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The advent of cryptocurrency as a means of payment has been a new driver in the financial sector. Although cryptocurrency was met with skepticism, it is gradually gaining traction in the financial markets. As the popularity of cryptocurrency grows, retail stores across the globe are being compelled to join this new financial economy.
Announced a few days back, America’s biggest lighting marketer, H&M Distributors Inc. (not to be confused with the clothing company), has decided to move over to the pro-crypto team. The company which boasts the largest inventory of lampholders, lampholder accessories, and replacement ballasts will now accept Bitcoin Diamond, Litecoin, Bitcoin Cash, Zcoin, Bitcoin, Ethereum, Dash, among other cryptocurrencies as payment for their products.
This was made possible through a crypto e-commerce platform designed to help bridge the gap between merchants and the global economy. The platform known as Chimpion is one of the widely used crypto e-commerce platforms. It was designed with technology from Paytomat, Shopping Cart Elite, and Bitcoin Diamond as a means of catering to the global economy. Chimpion allows for a fast and convenient payment option for goods anywhere in the world. By collaborating with Chimpion, H&M Distributors look to attract a wider audience of customers and provide an easy means of transaction for their customers across the globe.
Cryptocurrency provides an opportunity for one of the most efficient forms of transactions today. The transactions are fast, easy and, most importantly, secure. In addition, cryptocurrency allows for uninterrupted access anywhere in the world. These unique features make it a great option for merchants who are seeking to increase their global customer base, and consequently, increasing their revenue.
Through Chimpion, H&M Distributors can now attract customers outside of the United States. This new form of payment also caused a drastic reduction in transaction fees. Hence, H&M customers across the globe can now enjoy fast and easy transactions and at a reduced cost. Furthermore, this new means of payment eliminates the need for currency conversion fees, giving room for more savings.
H&M Distributors’ chief executive officer and founder, Herb Needham, stated that accepting cryptocurrency as a means of payment gives them the opportunity to share their age-long expertise with a larger crowd of clients. Cryptocurrency will help remove the barriers associated with international trade; and as such, the company will have the opportunity to grow its global customer base. The new settlement system allows them to readily convert payments made in cryptocurrencies to dollars (US fiat currency) without breaking a sweat.
This is yet another opportunity to push cryptocurrency toward the mainstream. As more merchants accept this new form of payment, more customers will be drawn to explore cryptocurrencies and all of their benefits.