Applying for Your Cryptocurrency Merchant Account
Of course, having a signer on the account with good personal credit is important. If credit is less than good, it’s wise to add a co-signer on the application form with good personal credit.
Cryptocurrency exchanges sell through secure websites. Naturally, be sure that all the pages on your site load quickly and display properly. Privacy, refund, & other relevant policies need to be clearly visible.
Make it easy to find customer service email or phone numbers. Underwriters often “cold call” or email customer service to determine the qualify of your customer service. If calls go to a voice mail, have a message identifying the name of your company and when customers can expect a call back. When email autoresponders are used, be sure to confirm receipt of the email and advise the writer when a reply will be sent. Then respond as promised.
Cryptocurrency sites require usernames & passwords to sign in. Therefore, include a demo or test login so the underwriting team can view what customers see.
Processing statements are reviewed to confirm processing volumes and determine chargeback ratios. If chargebacks ratios are on the rise, include a short explanation about the reason & what is being done to bring chargeback ratios under control.
Bank statements are examined to verify there is enough money in the bank to run the business. Business documents are reviewed. And the remainder of the supporting documents are examined.
Once the account is approved, your merchant identification number (MID) is assigned. Login credentials to the credit card to bitcoin payment gateway are securely emailed to you. And you can begin processing payments immediately.