As revealed today in a press release and via various social media platforms, Tigerdirect.ca is now accepting Bitcoin. TigerDirect.com first started accepting Bitcoin from American customers in January of 2014. Many international customers lamented the fact that all these websites claiming Bitcoin acceptance were only accepting American's bitcoins: Bitcoin is an intrinsically international currency. TigerDirect has sold over $1,000,000 USD worth of merchandise for Bitcoin since January.
TigerDirect Expands into Canada with BitPay
ATLANTA, GA -- June 16, 2014 -- BitPay, the world leader in business solutions for the Bitcoin digital currency, is working with TigerDirect to expand the payment options for TigerDirect’s Canadian online store with bitcoin. Canadians can immediately make an online purchase with bitcoin through BitPay from TigerDirect’s extensive line of electronics, tablets, phones, office supplies, video games and more at www.TigerDirect.ca
“We are very pleased with our BitPay implementation on TigerDirect.com and are excited to roll it out across our other sites. As of today, TigerDirect.ca and our mobile/tablet sites will be accepting bitcoin as a payment method,” said Steven Leeds, Director of Marketing for TigerDirect.
TigerDirect’s partnership with BitPay has been successful due to the online retailer’s choice to carry bitcoin mining equipment as well as the simple checkout process offered by BitPay. The two companies first teamed up in January to accept bitcoin payments from TigerDirect’s customers in the United States. TigerDirect was the first major US electronics retailer to accept bitcoin and now will be the first major Canadian retailer. TigerDirect Canada plans on using BitPay to process sales for their 300,000+ products online.
The leading electronics retailer chose BitPay after months of research into bitcoin payment processors because BitPay is focused on offering tools and features merchants like TigerDirect need to make it easy to adopt bitcoin. The US team had such a positive experience with BitPay that the Canadian branch is now implementing BitPay.
“TigerDirect has taken an interest in bitcoin not only as a payment option but also a new product line through the sale of bitcoin mining equipment,” said Paige Freeman, Vice President of Sales at BitPay. “It is great to be working with an organization who is as just enthusiastic about bitcoin as we are.”
For over 25 years, TigerDirect has been serving the needs of its customers, and accepting bitcoin is just another step in their efforts to keep catering to its loyal customer base.
BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for the Bitcoin digital currency.
In an AMA session on the Bitcoin subreddit, TigerDirectOfficial revealed more information about TigerDirect and Bitcoin. When Tiger Direct first announced their acceptance of Bitcoin, most of the sales were for graphics cards and other mining equipment. Both Newegg and TigerDirect ran ads in 2014 which advertised motherboards, low power CPUs, and high power GPUs for "Bitcoin mining." In reality, these items were certainly purchased to mine Scrypt altcoins, or the newer X11 or X13 variants. However, now that the Bitcoin price is down TigerDirect has commented that most Bitcoin sales are now for luxury items such as "TVs, Tablets, PCs, and More!"
TigerDirect also revealed that no new hires were necessary to setup Bitcoin acceptance. In fact, most of their web development team was already into mining. TigerDirect declined to mention exactly how much money they had made/saved by accepting Bitcoin, but they were able to announce that they had "noticed an increase in new customers since accepting Bitcoin." Hopefully, none of those new customers bought Butterfly Labs equipment from TigerDirect, which is stocked despite essentially guaranteed negative ROI -- a business decision that TigerDirect declined to comment on. In addition, TigerDirect refused to reveal exactly what percentage of Bitcoin is converted to fiat, be it 100% or 90% like Overstock.com.
"As a leader in technology it's important for us to set an example."
I have no doubt that other companies around the world will follow in the footsteps of the wise and accept Bitcoin.