Study Shows Merchants That Accept Bitcoin Attract New Customers and Sales

ATLANTA–()–BitPay, the world’s largest supplier of Bitcoin and cryptocurrency cost providers, immediately shared the outcomes of a examine performed by main analysis and advisory agency Forrester Consulting entitled “The Total Economic Impact™ Of Accepting Bitcoin Using BitPay.” There are 4 most important findings primarily based on interviews with 4 retailers that settle for bitcoin and different cryptos. First, as much as 40% of shoppers that pay with crypto are new to the service provider. Second, buy quantities are twice that of bank card purchases. Third, crypto is cheaper than card playing cards, and lastly, there are not any fraud-related chargebacks. The examine, commissioned by BitPay, examines the price financial savings and enterprise advantages enabled by accepting bitcoin and different cryptocurrencies utilizing BitPay.

Forrester’s analysis reveals that interviewed retailers who combine BitPay noticed a median return on funding of 327%, which was no shock to BitPay CEO and Co-Founder Stephen Pair. “We believe the Forrester study confirms what we’ve known for some time now,” Pair stated. “Accepting bitcoin and other cryptocurrencies through BitPay saves merchants considerably on fees, and unlocks a whole new customer base.”

According to the examine, “While adoption of cryptocurrencies like bitcoin is still emerging,” the retailers interviewed “have captured significant benefits at relatively low risk and cost.”

Specifically, the examine decided 4 methods by which retailers profit from the addition of accepting cryptocurrency by means of BitPay. “Generating new sales by attracting first-time buyers who prefer paying with bitcoin or other cryptocurrencies” lead Forrester’s listing. This is adopted by “increasing the size of transactions because buyers who pay with cryptocurrency tend to spend more than other customers.” Third, retailers paid decrease transaction prices, the examine continued, “since BitPay transaction fees are lower than those for other payment types.” Finally, the addition of BitPay as a cost choice diminished danger “by greatly lessening or eliminating issues related to fraud or mistakes.”

Further, citing a reported improve in on-line buying in the course of the COVID-19 pandemic and a latest survey, 11% of shopper respondents stated they used a digital cost methodology for the primary time. Forrester notes “BitPay allowed merchants to serve and support cryptocurrency adopters better and to provide all customers added options while shopping.” BitPay and Forrester Consulting are internet hosting a webinar October 15 to share particulars from the report.

Forrester is a number one international analysis and advisory agency in each affect and attain. Their proprietary analysis and distinctive insights are grounded in annual surveys of greater than 690,000 shoppers and enterprise leaders worldwide.

As a pioneer and chief in international blockchain funds, BitPay works with retailers and companies to just accept cryptocurrency as a type of cost. The means to just accept cryptocurrency expands alternatives into worldwide markets the place accepting bank cards shouldn’t be sensible. By including cryptocurrency to cost choices, companies scale back excessive charges from conventional cost strategies and improve cost transparency and effectivity. Using BitPay, a enterprise can obtain settlement the following enterprise day on to its checking account in its native fiat foreign money just like the U.S. Dollars or Euros. There isn’t any cryptocurrency value volatility or danger to the enterprise. As a push transaction, the shopper sends the precise quantity of cryptocurrency wanted to pay the invoice. This eliminates conventional bank card fraud and id theft dangers related to bank cards. Unlike the excessive value of bank cards, BitPay prices 1% to approve the cryptocurrency transaction and handle settlement. BitPay permits transactions from any pc or cellular system making it handy for purchasers.

About BitPay

Founded in 2011, BitPay pioneered blockchain cost processing with the mission of reworking how companies and other people ship, obtain, and retailer cash. Its enterprise options get rid of transaction fraud, scale back the price of cost processing, and allow borderless funds in cryptocurrency and fiat, amongst different providers. BitPay gives shoppers a whole digital asset administration answer that features the BitPay Wallet and BitPay Prepaid Visa® Card, enabling them to show digital property into {dollars} for spending at tens of 1000’s of companies. The firm has places of work in North America, Europe, and South America and has raised greater than $70 million in funding from main funding companies together with Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For extra data go to bitpay.com.

The BitPay Card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International Incorporated. “Metropolitan Commercial Bank” and “Metropolitan” are registered emblems of Metropolitan Commercial Bank ©2014. Use of the Card is topic to the phrases and circumstances of the relevant Cardholder Agreement and payment schedule, if any.

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