The collaboration will let merchants use Gr4vy’s platform to offer BitPay’s crypto payment options without assuming added crypto risk, fear of chargebacks, fraud or high transaction fees, the company said in a news release Tuesday (Sept. 20).
“Today’s consumers continue to demand alternative ways to pay,” said Gra4vy CEO and Founder John Lunn.
“Merchants looking to stay competitive can no longer afford not to offer various payment methods, like crypto, or they will find customers opting for merchants who meet their payment needs. Merchants have also begun to consider their Web3 strategy, making the ability to offer and accept crypto payments more critical as they look toward the future.”
Recent research by PYMNTS found the number of merchants who accept cryptocurrency payments in some variation is high, although the most common source of those payments by far are digital wallets like PayPal and Venmo.
But the acceptance of crypto wallets is growing in stores, with close to 40% of those merchants saying they can accept them at the point of sale (POS), according to the Paying With Crypto report, a collaboration betweenPYMNTS and BitPay.
Both online and in-store, 93.5% of merchants reported that the most-used way customers paid for goods or services was through those broader digital wallets, while just 6.5% said crypto-specific digital wallets were favored
BitPay and Gr4vy say their partnership lets merchants using Gr4vy’s platform instantly add BitPay to their payment stack with no code and accept crypto payments through the BitPay checkout in 15 different cryptocurrencies, including ApeCOin, Bitcoin and Bitcoin Cash, Dogecoin and Ethereum, along with five USD-pegged stablecoins (BUSD, DAI, GUSD, USDP, and USDC) and one Euro-backed stable coin (EUROC).
In June, Gr4vy formed a partnership with global open banking account-to-account transaction provider Trustly, adding Trustly as an option on its payments platform.
The companies said the deal gives merchants that use the Gr4vy platform a less costly method of accepting payments, and at a higher approval rate than with traditional platforms.