Automotive Parts Retailer Accepts Bitcoin Cash
Newparts, an online automotive parts store, reported that it will be accepting payment in cryptocurrency. The cryptocurrencies accepted by the retailer include bitcoin core (BTC) and bitcoin cash (BCH). The company has over one million parts in its online store.
The retailer’s CEO Dano Ramovich discussed the new payment method and the platform’s partnership with Shopping Cart Elite, an e-commerce platform. The move is posed to improve access to the company’s auto parts and to ensure that buyers have options.
As Ramovich explained,
“We decided to allow our customers to pay with cryptocurrency – it opens up our business to international markets and enables us to accept and process transactions more quickly and affordably.”
Newparts is not the only retailer accepting cryptocurrency as payment. BCH, in particular, is an attractive option because it provides reliable, fast, and inexpensive cryptocurrency transactions compared to traditional money. A few other online retailers use this form of payment, such as Cars.com, Carbidnow, and Sam Pack’s Five Star Ford.
The platform expects that by accepting bitcoin and other cryptocurrency, it will be able to eliminate conversion fees and charge-backs, which will ultimately “pass on even more savings to the customers.” Keep in mind that there is a downside – charge-backs are a mechanism offered by credit card companies, but not bitcoin, that enable dissatisfied customers to receive their funds back. If there is no charge-back option, it may be best to determine how the retailer settles purchase disputes or to check the retailer’s return policy before buying.
Ramovich also stated,
“By paying with cryptocurrency, customers around the world now have unprecedented access to Newparts’ wide array of auto parts with lightening-fast transactions that take just minutes to process.”