The integration of Bitcoin led to positive results for the merchants in this study.
BitPay recently published a study that highlights four merchants from different businesses that have implemented Bitcoin as a payment method. The parties selected to participate included a gold broker, an online gift card marketplace, a domain registrar that also serves as a hosting service, and an electronics retailer.
In the report, the anonymous merchants praised the lack of chargebacks related to crypto currency fraud, and noted the immensity of this problem when dealing with traditional institutions.
They also reported that while only 0.5% to 6.5% of their total e-commerce sales came from Bitcoin Fast Profit transactions, these helped boost the flow of new customers by an average of 40% over the past three years.
During the pandemic, the study indicated that merchants reported an increase in online purchases. This boosted the number of crypto transactions on their respective platforms, and 11% of customers who responded said they were using crypto currencies and other digital payment methods for the first time.
The report also adds:
„The merchants interviewed identified an opportunity to increase sales by reaching a new segment of customers who prefer to pay with bitcoin and other crypto currencies when shopping online. While buyers of crypto currencies still account for a relatively small share of spending, recognition of crypto currencies is significant and growing“.
In early September, a UK online food delivery platform called „Just Eat“ added crypto currency payment support for its French subsidiary.