Four major companies that accept crypto as payment
As confidence in cryptocurrency continues to grow daily, more retailers worldwide are beginning to accept different forms of it as payment for goods; Bitcoin and Ethereum are just two of many examples. Customers can make these payments directly and indirectly through third-party apps such as Bitpay and Bakkt. With some of the biggest, nameable businesses adapting to this change, we’ve compiled a list of four major companies that are now accepting cryptocurrency as a form of payment.
Lush
Easily recognisable as one of the UK’s leading cosmetic brands, Lush was one of the first global companies to adapt to the use of cryptocurrencies and now accepts them as a form of payment directly on its website. Fully embracing them in 2017 when the beauty retailer started to allow bitcoin payments for orders on its website by partnering with Bitpay.com. For example, if the consumer chooses to pay by Bitcoin, it will take them to the payment service BitPay, where the basket’s price in GBP will be converted to the equivalent Bitcoin value in real-time. Customers will be entitled to a refund on the same basis as usual, but the amount will be the value of the purchase in GBP, meaning it may be either less or more in Bitcoin.
Microsoft
Another early adapter of Bitcoin, Microsoft, started to accept cryptocurrency as an alternative method of payment in 2014 for games, apps and other digital content. Customers can also use cryptocurrency as a way to redeem credit on their Microsoft account, which entitles them to use it for a variety of Microsoft’s services, such as Xbox Live, Microsoft 365, OneDrive, or Skype.
Starbucks
Blooming late into the world of cryptocurrency, Starbucks announced that it would be introduced as an alternative payment option in early 2020. Albeit Starbucks doesn’t accept Bitcoin or other cryptocurrencies directly, it uses a third-party app named Bakkt to allow users to convert their desired cryptocurrency into the equivalent GBP value in real-time. That value is then put onto the user’s Starbucks card, saved within their Starbucks app. It is worthwhile for customers intending to pay with cryptocurrency to utilise tools such as OSOM insights and check daily for any increases or decreases in market value, it’s easy for crypto forecast with tools. Similarly, users can do this along with any loyalty or rewards points and frequent flyer miles that they may have.
Etsy
In a similar fashion to Starbucks, Etsy itself doesn’t accept cryptocurrency as a site-wide payment yet. However, independent sellers who populate the platform can accept cryptocurrency in their individual shops if they so choose. To do this, consumers must select the “other” payment method option at checkout. Buyers will then be able to message the buyer with their payment preferences to complete the transaction; we’ll use Bitcoin as an example. The seller then responds with a Bitcoin address, or they can use a Bitcoin payment processor to generate an invoice containing a payment address and amount, and then email it to the customer.
