How To Accept Bitcoin and Crypto Payments with BitPay
Merrick Theobald, VP of Marketing, BitPay
In episode 94 of The Payments Show Podcast, I spoke to Merrick Theobald who is the VP of Marketing at BitPay
BitPay is a payment platform that enables businesses to accept bitcoin and other popular cryptocurrencies as a form of payment
AUDIO VERSION: thepayments.show
Episode Highlights:
Solve Fraud with Crypto-ONLY Payments for High Fraud Categories
You might have a category that is high in fraud and decide that we're either going to exit this category, or we have to find something new to do. You can make that category specific and say, okay, if you're going to buy something in this category, you have to do it with cryptocurrency because of fraud chargebacks. Because of stablecoins, you can say, okay, if you want to buy, you need to go buy some stablecoins, USDC, PayPal USD, come back, make that purchase. That's what I think companies are really missing out on. Just force them to use cryptocurrency and customers will. It's easy to buy today. It's easy to get a crypto wallet today. If they really want that product or that service, ask that they pay in cryptocurrency.
there are no fraud chargebacks in cryptocurrency. Unlike a traditional payment today, there could be fraud and there could be chargebacks. With cryptocurrency, since it's a push payment, there are no fraud chargebacks. So right there, that's an immediate savings.
The Question is WHY NOT Accept Cryptocurrency?
Businesses that use BitPay see:
2X Average Order Value (AOV)
Up to 40% Net New Customers
0% fraud chargebacks.
What company wouldn't want to see a higher average order value? What company wouldn't like to attract new customers? And what company absolutely would like to reduce their fraud chargebacks? Those are the three biggest things that you can get from partnering with BitPay and accepting cryptocurrency.
So why not? What is holding you back?
The Best of Both Worlds: Fiat and Crypto
We help businesses accept cryptocurrency as a form of payment, but we pay them in US dollars or whatever fiat they want to be paid in, their preferred fiat. Crypto payout is the opposite. Now we are helping businesses pay out to their customers or employees in cryptocurrency, but they're paying us in US dollars or other fiat currencies.
