backtop


Print 12 comment(s) - last by mozzzus.. on Jul 13 at 5:14 PM

Customers can pay via a local wallet, smartphone wallet, or web hosted wallet for any item on site

Atlanta, Georgia-based BitPay is already one of the biggest forces pushing legitimization of Bitcoin as a secure digital payment system.  Nicknamed the "PayPal of Bitcoin" it provides easy to integrate APIs and apps to allow businesses to accept Bitcoin as a form of payment and for employees to ask to be paid in Bitcoin.  In May it was backed by Virgin Group cofounder and chairman Sir Richard Charles Nicholas Branson and Yahoo! Inc. (YHOO) co-founder Jerry Yang, among others, in a $30M USD venture capital funding round.
 
Now it has its biggest online payment deal yet, with City of Industry, Calif.-based electronics e-tailer Newegg.com, Inc.  The pair write:

[Newegg's] more than 25 million registered customers can now pay for more than 10.5 million products including electronics, computers, game consoles and household items using bitcoin through BitPay.
Newegg logo

Soren Mills, Chief Marketing Officer for Newegg North America, in a press release stated:

Newegg’s customers are among some of the earliest bitcoin miners and are enthusiastic proponents of the crypto-currency. Adopting bitcoin as a payment method is another way we’re responding to our customers’ diverse needs.  Working with BitPay to implement a bitcoin payment option at Newegg was a seamless process and our partnership gives us the capabilities we require for high-volume e-commerce.

Bitcoin's API will directly interface with your local wallet.  For those who store their wallets in the cloud or on a smartphone, there are options as well.  For a smartphone you can use Bitcoin's app to generate a QR code for your wallet.  For online-hosted wallets, you can use your URL.

BitPay

Bitpay executive chairman Tony Gallippi, who cofounded the firm with Stephen Pair, cheered the deal, stating:

Our mission is to make bitcoin every merchant’s favorite form of payment. Forward-thinking merchants like Newegg allow bitcoin enthusiasts from around the world to shop with ease.  Newegg has been the most requested retailer from the bitcoin community and our collaboration will serve this pent-up demand.

Other major businesses accepting Bitcoin via BitPay's API include WordPress, the Sacramento Kings (NBA), and Zynga Inc. (ZNGA).  In related news California recently abruptly reversed its position opposing Bitcoin, with Gov. Jerry Brown (D) signing into law a bill protect Bitcoin traders who comply with state and federal laws, policing criminal use and paying money trader licensing fees, where appropriate.

Newegg recently launched a trial of a new $49.99 USD annual "Premier" subscription service, which gives customers access to guaranteed three day shipping, discounted 1/2 day shipping options, free returns with no restocking fees, better customer service, and alerts for scarce items.  The service resembles its rival Amazon.com, Inc.'s (AMZN) popular Prime service to some extent.  Prime subscribers pay $79.99 USD per year.

Source: Newegg and BitPay on BusinessWire [press release]



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

Newegg Operator Makes Mistake, Costs Them
By Cypherdude1 on 7/1/14, Rating: 0
RE: Newegg Operator Makes Mistake, Costs Them
By Spuke on 7/1/2014 7:11:39 PM , Rating: 2
WTF does this have to do with Bitcoins?


RE: Newegg Operator Makes Mistake, Costs Them
By BRB29 on 7/1/2014 7:25:47 PM , Rating: 1
Newegg used to be the top etailer in the world. Amazon won a ton of their customers over. Although new egg still has some very good deals, amazon is a one stop shop for everything. That's why newegg came out with their newegg mall that sells everything else as well.

Basically, newegg's growth is not as good as they hoped so they are seeking new ways to increase sales. Bitcoin users tend to be into electronics. Newegg is leveraging it for growth and that's one area Amazon isn't in. That means there's no competition for newegg when it comes to bit coin payments.


RE: Newegg Operator Makes Mistake, Costs Them
By Griffinhart on 7/1/2014 7:52:37 PM , Rating: 2
I still use Newegg vs amazon on some hardware. It's very situational now though. The biggest reason I really stopped using newegg is the change in their shipping. 5 years ago I used to order parts at 3pm, use the normal (often free) shipping and if it shipped from the NJ location I would have it in my hands the next morning. It was fantastic. These days, I'm lucky to see anything from them within 5 days. Newegg is no longer the cheapest source, and their shipping speeds are terrible.


RE: Newegg Operator Makes Mistake, Costs Them
By Mitch101 on 7/1/2014 11:58:59 PM , Rating: 2
Newegg needs to drop using DHL especially 2 day shipping that ends at 7-10 days later with failed tracking every time.

NewEgg also needs to stop repackaging peoples returns as new it happened to me (RMA was in the box) and I see others posting similar issues returning New items that have clearly been opened and returned as defective.

Shut down ChiefValue already its just embarrassing.

Competition will catch up if they continue.

Amazon just needs a 3 day sale page like Newegg does and Newegg will start to feel the heat.

Buy.com is useless now that Rakuten bought them unless you like your credit card to mysteriously get charged.

TigerDirect is starting to up its game. Im seeing better deals and less hokey stuff from Tiger Direct.

Fry's god I wish they would step up their online game again but I think they are happy with local sales. Wish one was close by. I liked them better as Outpost.com

MicroCenter again wish one was close just like Fry's great if you have one locally but just here and there with good internet deals.

SuperBiiz - I always forget to check them and you have to watch the banner they always have some $5-$20.00 off coupon running making for some good single item purchases.

Newegg should stop competing with Amazon and just go back to what made them great. They still have the best return policy however if you keep getting other peoples RMA's and have to pay to ship items back they keep reselling its only a matter of time before I just get everything from Someone else.


By Cypherdude1 on 7/2/2014 8:17:32 AM , Rating: 2
quote:
NewEgg also needs to stop repackaging peoples returns as new it happened to me (RMA was in the box) and I see others posting similar issues returning New items that have clearly been opened and returned as defective.
I didn't know that Newegg was reselling RMA's. I'm glad I didn't buy those 3 monitors from Newegg. At the time, I was taking an 8 week college computer-related class. I needed to not only build my Desktop PC, but I also needed to work on the class computer-related project. If I had had any computer problems, I never would have completed my final project.

8 weeks is a very short time for a college class. Normally it's 16 weeks. With everything I was doing at the time, looking back, I'm amazed I was able to simultaneously build my PC and complete the class.

There's no question the online retail business has gotten harder. Even Amazon has posted Net Losses for 2 of the last 4 quarters:
http://finance.yahoo.com/q/is?s=AMZN

I was very surprised when I learned this.


By AntDX316 on 7/6/2014 5:31:04 AM , Rating: 2
sometimes when I order from newegg in the morning the next day with ground shipping it arrives!!!


Correction
By FITCamaro on 7/1/2014 3:08:56 PM , Rating: 2
Prime is now $99 a year.




better customer service
By bobcpg on 7/1/2014 4:30:50 PM , Rating: 2
"better customer service" from Newegg? Are they going to pay me to buy their stuff?




No impact on sales
By bigboxes on 7/2/2014 3:01:07 AM , Rating: 2
It's a gimmick. There is no noticeable amount of sales that can be gained by this. Silly.




Hmmm
By Flunk on 7/2/2014 9:47:17 AM , Rating: 2
Maybe I'll use this to get rid of those Bitcoins that are burning a hole in my pocket.




?ryptocurrency web directory
By mozzzus on 7/13/2014 5:14:21 PM , Rating: 2

?ryptocurrency web directory
http://bitcoinsite.org




"Vista runs on Atom ... It's just no one uses it". -- Intel CEO Paul Otellini














botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki