such activities. The only thing required is to sign up for a bitcoins wallet and activate it for receiving and sending payments.
Signing up for a wallet involves getting an account from any one of the several providers available on the internet. One can select a service based on factors such as speed and ease of usage. The provider can also be configured to give the user more features like chargeback and fraud alerts. Once a user has registered with a provider, he/she can proceed to setting up an account with a merchant account. The merchant account will be charged with a specific amount of bitcoins that cannot exceed the balance in the bitcoin wallet. The purpose of a merchant account is to hold the funds for the use of a business.
A business will be able to transact in real time without any delays thanks to the secure network that is used for bitcoins. The transaction fees are however computed differently. The fee per transaction is less in case of smaller amounts of bitcoins. The bigger the number of trades made, the higher the charges become. Hence it is advisable to stick to a smaller number of transactions at a time when you opt for bigger sized fees in the bitcoin merchant accounts.
A merchant account allows you to accept all major credit cards and electronic checks as payment. This is because you can configure the payment processing history of a business to be either manual or automated. With the payment processing history option, you can set the payment history to be either as precise or as loose as possible. You can also define the payment gateway used by the merchant account provider. This option enables you to specify the payment gateway that will be used to receive and send the transaction from the customer’s side to your side.
The payment processo also has a special feature for faster confirmation. It contains a private transaction funding feature that enables faster funding of an active transaction compared to the traditional one. With the private transaction funding feature, only the authorized individuals involved in the transaction may have the authority to open an account with the payment processor’s application. This is done without divulging sensitive information to third parties, unlike the traditional payment process that leaves much grey area.
It is important that you consider a couple of factors when using a payment processor such as the bitcoin payment processo. First of all, you should check the transaction fee that is levied on your transaction. There are several types of fees associated with your transaction. Find out which one is the highest among them before applying for a merchant account with any processor.
Also, you should evaluate the speed of response of the payment gateway. A faster processing of payment will ensure faster transactions during peak hours. As much as possible, try to get a payment processor that comes with round-the-clock customer support service support. This is especially pertinent for emergencies. You should be able to get fast answers to all your questions by dialing the customer support desk numbers provided by most reputable processors.