Precious metals dealer JM Bullion has entered into an agreement with bitcoin payment processor BitPay and is now accepting bitcoin payments.
James Walpole, Marketing and Communications Specialist at BitPay, made the announcement via blog post. He writes:
“We’re excited to announce that precious metals dealer JM Bullion is now accepting bitcoin with the BitPay platform. After a period of testing with its customers, the company is opening its bitcoin payment option to all precious metal buyers.”
JM Bullion, located in Dallas, is an online retailer of gold and silver products, from bars to rounds to coins. It deals exclusively in physical bullion, selling gold or silver with doorstep delivery. It chose to accept bitcoin in a bid to offer greater choice to purchasers checking out online.
“JM Bullion’s integration allows bitcoin customers to pay using any bitcoin wallet and complete their orders in seconds, without leaving the site”, Walpole added.
He explained that JM Bullion and its customers that use the digital currency will be able to protect themselves from the costs of credit card chargeback fraud, which factor into the several percentage point processing fees charged by traditional payment providers. For high-value purchases like gold and silver, these costs can add up to significant margins.
By avoiding these fees, JM Bullion’s bitcoin customers will avail the same 4% discount offered to customers paying with bank transfers or paper checks. Bitcoin customers will also be able to enjoy higher payment limits as compared to credit card users, as well as lower payment minimums than bank transfers.
“We are proud to now accept bitcoin payments. Bitcoin orders offer a 4% discount over credit/debit card orders. This payment method has a $100 order minimum and a $10,000 order maximum”, JM Bullion website reads. “All bitcoin payments are instantly converted to dollars. Any refunds will be in bitcoin at the USD rate at the time of the transaction”.