It’s not always easy to convey just how beneficial accepting bitcoin and cryptocurrency payments through BitPay can be for businesses. The blockchain payments space is still new, and if you’re still a bit flummoxed by it all, that’s ok. You’re not the first to be, and you won’t be the last.
But you don’t have to understand blockchain architecture or cryptography to accept bitcoin as payment, we’ve got all that covered. At the end of the day it’s really pretty simple - Bitcoin is money. And money is a language we can all understand.
With that in mind, recently we commissioned leading research firm Forrester Consulting to help quantify and put in perspective the financial benefits of accepting crypto as payment with BitPay.
You can read Forrester’s full study here, titled “The Total Economic Impact of Accepting Bitcoin Using BitPay,” but we thought we’d share just a few of their findings that we think illustrate how much more BitPay merchants bring to the bottom line.
Forrester’s key findings:
- Attracts New Customers - Accepting bitcoin and other cryptocurrency attracts new customers and leads to an increase in sales. The study determines “Many customers who pay with bitcoin or other cryptocurrencies through BitPay are new to the merchant and would not have purchased otherwise.”
- Doubles Average Order Values - Customers paying with crypto spend more than twice as much as the average customer per order. Using average order values (AOV), the study finds “Cryptocurrency users have an AOV of $450, compared to the average AOV of about $200 for non-cryptocurrency users.”
- Lowers Fees - BitPay merchants incur lower fees on crypto payments than they would on credit card payments. According to the study, “ The composite merchant avoids 2.25% in transaction fees (based on primarily US rates) for every transaction completed using BitPay.”
- Eliminates Chargebacks - BitPay eliminates the risk of chargebacks. Forrester says, “For the composite merchant, an estimated $3 million to $3.8 million would be at risk of chargebacks each year due to payment mistakes or fraud. This equates to about 1% of the merchant’s total sales.”
Forrester’s Total Economic Impact methodology is unique because it quantifies the technology value clearly based on the cost and benefit derived for a composite merchant based on interviews with real merchants. For BitPay, Forrester determined the combined value from additional sales from new customers and increased average order value, together with the fee savings delivers an overall ROI of 327%.
If you’re a merchant, and you’re fluent in the language of money, what are you waiting for?