Avnet to accept cryptocurrency payments

Avnet accepts Bitcoin as form of payment

Avnet (NASDAQ:AVT), one of the world’s largest electronic part distributors, unveiled this week a new company partnership to begin accepting cryptocurrency payments.

BitPay, an Atlanta-based blockchain payment processor, is teaming up with Avnet to offer Avnet customers new Bitcoin (BTC) and Bitcoin Cash (BCH) payment options.

Attracting Tech-Savvy Developers

Avnet framed the move as a way to offer current and future customers a more secure method of payment processing.

Sonny Singh, BitPay’s Chief Commercial Officer, explained how commercial transactions with blockchain-enabled currencies can be advantageous.

“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.”

Cryptocurrencies Enable Flexibility

Cryptocurrencies, as Singh points out, can offer unparalleled flexibility in business transactions.

When used in transactions, cryptocurrencies are extremely inexpensive, secure, and can self-validate receipts between transactors.

The ability to process cryptocurrencies bolsters Avnet’s corporate ecosystem, which includes supply chain and marketing solutions. Before this move, Avnet customers received consultancy for a wide range of business functions. Now, they will receive the same quality of care even if they are 100 percent financially integrated on the blockchain.

Critically, Avnet’s BitPay-enabled acceptance of Bitcoin and Bitcoin Cash currencies means international clientele may pay less in transfer fees. This efficiency helps international customers to save money and makes the world that much more technologically integrated.

Corporate Tech Warms Up to Crypto

On the same day as Avnet’s announcement, Swiss retailer Digitec Galaxus announced it will accept cryptocurrencies for large orders in both of its Online stores.

“[Digitec Galaxus customers] can now use Bitcoin, Bitcoin Cash ABC, Bitcoin Cash SV, Ethereum, Ripple (XRP), Binance Coin, Litecoin, TRON, NEO or OmiseGO to pay for all purchases with a total of over CHF 200 [~$200 USD] or more,” the statement read.

Cryptocurrencies continue to rise in acceptance as third-party payment processors provide a realistic avenue for retailers to use them.