Leading cryptocurrency processing company BitPay engaged Forrester Research to determine ROI for businesses offering payment of their products or services by cryptocurrencies through the BitPay processing gateway. What Forrester determined through interviews with these forward thinking businesses is that they achieved significant ROI (327% !!!).
The main generators of this ROI are:
- Attracting new customers that have not purchased before but are now attracted to the merchant due to offering payment in Bitcoin or another cryptocurrency.
- Average Sales Transaction is more that twice as much as with Fiat currency
- Lower Transactions costs due to transactions costing 1% as opposed to more than 2% with traditional credit cards.
- No chargebacks due to fraud or mistakes like merchants incur by accepting credit cards. Remember paying with cryptocurrency is like paying with cash.
It is well worth your time to read the whole study. There are a couple things to note:
- “AOV” stands for Average Order Value
- This study was published in July of 2020 and crypto adoption has picked up significantly since that time with an estimated 16% of adult Americans participating in this new financial system.
The BitPay/Forrester study is here: Bitpay ROI Research
Please contact Blockchain Advisors for a discussion on enabling your business for the future. All the best…Chris