Fancy.com Luxury Goods Marketplace Offers Bitcoin Discount To Shoppers Online
Every consumer wants a chance to save some money on their purchase, especially consumers that have held onto their Bitcoin for a while. Fancy.com is a website that allows consumers to make purchases with the use of BTC and BCH, but they have recently decided to give a discount for crypto shoppers to promote more sales.
Fancy.com is the home of over 250,000 products, which primarily include curated luxury goods. In a recent announcement, the company said that the reason for the discount was due to the fees that they do not have to pay on crypto order. With credit cards and debit cards, the company has to pay credit card processing and fraud protection fees. Since they have the leeway, they credit the lack of fees with a discount on purchases instead. The average percentage for the discount is approximately 3%.
The CEO of Fancy, Joe Einhorn, was hopeful about what this means for the crypto community. He said,
“Maybe we can be a part of the start of an enduring effort where all eCommerce companies adopt crypto and share the cost efficiencies with consumers.”
The Fancy Marketplace has been ahead of the curve for a while, accepting cryptocurrency as payment for their purchases through Coinbase Merchant Tools for the last 5 years. However, Coinbase Merchant Tools was replaced with the Coinbase Commerce service, which seemed to make accepting cryptocurrency a problem. Presently, Fancy works with BitPay, which allowed them to add to the BCH.
Adding BCH was not exclusively due to this change, but about the way that Bitcoin Cash outlines their goals. According to Einhorn,
“When you read about their hope for Bitcoin Cash, it sounds pretty similar our hopes and other people’s hopes about frictionless commerce and a world empowering not only consumers but vendors to conduct transactions in the most efficient way possible. On the surface, we think there’s an alignment philosophically with Bitcoin Cash.”