CEO and founder John Vanhara announced the news on Twitter yesterday. The company has partnered with Atlanta-based BitPay for their payment processing. The company has been considering the option for at least a year, in part due to high international transfer fees charged by banks, often adding as much as 4.3% to the final payments.
Excited. http://t.co/aa6K5dkFin is accepting Bitcoin.
— John Vanhara (@eastbiz) August 19, 2014
Shipito’s announcement is welcome news for a growing number of non-U.S. bitcoin users, particularly in Asia and Latin America. With the discount-heavy holiday shopping season rapidly approaching, the move is also well timed. Foreign participation in Black Friday and Cyber Monday sales has been increasing in recent years, and the reduced fees and discounts often associated with bitcoin may well cause a visible spike in such buying this year. Given that many people outside the U.S. have growing access to bitcoin through ATMs and mobile devices, but limited access to traditional international payment options, Shipito’s bitcoin acceptance may allow for a completely unbanked user outside the U.S. to have new options, all at a lower cost than a traditional international customer.