U.S. jewelry retailer Marks Jewelers has started accepting payments in cryptocurrency, including bitcoin cash. Shoppers can now pay for luxury goods such as fine diamonds, watches and engagement rings using BCH and seven other digital currencies.
Retailer to Cut Costs with
Low BCH Transaction Fees
In addition to BCH, the company is now accepting payments in cryptocurrencies such as bitcoin and ether. “This will allow us to make our fine jewelry available to the global market while paying lower fees and avoiding chargebacks,” Joshua Rubin, director of marketing at Marks Jewelers, said in an online statement.
Marks Jewelers is already one of the biggest jewelry retailers in the U.S. market. But Rubin said that the new payment methods, established in partnership with e-commerce platform Shopping Cart Elite, will help to expand access to its jewelry range for buyers throughout the world. The Pennsylvania-based company, which has sold diamonds and jewelry for 35 years, said that the removal of currency conversion charges will help it cut costs. It wants to pass those savings over to jewelry shoppers in the form of lower retail prices.
Cheaper Than Credit Cards
Marks Jewelers joins a growing list of jewelry retailers, including Samer Halimeh New York and Reeds, that are starting to accept payments in cryptocurrencies such as BCH. Bitcoin cash offers fast, reliable and inexpensive transactions compared with traditional means of sending money. For example, credit and debit card providers generally charge fees that are as much as 3.5 percent of every transaction. That compares with transaction fees of around $1 or less for cryptocurrency-based purchases, regardless of the amount of each transaction.
According to Coinline, which provides a directory of merchants that accept payments in bitcoin cash, more than 210 retailers throughout the world now handle transactions in the cryptocurrency. Australia is home to the greatest concentration of merchants that welcome BCH as a form of payment, with about 80 locations in total accepting it.