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Instabill Announces Cryptocurrency Banking Solutions
Jason Field, Founder and CEO of global merchant services provider Instabill, announced that Instabill can offer cryptocurrency banking solutions and merchant accounts for businesses. Mr. Field made the announcement last week at the 2014 Crypto Valley Summit in Douglas, Isle of Man, during his presentation on banking and card processing for Bitcoin. Instabill has banking partners in place to cater to the needs of Bitcoin merchants.
Cryptocurrency Banking Solutions Announcement TimelyMr. Field’s announcement proved very timely for two reasons. Twenty-four hours before the start of the Summit, Capital Treasury Services (CTS), which matches banks with Bitcoin companies on the Isle of Man, announced it would be closing the accounts of Bitcoin holders by early October under duress from other banking partners. Secondly, cryptocurrency banking solutions for merchants are limited. Despite the growing number of businesses that accept Bitcoin, very few banks around the world recognize it as a form of currency. View slideshow of the Crypto Valley Summit “Instabill operates mainly in the high risk category of e-commerce space, and has done so since the first days of e-commerce when there was little to no regulation,” Mr. Field told the estimated 200 people in attendance at the Crypto Valley Summit. “Working with digital currencies is therefore consistent with our history and our mission. “We are talking about change in the payments space, about offering consumers different options to pay for goods and services and for businesses to receive payments via another payment mechanism,” he added.
A Huge Need for Cryptocurrency Banking SolutionsThe prevailing message of the Crypto Valley Summit was that cryptocurrencies, such as Bitcoin, are here and loaded with potential. The ever-expanding list of businesses that accept Bitcoin – Dell computers, Overstock.com and most recently, eBay and PayPal – is the proof that cryptocurrency has a place on the payments landscape. Before the Crypto Valley Summit, Instabill had received many queries about cryptocurrency merchant accounts. “Within the first half hour after my presentation, we had already spoken to half a dozen companies,” Mr. Field noted.
Three Reasons Instabill Cryptocurrency Banking Solutions Stand Above the RestWhat makes Instabill unique is the fact that it facilitates merchant accounts and bank accounts in the country or region where the merchant is based, or the region where most of the customer base is located. Secondly, Instabill offers competitive rates: It requires a $499 setup fee for its merchant accounts upon approval by its underwriters. In accepting payments, cryptocurrency merchants would pay 3-4 percent plus $0.35 per transaction. Additionally, Instabill prides itself on personal, one-on-one customer support via phone (1-800-318-2713) or live chat. Instabill merchant account managers are available Monday through Friday, 8 a.m. to 6 p.m. Eastern time.
About the AuthorChris O’Donnell is the Senior Copywriter at Instabill. Chris is a devout Barclays Premiership fan and connoisseur of rock and roll music. He joined the Instabill team as its senior copywriter in December of 2013. He can be reached at 603-436-1270 or at email@example.com.
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