Bitcoin Accepting Merchants Praise ‘Zero Return Risks’, BitPay Report Says

BitPay public Recently 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, Anonymous traders praised the lack of chargebacks related to cryptocurrency fraud, noting the enormity of this problem when it comes to traditional institutions.

They also reported that, While only 0.5% to 6.5% of its total ecommerce sales came from crypto transactions, these helped drive the flow of new customers by 40% on average over the past three years.

During the pandemic, the study indicated that merchants reported an increase in online purchases. This bolstered the number of crypto transactions on their respective platforms, and 11% of responding customers stated that they were using cryptocurrencies 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 cryptocurrencies when shopping online. While cryptocurrency buyers still account for a relatively small share of spending, crypto recognition is significant and growing.“.

In early September, a British online food delivery platform called “Just Eat” added payment support with cryptocurrencies for its subsidiary in France.

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