We're excited to announce that precious metals dealer JM Bullion is now accepting bitcoin with the BitPay platform. After a period of testing with its customers, the company is opening its bitcoin payment option to all precious metal buyers.
One of the largest dealers in its industry, JM Bullion is also one of the most trusted providers of gold and silver in the United States. The company chose to accept bitcoin to provide greater choice to purchasers checking out online. JM Bullion's integration allows bitcoin customers to pay using any bitcoin wallet and complete their orders in seconds, without leaving the site.
Since bitcoin is a push payment method that works like cash for the Internet, JM Bullion and its customers that use bitcoin can protect themselves from the costs of credit card chargeback fraud. Those costs factor into the several percentage point processing fees charged by traditional payment providers, and they can add up to significant margins for high-value purchases like gold and silver. By sidestepping these fees, JM Bullion's bitcoin customers will be getting the same 4% discount offered to customers paying with bank transfers or paper checks – without the hassle of transacting offline. Bitcoin customers will also have higher payment limits than credit card users, as well as lower payment minimums than bank transfers.
It makes sense that precious metals have been popular purchases for bitcoin users – particularly those in the United States – and have typically seen higher than average order values. We're excited to work with JM Bullion as it reaches this strong market for bitcoin.