H&M Distributors Inc. partnered with Chimpion to accept cryptocurrencies for its products. The new partner of the company, Chimpion, is a cryptocurrency e-commerce platform through which stores can accept payments in tokens.
Headquartered in Henderson, NV, USA, unlike its Swedish namesake – a clothing giant H&M, the American company deals in lighting equipment – LED lighting, fixtures, bulbs, replacement ballasts, voltage transformers, lamp holders, accessories, all that jazz.
H&M has been over 20 years in the field of lighting and were first to create and patent an unbreakable fluorescent lamp in 1997.
Accepted cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash, Zcoin, and Bitcoin Diamond (BCD).
It may not sound like a major breakthrough for cryptocurrency adoption but the fact that smaller retailers are jumping onboard is a good sign. It tells us that cryptocurrency is reaching out to a wider audience.
As H&M Distributors founder and CEO Herb Needham stated in a news release, the decision to accept cryptocurrencies came after they realized that in this way they could walkaround commissions imposed by banks at the same time selling its products to internationally.
“Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”
The article also mentions the “freedom from chargebacks” and faster settlement fees. Thanks to reduced transaction fees, eliminated currency conversion fees and freedom from chargebacks, H&M Distributors is able to pass on even more savings to their customers.
To customers, wishing to make a payment in cryptocurrency, the company promises fast transactions of no longer than a few minutes, low charges (reportedly, less than a penny), and other benefits that will help to save the money.
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