H&M Distributors, Inc., an American company that “builds inventory based on the needs [its] customers express”, has announced it will start accepting cryptocurrency payments.
Launched in 1997 as a distributor of “shatter-resistant fluorescent light bulbs”, H&M Distributors currently focuses on offering low-cost lampholders, lampholder accessories, and replacement ballasts. In order to provide a wider range of payment options to its clients, H&M Distributors have partnered with Chimpion, a cryptocurrency e-commerce platform that allows merchants to accept crypto payments for their online business.
Currently, retail companies can pay for orders from H&M in bitcoin (BTC), bitcoin cash (BCH), bitcoin diamond (BCD), dash, ether (ETH), litecoin (LTC), zcoin (XZC), and a few other cryptocurrencies.
“Removing International Sales Barriers”, Quick Crypto To USD Conversions
Commenting on H&M Distributors’ decision to start accepting crypto payments, Herb Needham, the firm’s founder and CEO, remarked:
After more than 20 years in the business, we consider ourselves experts in specialty lighting. 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.
H&M is also looking to take advantage of “drastically reduced transaction fees” (“less than a penny” in some cases), while reducing or “eliminating currency conversion fees” that have to be paid when using traditional payment processors. Moreover, the US-based distributor wants “freedom from chargebacks” - which can occur when using more conventional banking services.
By accepting crypto payments, H&M aims to “pass on even more savings to its customers” - as the company believes it can be cheaper to settle transactions with cryptocurrencies. As mentioned in H&M’s press release, cryptocurrencies allow for more “convenience” and “decentralization” in e-commerce. Per the giant distributor, cryptocurrency payment systems “match the functionality of traditional fiat currency” and they go beyond traditional transaction processors in terms of “efficiency, accessibility, and security.”
Cryptocurrency Adoption On The Rise
As CryptoGlobe reported recently, Argentina’s public transport system has started taking bitcoin payments through its SUBE travelcards. The cards may now be topped up with BTC at various locations throughout the South American country. Passengers in 37 localities in Argentina may add bitcoin to their travelcard credit balance at all supporting stations, certain kiosks with computerized terminals, and several national lottery outlets.