Study by Leading Research Firm Gleans Insight From BitPay Merchants
ATLANTA--(BUSINESS WIRE)--BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today shared the results of a study conducted by leading research and advisory firm Forrester Consulting entitled “The Total Economic Impact™ Of Accepting Bitcoin Using BitPay.” There are four main findings based on interviews with four merchants that accept bitcoin and other cryptos. 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. The study, commissioned by BitPay, examines the cost savings and business benefits enabled by accepting bitcoin and other cryptocurrencies using BitPay.
Forrester’s research reveals that interviewed merchants who integrate BitPay saw an average return on investment of 327%, which was no surprise to BitPay CEO and Co-Founder Stephen Pair. “We believe the Forrester study confirms what we’ve known for some time now,” Pair said. “Accepting bitcoin and other cryptocurrencies through BitPay saves merchants considerably on fees, and unlocks a whole new customer base.”
According to the study, “While adoption of cryptocurrencies like bitcoin is still emerging,” the merchants interviewed “have captured significant benefits at relatively low risk and cost.”
Specifically, the study determined four ways in which merchants benefit from the addition of accepting cryptocurrency through BitPay. “Generating new sales by attracting first-time buyers who prefer paying with bitcoin or other cryptocurrencies” lead Forrester’s list. This is followed by “increasing the size of transactions because buyers who pay with cryptocurrency tend to spend more than other customers.” Third, merchants paid lower transaction costs, the study continued, “since BitPay transaction fees are lower than those for other payment types.” Finally, the addition of BitPay as a payment option reduced risk “by greatly lessening or eliminating issues related to fraud or mistakes.”
Further, citing a reported increase in online shopping during the COVID-19 pandemic and a recent survey, 11% of consumer respondents said they used a digital payment method for the first 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 hosting a webinar October 15 to share details from the report.
Forrester is a leading global research and advisory firm in both influence and reach. Their proprietary research and unique insights are grounded in annual surveys of more than 690,000 consumers and business leaders worldwide.
As a pioneer and leader in global blockchain payments, BitPay works with merchants and businesses to accept cryptocurrency as a form of payment. The ability to accept cryptocurrency expands opportunities into international markets where accepting credit cards is not practical. By adding cryptocurrency to payment options, businesses reduce high fees from traditional payment methods and increase payment transparency and efficiency. Using BitPay, a business can receive settlement the next business day directly to its bank account in its local fiat currency like the U.S. Dollars or Euros. There is no cryptocurrency price volatility or risk to the business. As a push transaction, the customer sends the exact amount of cryptocurrency needed to pay the bill. This eliminates traditional credit card fraud and identity theft risks associated with credit cards. Unlike the high cost of credit cards, BitPay charges 1% to approve the cryptocurrency transaction and manage settlement. BitPay enables transactions from any computer or mobile device making it convenient for customers.
Founded in 2011, BitPay pioneered blockchain payment processing with the mission of transforming how businesses and people send, receive, and store money. Its business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency and fiat, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Visa® Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit 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 trademarks of Metropolitan Commercial Bank ©2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule, if any.