H&M Distributors are starting to accept Cryptocurrency payments. Digital Assets that will be supported in the new deal include LTC, BDC, BCH, BTC, and other Cryptos. The American company attributes fundamental properties of Digital Tokens such as ease of converting to USD and faster settlement times as the key reason behind the move.
About H&M Distributors
H&M Distributors claims to “build inventories” to meet the needs of its customers. The company genesis dates back in 1997 when it started as a small-scale distributor of fluorescent light bulbs that are “shatter-resistant”. It has since grown in every dimension and now focuses on offering low-cost replacement ballasts, lampholder accessories, and low-cost lampholders.
The Company Has A Larger Market Base
With a larger market base comes the need for diversification. Since H&M has already diversified its products to encompass many accessories and products, the next aspect to consider is diversifying the payment option. This is meant to ensure that the customers are able to conveniently settle their invoices without incurring further inconveniences such s liquidity issues or delayed downtimes in currency conversion.
Additionally, many institutions and individuals own Cryptocurrencies that their store in different wallets and they constitute a market niche that is yet to be fully tapped. Hence, H&M is assured of a sizeable clientele base to grow their business.
H&M Is Partnering With Chimpion
A Cryptocurrency e-commerce network known as Chimpion is developing a platform payment platform for H&M. The new solution is accepting and processing Crypto payments to allow customers to transact online. The project also aims to allow international clients to make orders without experiencing the barriers of international trade
Currently, the platform is operational and can support Zcoin (XZC), Litecoin (LTC), Ether (ETH), Dash, Bitcoin diamond (BCD), Bitcoin cash (BCH), Bitcoin (BTC), and a few more.
The CEO And Founder Believes That Crypto Payments Is The Way To Go
H&M Distributors’ CEO and Founder, Herb Needham commented on the decision saying that accepting Cryptos for payment is a good move as it would serve all clients regardless of borders. Herb points out that the company in its 20 years of service has grown to become an expert in specialty lighting and Cryptos are the key to solidifying their expertise.
Herb also reveals that the settlement system that Chimpion offers allows the company to convert the Crypto payments to US Dollars after purchases to maintain fiat-based cash flow. Further, conventional banking services have chargebacks and H&M will ensure that clients do not have to grapple with such inconveniences again.
In terms of security, accessibility, and efficiency, Cryptocurrencies far outperform traditional fiat currencies. This is because they are native Tokens of Blockchain platforms and therefore ideal for e-commerce transactions.
All over the world, Cryptocurrencies are being used as currencies because of their immense benefits. The best example of the many is the Argentina public transport system that accepts SUBE travelcards that are loaded with Bitcoin. There are many supporting stations such as lottery outlets and terminals that users can top up their BTC balances.