Did you know that around 10 percent of customers exit an online shopping platform right before the final stage because of the lack of payment options?

Cryptocurrency payment is one of those options.

Obviously, customers conduct research beforehand to finalize merchants based on crypto-friendly payment methods. Yet they end up leaving the site empty-handed. Why? Perhaps the directories they read weren’t accurate at all. Nobody wants to waste time filtering Bitcoin-friendly merchants.

The challenges of locating reliable Bitcoin-friendly merchants online
We analyzed several popular directories (e.g. Bitpay Directory, Crypto.com Directory, 99bitcoins Directory, Swiss Money Directory) featuring merchants that accept Bitcoin payments. Digging deeper, we found that many of the merchants:
• Have discontinued Bitcoin payments altogether
• Offer only limited locations where Bitcoin is accepted
• Offer Bitcoin payments only in some regions that do not include the US
• Require the customer to convert bitcoin into gift cards to make purchases
• Put a cap on the maximum spend per month with bitcoin
• Require the customer to download a third-party app to make Bitcoin transactions

 

Examples of commonly misrepresented merchants

Microsoft initially started accepting Bitcoin in 2014 for specific services. Later, they changed their payment options. Currently, Microsoft customers can use Bitcoin to add funds to their accounts, which can be used to buy Windows and Xbox products. But, they cannot make direct Bitcoin payments.

Dell started accepting Bitcoin payments in 2014. However, the company discontinued this option in 2017 owing to low demand. It doesn’t currently accept Bitcoin as a form of payment. Customers can pay via Dell Pay Credit.

In 2015, Rakuten announced it would accept Bitcoin. However, as of now, Rakuten customers can only charge their cash balance using Bitcoin on the Rakuten Wallet app, they cannot make direct Bitcoin payments to buy online. Also, Rakuten caps Bitcoin spend at Yen 100k (approximately equal to $700) per month.

News about Walmart accepting Litecoin hit the internet in September 2021, causing a surge in the cryptocurrency price. Sadly, it turned out to be fake.

Popular luxury brands like Gucci and Ralph Lauren are often listed as Bitcoin-friendly merchants. The reality is, they don’t have Bitcoin as a standard payment method. There are select Gucci stores in the United States that accept Bitcoin payments. As of now, only one Ralph Lauren store, Ralph Lauren’s Design District in Miami accepts Bitcoin payments.

Starting from February 2022, Hublot only accepts Bitcoin for their special edition watches. If you want to pay in cryptocurrency, you can do so as Hublot’s U.S. eBoutique. This facility does not apply on other Hublot stores.

Websites like Badoo, OKCupid and Luxy have been listed as Bitcoin-friendly. However, the Bitcoin payment process is often confusing for customers. At Badoo, in some regions, this payment option is unavailable. Luxy does not really accept Bitcoin and OKCupid has discontinued the practice.

PayPal is also often featured as a Bitcoin-accepting merchant. However, they have a bunch of limitations. You can only hold or sell the cryptocurrency that you buy on PayPal in your Personal PayPal account. Additionally, the cryptocurrency assets in your account cannot be transferred to other accounts on or off PayPal. Finally, they have temporarily paused crypto purchasing in the UK.

 

Bitaggregator

Bitaggregator understands the pain of Bitcoiners. We provide reliable information for a seamless transaction experience.