Avnet Inc, one of the largest distributors of electronic components and embedded solutions in the US, has started accepting Bitcoin payments for technology products and services. This is done in collaboration with BitPay, a crypto payment processor, which will facilitate payment transactions in Bitcoin (BTC) or Bitcoin Cash (BCH). Avnet announced this in an official press release, making it one of the most recent big firms to have approved Bitcoin payments.
Being #128 on Fortune 500’s 2017 list and securing a rank for the past 24 years, it is definitely one of the largest technology enterprises of the country with an annual revenue of USD 19B in 2018.
Avnet will work with BitPay to verify the funds, process the order and complete the transactions whenever a customer opts to pay through bitcoin. This will boost its acceptance with an increased attraction of individuals willing to pay through crypto. Avnet will manage and process cryptocurrency requests even outside the US.
Sonny Singh, the chief commercial officer of BitPay, said:
“Not only is paying with Bitcoin easier and faster than with credit cards and bank wires, it is less expensive and acceptance of it is growing. I predict Avnet will attract many new blockchain-focused customers from around the world that want to take advantage of paying with Bitcoin.”
This being said, the company has accepted several multi-million dollar cryptocurrency transactions already, hence this hassle-free method of payment has the potential to be a huge aspect for increase in sales.
This modification will make it convenient for the customers as they will be focused only on the development of the product and not the payment method. Avnet has shattered the barriers that customers have to face which hinders their thought process. They are granted easier access to its “unique end-to-end ecosystem of design, product, marketing and supply chain expertise at every stage of the product lifecycle”.
Bitcoin’s security and effectiveness is increasing its global acceptance rapidly as covered in another piece on Bitcoin News.
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