Online automotive parts store, Newparts, said on Monday that it will start accepting payment in seven cryptocurrencies, including bitcoin core (BTC) and bitcoin cash (BCH). The U.S. dealer, which has a catalog of over one million parts, says cryptocurrency will enable it to expand its international reach.
Buyers Can Now Use Bitcoin Cash to Pay for Auto Spares at Newparts
Newparts CEO Dano Ramovich said the new payment method, established in partnership with e-commerce platform Shopping Cart Elite, will help improve access to the company's auto parts to as many potential buyers as possible, fast.
"We decided to allow our customers to pay with cryptocurrency – it opens up our business to international markets and enables us to accept and process transactions more quickly and affordably," Ramovich said, in an online statement.
Newparts joins a growing list of car dealers and other merchants looking to cryptocurrency for payments, particularly BCH. Bitcoin cash offers reliable, fast and inexpensive cryptocurrency transactions when compared to traditional means of sending money. Cars.com, Carbidnow, 6speedonline.com, and Sam Pack's Five Star Ford have all started to take payment in BTC and BCH, as adoption continues to expand.
Newparts hopes to leverage similar characteristics, including the elimination of currency conversion fees and charge-backs, "to pass on even more savings to customers," it said.
"By paying with cryptocurrency, customers around the world now have unprecedented access to Newparts' wide array of auto parts with lightning-fast transactions that take just minutes to process," said Ramovich.
According to the Coinline bitcoin cash directory of merchants, BCH as a payment method is currently accepted at more than 210 points throughout the world. The greatest concentration of merchants accepting bitcoin cash is Australia, with about 80 points taking payment in BCH.