Accept credit cards: the dealer status for your business.

Binance Review 2018: Comprehensive Crypto Coin Exchange Binance is a Chinese cryptocurrency exchange. Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project. Changpeng Zhao, former CTO at OKCoin is currently at the helm of Binance. They are known for fast processing speeds coupled with an ability to process enormous numbers of transactions (1.4 million) each second. It’s been quickly gaining ground in market share cementing a place as a top 20 exchange in terms of volume. Binance transaction has reached a new level and currently score tenth place in the world. Binance offers a generous daily withdrawal limit. They don’t need identity confirmation when the per day remittance is within limit of 2 BTC. Binance Features Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version. Their ICO has created tokens named BNB that are traded on the exchange. They can also be used as a method of paying your trading fees, which will reduce them by 50%. Binance offers their own startup incubator platform as well. The trading functionality of the platform was of more interest so we focused on that for the purposes of this Binance review. Below is the “standard platform” look: Below is the advanced display: BINANCE Advantages Large Cryptocurrency Pairings Supported The competitive advantage of Binance’s platform is the ability to trade every major cryptocurrency pairing in existence. Coinbase and Gemini only offer trading of a handful of the larger market capitalization cryptos, whereas Binance allows users access to trade over 100 crypto coins. Low Fees AND LIMITS The fee structure is simple as well as being priced. There is a flat 0.10% fee on all trading. The 0.10% fee on trades is one basis point. If you were to buy a cryptocoin at 100 you’d have to sell it higher for 101 to profit. Ease of Setup Setting up an account is straight forward, similar to signing up for an account with other service providers. Another advantage is there is no lengthy waiting time, users are able to get setup and running within minutes. This is due to the fact that fiat is not accepted on the exchange. Binance Provides Significant Trading Volume Binance is currently the third largest exchange by cryptocurrency trading volume, according to coinmarketcap. At the time of writing, Binance’s volume was an astounding $5,441,711,452 in the last 24 hours! This volume demonstrates their users clear trust in the exchange, as well as the accessibility of the exchange and ease of transacting. This type of volume requires substantial servers and computational power. Wide Support of Cryptocurrencies No Verification Requirements Binance doesn’t require identity confirmation in instances when the per day remittance is within the limit of 2 BTC. The attractiveness of setting up an account with Binance may be greater for a user in a jurisdiction where certain exchanges choose not to allow new users because of restrictions imposed by that location’s governing regulatory bodies. Ease of Use You’re able to buy and sell crypto pairings with market or limit orders while specifying the amount or percentage you wish to trade for each transaction. BINANCE Disadvantages No Leveraged Margin Trading Margin trading is not available at Binance. Margin trading is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open. No Fiat Functionality This has both advantages and disadvantages. Government fiat deposits are not currently enabled in Binance, instead this exchange focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange. This means that you’re not able to deposit or withdraw in fiat currency, only cryptocurrency is supported. Relatively New Binance was started in only July 2017, according to this Reddit post. This is a major concern, as they don’t have a history. Despite all the good things people are saying on Reddit. it’s worth mentioning as many exchanges have come and gone. Binance appears to have a visible co-founder, unlike BTC-E. Conclusion Accessible option for obtaining Different Cryptocoins Binance is the most rapidly-growing and communally praised cryptocurrency exchange available. It’s China based location may spell issues in the future due to rumors of a “crackdown“. that currently accounts for a large amount of volume. Although Binance targets high frequency traders, it is quite useful for those getting beginning with altcoin trading. Their lack of fiat money deposits may be difficult to swallow for beginners, only supported cryptocurrencies may be deposited. Binance boasts a large number of various cryptocoins for trading. The main benefit is the ability convert between cryptocurrencies. For instance exchanges such as Coinbase and Gemini are more limited in the number of cryptocurrencies offered. The interface is also conducive to support shorter duration hold time day trading of cryptocurrencies if one were so inclined to deploy that strategy. Binance is an exchange worth looking into and integrating into crypto trading just for their large amount of supported crypto coins.

Accept credit cards: the dealer status for your business - Many people nowadays prefer to facilitate purchases by credit card. In the United States, nearly 1 in every three consumer purchases paid through credit. Therefore, the company needs to receive a payment credit for avoiding loss of sales immediately. 

No matter what kind of promise you run, whether it is a small shop, an online store or mail order business, have a credit card Service for customers will be helpful to the growth of your business. However, people not only can accept credit card payments quickly. People have to apply to several merchant statuses that can do it. But having established Merchant status, then your business will be good to go.

How does the Merchant function status?    

Your company should partner with the first Bank one or more to be able to accept credit payments. Before doing so, you will need to apply to the Bank to achieve the status of a merchant. The Bank will work with you to transfer the money paid through credit by customers within a day or two of the sale. They will also be responsible for collecting payment from customers, and in return, your company will pay them a fixed Commission, between 1.5 percent to 5 percent for each transaction. Other fees may include monthly support and rental equipment.

What do you want to Bank in exercising the company the status of the trader?

Sign up for the status of trader can become a process more similar to apply for a loan, the lender will inevitably be investigating your overall financial situation. Eligibility to obtain payment of credit used through your business will appear. Here are some of the factors that the lender will need to consider before granting Merchant status:

• The type of business you & period. 

The lender will surely need to know whether the granting of the status of your company may have a higher risk of receiving payment credit. For example, a home-based company may have more difficulty getting the status of a trader compared to a company with a shop. In addition to this, the company that has been established for quite some time is different from those just starting can be given a status more quickly. 

• Track your sales records. 

The borrower will also be interested in finding out if your company can bring money to the table. If your company has a track record of strong sales, then it becomes easier for you to achieve status. 

• Your credit history. 

Universal credit will be admitted that much. Ready for personal credit history or your business to investigate. In line with this, the lender also may try to check with the previous merchant account, about the performance of your business as this gives feedback about how your credit value. 

What do you need to do to achieve the status of a trader?

    

To prepare your company for the application, you must be ready to have all the information about your business and your personal credit history on hand. This includes how you get the finance needed for your company and how you found something in the company. Request a credit report for your business beforehand, and this will be a good step.

Most importantly, make sure that you have to maintain a profitable business and the value of personal credit for lenders to consider you faster. Pay on time and avoid mounting up to high debt. 

In your small business, build a merchant account may seem unnecessary or too much inconvenience or hardship at first, however, once you start accepting credit payments in your business, you will realize how it can contribute to improving your company. 

Not only does it increase sales, but it can also provide more convenience for your customers and also build your company. More importantly, accept credit card payments are sure to increase cash flow.

In the end, you'll see how your small business can grow by merchant status upon confirmation, and you will realize how all your efforts are viable. 

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