Cryptocurrency payments are reaching a different industry by the end of this year, and it is none other than the jeweler retails this time. Recent reports suggest that Marks Jewelers, one of the U.S. jewelry retailers, is now accepting cryptocurrency payments which also include bitcoin cash.
Along with BCH, the company will also accept payments in bitcoin (BTC), ether (ETH) and other selected cryptocurrencies as well. As a result, the shoppers can use any of the seven selected cryptocurrencies, along with BCH to pay for their shopping when it comes to watches, fine diamonds, engagement rings and other such luxurious goods offered by the jewelers.
The company confirmed the reports through online statements and further revealed their intentions for accepting crypto in exchange for jewelry and how this will help them to cut back at costs. One of the online statements by Joshua Rubin, marketing director at Marks Jewelers, says that accepting crypto payments, especially in bitcoin and ether, will help them to make their exclusive jewelry available on the global platform as they will charge lower fees to avoid chargebacks.
Cryptocurrency payments have different notions and laws around the world, but U.S jewelry market is surely putting it on the ‘accepted’ list. It is almost every day that we see reports of at least one region issuing an anti-crypto ban or rules against its practice. But it is surprising how jewelry retailers are looking forward to new ways that cryptocurrency payments will pave for it on the global market platform.
The crypto payment platform builds in partnership with Shopping Cart Elite, an e-commerce platform which will help in expanding access to the collection of jewelry from potential buyers from around the world. The partnership is confirmed in the statement by Rubin as they are using the teams to implement new payment methods. Marks Jewelers in one of the biggest jewelry retailers in the United States, based in Pennsylvania and sells diamond jewelry for more than 35 years.
The reason behind implementing the new crypto payment method is to cut back on the costs that follow the currency conversion charges and can make a substantial difference for the jewelry giant. These lower costs will convert into lower retail prices on the jewelry for the buyers and shoppers as a return from the company.
However, this isn’t the first retailer from jeweler industry, and reports also saw another jewelry giant Samer Halimeh New York and Reeds starting to accept crypto payments in BCH as well. One of the reasons for retailers to implement crypto is to cut back on the charges that come with using credit cards as opposed to bitcoin.
Moreover, bitcoin is a faster and more reliable means to carry out the transaction and with lower charges than credit card payments or other traditional methods. The cards can charge as much as 3.5% on each transaction, whereas cryptocurrency payment charges $1 or less, regardless of the amount of transaction.