Sometimes, all it takes is a customer request to get a business on board with Bitcoin.
After such a request from a Silicon Valley venture capitalist, the Land Rover of Redwood City dealership sold its first Land Rover for Bitcoin.
BitPay processed the transaction.
“I had no understanding of Bitcoin; it’s a very hard concept to get,” the California dealership’s general sales manager, Doug Doyle, told the San Francisco Examiner. “BitPay really showed me how this whole transaction would take place. They came to the office and soothed my furrowed brow about the anxiety of a new and different transaction.”
He later went on to acknowledge that a change is taking place among local customers’ spending habits — that is, many want to pay with cryptocurrencies — and addressing that demand is simply good business.
BitPay allowed the dealership to immediately process payment and convert it to fiat currency.
This isn’t the first car sold in California for Bitcoins. Someone bought a Tesla Model S last December down in Costa Mesa, a transaction also handled by BitPay.
BitPay has more than 22,000 clients around the world and is able to undercut traditional payment processors by working with Bitcoin. For high-end purchases such as cars, BitPay either charges 1% or a flat monthly rate in accordance with the level of service.