Forrester Consulting has completed a survey it’s entitling the “Total Economic Impact of Accepting Bitcoin Using Bit Pay.” As it turns out, it looks like businesses that accept crypto as a means of payment for goods and services are having an easier time attracting new customers.
Bit Pay Is Pushing Crypto Adoption Everywhere
The report suggests four primary findings following the study. The first shows that most people looking to pay with crypto will be new customers. The second is that people utilizing crypto for payments of both goods and services are likely to make much larger purchases than those that utilize credit cards or cash. Next, it’s that crypto is far less expensive than credit cards, and finally, fraud-related chargebacks are non-existent when it comes to using crypto.
The study was ordered by international bitcoin and crypto transaction firm Bit Pay as a means of better understanding the cost-saving benefits of both bitcoin and its altcoin cousins. The company’s CEO and co-founder Stephen Pair explained in a statement:
We believe the Forrester study confirms what we’ve known for some time now. Accepting bitcoin and other cryptocurrencies through Bit Pay saves merchants considerably on fees and unlocks a whole new customer base.
One of the big things about crypto as of late is that it appears to be doing a lot of good for people during the COVID spikes. The report explains that it has become much easier to pay with crypto for several reasons, a big one being that everyone is trying to save as much money as they can and that inflation is running rampant throughout the U.S. and other nations. The report explains:
Bit Pay allowed merchants to serve and support cryptocurrency adopters better and to provide all customers added options while shopping.
The document further notes that just over ten percent of the participants that were monitored and surveyed for the report used crypto for the first time during the pandemic. Both Forrester and Bit Pay will be hosting an online seminar for those eager to learn more about the report’s findings on October 15. Forrester conducts similar studies each year and has thus far served nearly 700,000 individual consumers and business firms across the globe.
Volatility Is an Issue
Founded in the year 2011, Bit Pay is a leading cryptocurrency firm that seeks to work with businesses everywhere and make it easier for them to accept digital currency payments. This is initially what bitcoin and its crypto cousins were designed for, though the road to mainstream acceptance has been difficult considering these currencies often come with massive volatility, and many businesses do not want to risk losing out on funds should prices suddenly go down overnight.
Bit Pay primarily focuses on companies in struggling areas where credit card acceptance is not always doable or practical.