The latest buzz in the world of bitcoins is that a new payment service, referred to as bitcoins Merchant Account, is being launched. This service will enable authorized users of the currency to accept payments from credit card and electronic check businesses bitcoin payment processor in a fast and convenient manner. This is a very exciting development that opens up the market for more online merchants and allows for new and existing ones to expand their business operations into the field of ecommerce.
There are currently many companies that are already starting to explore and adopt the use of bitcoins as a means for payment. The most prominent company to make this announcement is BitPay, which is currently accepting new customers and processing payments for its members. This is a remarkable step forward in the field of bitcoins and shows that the technology really does have traction. Furthermore, it is interesting to note that BitPay is not actually the only merchant account provider to announce that they are expanding their services.
There is no doubt that as the technology grows, there will be a number of companies that adopt it and implement it into their business model. Many of these companies will do so right from the get go, creating a lot of excitement and activity. It is in the best interests of these companies to adopt a standardized payment process, which is what makes the bitcoin merchant accounts so attractive. This standard is known as OPAS, or the Payment Service Provider Standard.
The standard dictates that any service provider that wishes to offer service to bitcoins users must register with the payment service provider OPAS. Then they can transact with the system. They can then charge a standard fee for any services rendered by their members. Additionally, the OPAS system dictates that any service provider that offers service to bitcoins users must disclose all fees associated with their service. Finally, any information relating to any fees paid or received must be filed with the SEC. These are some pretty heavy requirements for any service providing company to have to comply with, which is why there are a lot of players in the industry looking for an alternative solution.
What many merchant account providers found out recently is that it may be a little difficult to operate a business that is not classified as a money transfer agent. One such alternative solution that is being explored by a lot of merchant account providers is to start offering a payment processing history to their clients. By disclosing to their customers that they conduct business using bitcoins, a merchant is able to establish themselves as a business that operates like a conventional business. This gives them a leg up on the competition.
What makes this type of arrangement attractive is the fact that it removes one of the perceived barriers that business owners face when they try to provide a traditional bank payment to their customers. When you use a credit card to make a purchase, your card company might provide you with a link to a page on their site that provides you with the ability to purchase the items you want from their site. Once you provide this payment information, you can then check out of your account by going to the website and viewing your last seven billing cycles. If there was activity during that time, the transaction will be recorded on your statement.
For most merchant account providers, however, the costs associated with providing a payment processing method are simply too high. Instead, they turn to alternative methods, such as sending a prepaid debit card through an Internet transaction. This allows them to provide customers with a secure way to pay for items that they have purchased online. The only thing left to do is accept the payment from the customer, and your account will be closed by the card provider once the transaction has been completed.
With the introduction of these payment processes, business owners have the opportunity to cut out the middleman. Instead of paying to have your purchases processed by a third party, you can conduct all of your transactions online. You can also cut the fees that you will be charged by converting your current merchant account into one which accepts the new option. With so many benefits of using this option, it is easy to see why more businesses are making the switch to the BIP model. This new payment processor gives you even more options when it comes to spending your money.