Whatever crypto you have, we’ll take, seems to be the message of Switzerland’s biggest online retailer with yearly revenue of circa $1 billion, Digitec Galaxus.
They receive Swiss Francs at their end with the conversion handled by Coinify, but if you want to spend circa $200 worth of Swiss Francs for their 2.7 million products, you can now pay with:
“Bitcoin, Bitcoin Cash, BSV, Ethereum, Ripple (XRP), Binance Coin, Litecoin, TRON, NEO or OmiseGO.”
Why they have this $200 minimum prior to allowing crypto payments isn’t very clear, but they don’t charge any fees on their end. “Coinify charges a fee of 1.5% of the purchase price via the conversion rate,” they say.
“Cryptocurrencies are fascinating and likely to become relevant in e-commerce – we want to support this development,” says Oliver Herren, CIO and co-founder of Digitec Galaxus. He further adds:
“We’ve been wanting to do this for ages, but the effort it would have required has just always been too big. Now we’ve found a simple solution with Datatrans and Coinify.
Thanks to our very own engineering team Spectre, the implementation has been a relatively effortless and straightforward matter.”
Coinbase Commerce has a plugin like option which merchants can utilize to accept cryptos, with BitPay likewise offering sort of the same, but Coinify appears to offer far more cryptos.
BitPay still has just two: bitcoin and BCH. Coinbase has a bit more, like Litecoin and perhaps even Ripple. The commerce aspect integrates with their exchange, so Coinbase might offer merchants the option of accepting any crypto they list.
Here with Coinify, we have things like Tron and OMG or Binance’s BNB, but the process is very much the same for all of them.
They basically receive whatever crypto, which then is usually insta sold on an exchange, with the merchant receiving fiat.
Usually merchants have the option of receiving all of it in fiat, or some of it in crypto, or indeed all of it in crypto. These two Swiss retailers appear to have opted in for all fiat.
“Why should I bother and pay with crypto?” – Herren is asked. “Maybe you have some and want to make use of it. Perhaps you can’t turn it into real money because your bank won’t accept it. Or maybe just because you can? Perhaps you simply enjoy trying new things,” he says.
There must be quite a few people enjoying new things as BitPay alone handled $1 billion worth of bitcoin payments in 2017. How much will Digitec and Galaxus attract, remains to be seen.