Overstock.com, also known as the $1 billion online retailer platform, has shared that accepting cryptocurrencies as a form of payment has been a blessing for them. They also believe that it is a better payment source than accepting credit cards. With credit card payments, buyers can request refunds through third parties, and this can lead to legal issues which make it complicated for the company and the credit card company. Overstock does have an in house fraud department that looks into credit card payments and finds solutions for any issues that may arise. A representative from Overstock said that it is more seamless for them to accept digital currencies, as they dont have high transaction fees and it is quick.With credit cards, Overstock pays processing fees and their fraud department, which comes out to high operational costs. Accepting BTC and ETH for payment does not come with the responsibility of creating a specialized fraud department. The representative also stated that the company is making anywhere from $68,000 to $120,000 in weekly digital currency revenues. This is not a definite number because we all know that the crypto market is volatile. However, these numbers are still pretty impressive. The choice of Overstock to start accepting digital assets, has led their shares to rise by more than 11%.
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