Global blockchain payments provider BitPay announced on Tuesday the results of a study conducted by leading research and advisory firm Forrester Consulting, titled Total Economic Impact Of Accepting Bitcoin Using BitPay. The study, which was commissioned by BitPay, examines the cost savings and business benefits enabled by accepting bitcoin and other cryptocurrencies using BitPay.
“There are four main findings based on interviews with four merchants that accept bitcoin and other cryptos. First, up to 40% of customers that pay with crypto are new to the merchant. Second, purchase amounts are twice that of credit card purchases. Third, crypto is less expensive than card cards, and lastly, there are no fraud-related chargebacks.”
BitPay also revealed that the research revealed interviewed merchants who integrate BitPay saw an average return on investment of 327%. BitPay CEO and Co-Founder Stephen Pair, spoke about the results:
“We believe the Forrester study confirms what we’ve known for some time now,” Pair said. “Accepting bitcoin and other cryptocurrencies through BitPay saves merchants considerably on fees, and unlocks a whole new customer base.”
The study also showed an increase in online shopping during the COVID-19 pandemic and a recent survey, 11% of consumer respondents said they used a digital payment method for the first time. It was noted:
“BitPay allowed merchants to serve and support cryptocurrency adopters better and to provide all customers added options while shopping.”
BitPay added it and Forrester Consulting are hosting a webinar on October 15th to share details from the report.