We’re excited to announce a new feature that makes it simple for merchants to pass on some of the cost savings associated with accepting bitcoin payments to consumers. Merchants can now choose to automatically apply a percentage-based discount to all orders paid in bitcoin under the Merchant Settings page of their Coinbase account, up to 25%.
When accepting payments with traditional payment methods, merchants incur significant costs associated with transaction fees and efforts preventing fraud and chargebacks. Ultimately, these expenses are passed on to consumers in the form of higher prices for goods and services.
Bitcoin significantly reduces transaction fees and costs associated with fraud and chargebacks. And now, merchants can share these savings with consumers by enabling instant discounts on orders paid in bitcoin. Take advantage from these merchants who already have the feature enabled; BloomNation and, BitDazzle will offer 10%, while eGifter will be offering an additional 3% discount on top of the 3% points rewards they already offer on bitcoin payments.
As we’ve seen with other merchant partners, by accepting bitcoin, companies can attract new customers while at the same time lowering costs per transaction and decreasing fraudulent payments. Now customers get to reap the benefits of these associated cost savings in the form of lower priced goods and services. Happy shopping!