One of the knocks about the savings experiencing online bitcoin payments is that it has no effect on consumers. For nearly all products available for sale in bitcoins, buyers experience no difference in costs whether they pay in bitcoins or pull out their credit card. This occurs even though merchants are paying only 0.5% to 1.0% for bitcoin payment processing versus 2%-3% and much more in industries with high chargeback rates for credit cards.
Providing a solution for this problem, Coinbase has launched a new “Pass Cost Savings on to Your Customers” program. With the feature, merchants will be able to enter an automatic percentage reduction to apply when payments are being made in bitcoins up to 25%. According to Coinbase, three online sites have already applied the feature with BloomNation and BitDazzle offering 10% reductions, and eGifter providing a 3% savings.
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In their blog post announcing the news, Coinbase mentioned that firms are able to attract new customers by simply beginning to offer bitcoin payments, which can now be customized with additional purchase savings.