By Avi Mizrahi
July 2, 2018
Fancy.com, a curated luxury goods marketplace featuring over 250,000 products, has announced that, since the company doesn’t pay credit card processing or fraud protection fees on orders placed with crypto, the site is going to pass those savings on to the consumer. So anyone who pays with BTC or BCH can just type in the discount code “crypto,” and their price will be reduced by 3%. The company explains that at an average $1,000 per Fancy order, crypto customers stand to save $30 on each of their orders.
Fancy CEO, Joe Einhorn, said “Maybe we can be a part of the start of an enduring effort where all eCommerce companies adopt crypto and share the cost efficiencies with consumers.”
Bitcoin Cash Adoption
Fancy started accepting crypto payments on the platform via Coinbase Merchant Tools back in 2013. However, earlier this year Coinbase discontinued the product in favor of its newer Coinbase Commerce service and suspended custodial solutions for merchants, which led to “making crypto payments difficult” so Fancy now switched to Bitpay. Along with this recent change, the marketplace has also started accepting BCH payments.
Accepting Bitcoin Cash on Fancy was not just about the switch to Bitpay, but also about the philosophical underpinnings of the BCH community, according to the site’s CEO. “When you read about their hope for Bitcoin Cash, it sounds pretty similar our hopes and other people’s hopes about frictionless commerce and a world empowering not only consumers but vendors to conduct transactions in the most efficient way possible. On the surface, we think there’s an alignment philosophically with Bitcoin Cash,” Einhorn explained to Modern Consensus.
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