The vast majority of European banks prohibit dealing with cryptocurrency merchants. To blame is the wide range of possible risks. As a result, in the face of Payment Service Providers, crypto business owners are looking for alternative payment solutions. Radiant Pay provides favorable terms for establishing a cryptocurrency merchant account.
You’ve come to the right place if you’re a cryptocurrency exchange or a company looking to incorporate cryptos.
Why cryptocurrency business falls under high-risk businesses.
Below are the reasons why the cryptocurrency business falls under high-risk business:
- Anonymous and irreversible transactions.
- Lack of industry knowledge
- No laws exist to regulate the crypto business.
- With Bitcoin, other currencies also fall creating fluctuation and uncertainty.
- Licenses can be misused for money laundering, selling and buying drugs, illicit goods, and services (online) trade, fraud, etc.
As the rush of attention from investors toward cryptocurrency was caught, it did attract scammers also.
These scams are aimed at acquiring private account credentials such as security pins or codes or obtaining access to the target’s digital wallet or in cases acquiring the physical hardware.
Scams involving cryptocurrencies have exploded in recent years as a result of the cryptocurrency boom. It means that unfortunately, cryptocurrency scams are on the rise. Other ways of scamming include impersonation, fraudulent business investment, or other malicious means
Types of Cryptocurrency Scams
Crypto scams come in a variety of forms. The following are a few of the most common:
- Social Engineering Scams,
- Romance Scams
- Imposter and Giveaway Scams
- Phishing Scams
- Blackmail and Extortion Scams
- Investment or business opportunity Scams
- Cloud Mining Scams
We specialize in high-risk merchant accounts at Radiant Pay, and we also have a thorough understanding of cryptocurrencies and their significance in today’s market. So it is best suggested that select a payment processor that satisfies your business need.
Requirement of Document to Open a Cryptocurrency Merchant Account
To begin selling cryptocurrency, gather the following documents:
- Incorporation Certificate
- History of Payment Processing
- Documents of the company’s jurisdiction that list the directors and owners
- Utility bill, bank statement, or rental agreement in the company’s name proving its address
- Copies of valid identification for all company directors and owners.
Website essentials for Merchant Account
You must have the following on your website to open a cryptocurrency merchant account:
- A page for terms & condition
- A page for deposit & refund policy
- The company’s name appears in the footer
- Contact Us button including email and contact number
Radiant Pay simplifies and streamlines payment processing. We became professionals after decades of experience. We can easily set up a crypto merchant account because we have multiple acquiring banking partners around the world. Contact us today at https://radiantpay.com/contact.html, and we’ll assist you in determining the best payment option for you.