Merchants accepting Bitcoin laud ‘zero chargeback risks’, says BitPay report

Merchants accepting Bitcoin laud ‘zero chargeback risks’, says BitPay report

BitPay recently released a study highlighting four merchants from different businesses that have implemented 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 unnamed merchants praised crypto’s lack of fraud-related chargebacks, noting the immensity of this issue when dealing with traditional institutions.

They also reported that while only 0.5% to 6.5% of their total eCommerce sales came from crypto transactions, these helped to boost the flow of new customers by 40% on average over the last three years.

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During the pandemic, the study stated that merchants reported an increase in online shopping. This bolstered the number of crypto transactions on their respective platforms, with 11% of responding customers stating that they were using crypto and other digital payment methods for the first time.

“The interviewed merchants identified an opportunity to grow sales by reaching a new customer segment that prefers to pay with bitcoin and other cryptocurrencies when shopping online. While buyers still represent a relatively small share of spending, cryptocurrency recognition is significant and growing.”

At the beginning of September, a British online food delivery platform called “Just Eat” added cryptocurrency payment support for its subsidiary in France.

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