Consumers Can Now Use Bitcoin as Payment
Most consumers know of Schmidt Naturals as a brand that creates personal care products. However, in their recent changes to their infrastructure, they’ve made changes to accept bitcoin payments through their online shop.
The Unilever-owned company was featured on CNBC with co-founder and chief executive Michael Cammarata taking the lead. In his discussion on the show, he expressed that their change was the response to the growing needs of their consumers, and their desire to meet those needs. He said, “Some of the subscribers were like, ‘Hey, we want to be able to pay in bitcoin,’” on May 15th, 2018.
To process these transactions, Schmidt Naturals has partnered with BitPay as their foundation. In the interview, the reporter expresses a popular notion by beginners in the crypto world, which is the high cost of bitcoin. He posed the question, with bitcoin costing several thousand dollar a piece, “how do you buy a little deodorant with bitcoin?”
Cammarata continued to express the ability to use bitcoin for any of the small or large purchases from their online store, since consumers are able to use a fraction of the bitcoin as well. Each bitcoin has the ability to be broken down into 100 millionths, or $0.0000792 presently, since the current value of a bitcoin is $7,920.90. These 100 millionths are referred to as a satoshi when broken down. The bitcoin can be broken down into units that dollars simple cannot.
One of the ideas that Cammarata suggested is that many of their customers will probably use their bitcoin in effort to sign up for one of the monthly or yearly subscriptions available. Every package can be altered to meet the needs of the individual customer, which is incredibly beneficial for parents that are trying to stock up on hygiene products for college-age children.
The only cryptocurrency that Schmidt Naturals presently accepts is bitcoin, but that’s temporary. The company wants to eventually expand to other cryptocurrencies, but they are presently using bitcoin during their trial run to determine if the use of this payment system is worth the benefits. Bitcoin was the obvious choice for them, considering how divisible it is.
Along with Schmidt Naturals, other online retailers like Overstock, Newegg, Expedia, and Shopify are offering the ability to integrate cryptocurrencies as payment. In fact, Overstock announced this new form of payment acceptance back in January 2014.