Four Merchants Revealed How Bitcoin Payments Helped Their Businesses

Adoption Bitcoin Bitpay Payment retail
Last updated:
Author
Author
Jaroslaw Adamowski
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

While it does not represent the whole industry, a recent survey of four merchants that accept bitcoin (BTC) and other cryptocurrencies offers some insights on how this nascent payment method might help business.

Source: iStock/thamerpic

After major crypto payments company BitPay introduced four of its undisclosed clients to research and advisory firm Forrester Consulting the latter has found that crypto payments can attract new customers and purchase amounts can be bigger than those made with credit cards. Both companies did not disclose the names of the respondents, only revealing that they represent an online gift card marketplace, gold and precious metals broker, domain name registrar and website hosting service, and computer and electronics retailer.

They reported total ecommerce sales of between USD 100m and USD 1.2bn, and the share of bitcoin and other cryptocurrency payments using BitPay is between 0.5% to 6.5% of total ecommerce sales, Forrester said, adding that for some merchants, a specific product line’s share of total sales is even higher, reaching 10% or more at times. Also, average order values for cryptocurrency sales are between one-half and triple the average for all sales, it added.

“First, up to 40% of customers that pay with crypto are new to the merchant. Second, purchase amounts are twice that of credit card purchases. Third, crypto is less expensive than card cards, and lastly, there are no fraud-related chargebacks,” BitPay commented.

AOV – average order value. Source: Forrester Consulting, BitPay

Meanwhile, the coronavirus pandemic has led to a major increase in online shopping across a number of countries, with Forrester citing data from a report that showed 11% of consumer respondents said they used a digital payment method for the first time during that time. This has created growth opportunities for retailers who enable their customers to pay with cryptocurrencies, as suggested by the consultancy.

“While adoption of cryptocurrencies like bitcoin is still emerging,” the interviewed merchants managed to capture “significant benefits at relatively low risk and cost,” according to the study.
__
Learn more:
BitPay vs BTCPay: Which Bitcoin Payment Processor is Right for Your Business?
Bitcoin Spenders’ Basket 2x the Size of Conventional One – Beliani CEO
BitPay Processes More Volume, Transaction Count Remains Unchanged
What Role Will Bitcoin Play in the “Retail Apocalypse”?
Over 100 Million People Hold Bitcoin, Altcoins Globally – Report

More Articles

Price Analysis
Bitcoin Price Drops Below $96,000; Will BTC Bounce or Break Lower?
Arslan Butt
Arslan Butt
2025-02-19 08:35:32
Blockchain News
Crypto Market Maker Wintermute Eyes New York for US Expansion: Report
Shalini Nagarajan
Shalini Nagarajan
2025-02-19 05:50:38
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors