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Thinking of Accepting Crypto Payments as a Business? Here’s How 6 Major Companies Are Doing It.
The rise of Bitcoin is making mega millionaires and tech-savvy consumers who want to pay with crypto. Businesses from every niche and corner of the world are noticing. Here are some of the most well-known companies accepting crypto as payment and what’s driving the adoption.
6 Major Companies Accepting Crypto as Payment
Accepting crypto payments as a business isn’t just for the tech-focused industries. Brands in fashion, travel, utilities, sports, entertainment, commerce and beyond are embracing the crypto community.
Gucci
Always up on the trends, Gucci is just one of the major fashion brands accepting crypto payments. Gucci accepts crypto in its boutiques across the US, making it one of the first luxury brands to truly embrace crypto payments. Its interest in Web3 and the metaverse is a major driving force behind jumping onto the crypto wave early.
AT&T
AT&T is just one of the utilities companies enabling crypto payments. New customers can now pay for their phone bill and device purchases directly from their crypto wallet.
Vueling
Vueling is one Europe’s first airlines to accept cryptocurrency payments. The low-cost airline will leverage UATP's technology, the global payment network for the airline industry, to allow passengers to pay with crypto. Travelers can fly across the continent and pay for flights with all of the top cryptocurrencies. Vueling will launch the new payment option sometime in 2023.
Dallas Mavericks
With an owner like Mark Cuban, being ahead of the curve is only natural. The Mavericks are one of many professional sports teams that give their fans the opportunity to pay for tickets and merchandise with crypto. Among cryptocurrencies accepted by the Mavs are mainstays Bitcoin and Ethereum, along with meme coins Dogecoin and Shiba Inu Coin. The Mavs leverage BitPay’s Shopify app to accept crypto in its merch shop.
AMC Theatres
Hollywood loves a good comeback story. While some predicted movie theaters would be a soon-forgotten relic, AMC Theatres brought innovation to the industry. Movie fans can purchase tickets and merchandise using crypto within the AMC app or on its website. Its outspoken CEO, Adam Aron, is known for engaging with the crypto community on Twitter – in fact, he was the first to break the news of a BitPay and AMC Theatres partnership in bringing crypto to the big screen.
Newegg
The leader of online electronics shopping has been a champion of cryptocurrency payments for years. Newegg customers can purchase everything they need for their offices or homes and pay with crypto as easily as any other payment method.
Why they're doing it
Accepting crypto payments as a business brings an abundance of benefits, all with a low barrier to entry.
Connect with new, technically savvy and affluent customers
Accepting crypto opens businesses up to hundreds of millions of crypto users. The crypto community is young, technically savvy and affluent. Crypto customers tend to spend double what a traditional customer would spend. Additionally, 40% of customers that pay with crypto have never shopped with the merchant before.
Massive untapped market opportunity
Even after a downturn in 2021, the total market capitalization for cryptocurrency fluctuates between $1 and $2 trillion. Among its users are millions of holders who actively seek businesses that accept cryptocurrency payments.
Easily transact across borders
The decentralized nature of crypto allows for users to spend cryptocurrency without the need for fluctuating exchange rates.
No risk of fraud or chargebacks
Since all transactions are recorded on a blockchain, there is no risk of fraudulent charges to businesses.
Never hold crypto or worry about price volatility
Companies that choose to take a “hands off” approach to accepting crypto payments receive payments directly to their bank account.
No advanced crypto knowledge necessary
Instead of creating their own wallet, companies can use a service like BitPay to accept crypto on their behalf. Set up is quick and easy. Companies can start accepting crypto payments in less than a week.
Pay fewer fees
When businesses accept credit card payments, they’ll often pay 3% of each transaction. Crypto payments can cost less than half, meaning a better bottom line for the business.
Increase in regulation and clarity
The top crypto payment processors follow strict regulations to ensure businesses stay compliant with all local laws regarding cryptocurrency.
How companies are accepting crypto payments
Companies can take a “hands-off” or a “hands-on” approach to accepting crypto payments. With a hands-off approach, companies leverage a crypto payment processor like BitPay to accept crypto on their behalf and settle payment in fiat currency. All technical steps of creating a wallet are handled by the third party, as well as any compliance or regulation aspects. In a hands-on approach, the company handles all specifics relating to technical set up, payment processing and maintaining compliance. The hands-on approach entails much greater levels of exploration and work. With it, also comes having to take custody of crypto and dealing with price volatility. For this reason, most organizations choose to leverage a crypto payment processor like BitPay.
Accept crypto payments in-store
BitPay’s Verifone integration is used inside all of our top fashion stores, including Gucci and PacSun. Crypto payments can be made at the same terminal used for credit card purchases, resulting in a seamless in-person crypto checkout process for customers and employees.
Accept online in your eCommerce store
BitPay makes accepting crypto payments online simple and convenient for customers on any device. Our library of plugins, code libraries and APIs offer easy integration with any eCommerce platform, including Shopify or custom systems. Start accepting payments on your website in a matter of hours or days, not weeks.
Accept crypto via email billing
BitPay’s email billing tool lets you send bills to your clients who prefer to pay you with cryptocurrency. Skip wire transfers and credit cards that come with excessive costs, complications, and risks, while expanding your payment options to a new global audience.
Bonus: Run crypto payroll and payouts with BitPay
In addition to being the top crypto payment processor for accepting payments, BitPay also gives organizations the power to pay out in crypto. Integrate crypto into your payroll system, pay out affiliates, settle with vendors and more - all without ever touching or managing crypto.
Start accepting crypto payments today
Gucci, AT&T, the Dallas Mavericks, Vueling and NewEgg are creating the blueprint for businesses in every industry to start accepting crypto payments. Your organization can begin accepting crypto in a matter of hours, all without the typical volatility associated with crypto.
