Bitcoin Payments Continue Popularity at APMEX
APMEX, Inc., the nation’s largest Precious Metals e-retailer, recently began accepting bitcoin as their newest form of payment. Nearly two months after implementation, the company is pleased with the support they have received from both the bitcoin and the Precious Metals communities.
As with any retailer, APMEX knows their customers are their most important asset and always consider their needs and wants when making business decisions. Overwhelmingly, APMEX customers voiced their preference for APMEX to accept bitcoin as payment.
“As the trusted industry leader, we feel a strong responsibility to the Precious Metals community,” APMEX CEO Ken Lewis said. “Instead of jumping right into accepting bitcoin, we stood on the sidelines in order to fully understand the impact on the market, the Precious Metals community and, most importantly, our existing community.”
In November, APMEX partnered with BitPay, a global bitcoin payment service provider, to allow customers to complete their bitcoin order right from the APMEX website. Because bitcoin works like cash for the Internet, customers enjoy a quick process, as the only delay is in the “mining” required of all bitcoin purchases. Additionally, all eligible bitcoin orders will be processed and shipped by APMEX within one business day of the payment’s clearing and processing (domestic orders only).
“After taking time to fully understand the risks and rewards of accepting bitcoin, we decided to partner with BitPay, who was able to bring extensive experience and technical abilities that made implementation more straight forward,” Lewis continued. “We believe this preparation allowed us to be successful. We are seeing a higher average order value with bitcoin and these buyers are also purchasing more frequently than our average customers.”
Since expanding payment options to include bitcoin, APMEX has seen an increase in the overall number of orders as well as the number of new customers. About 55 percent of bitcoin orders come from new customers, which also signifies that existing customers have embraced this new option. Additionally, they have found that bitcoin is slowly moving up as a common payment type, currently sitting just behind PayPal in order of popularity.
APMEX is pleased to see the bitcoin community has fully embraced using the cryptocurrency for Precious Metals purchases and is excited about the future of the two industries.
About APMEX, Inc.
For more than 15 years, APMEX has been one of the nation's largest Precious Metals e-retailers. Boasting over $9.5 billion in transactions, APMEX was recently ranked the #1 Specialty E-Retailer and #45 out of 500 e-retailers by Internet Retailer Magazine. APMEX has the largest selection of bullion and numismatic items provided by a retailer, boasting more than 10,000 products. Product offerings include all U.S. Mint bullion such as Gold, Silver and Platinum American Eagle coins. APMEX also sells products from leading mints around the world including The Royal Mint, Perth Mint, Royal Canadian Mint and many others. APMEX is a member of the American Numismatic Association, the International Precious Metals Institute and the Industry Council for Tangible Assets. For additional information, visit www.APMEX.com or call (800) 375-9006.