Camping World Collaborates with BitPay to Accept Bitcoin (BTC) Payments
RV retailer Camping World Holdings has announced its plan to start accepting BTC payments for its products. The move follows the company’s decision to partner with crypto payment platform BitPay. Moreover, the RV product and services provider is now accepting other cryptocurrencies such as ETH and a select group of virtual currencies available in several digital wallets.
The partnership will help the company expand its client base by including cryptocurrency payments without directly holding the digital assets.
Accepting Crypto Payments
The payment services will roll out in zones, with Chicago and Kenosha being the first regions to have access to the settlement method. However, Camping World will expand the service to the rest of the areas involved in the RV business and its platform in general. The startup had previously announced it was transitioning to a paperless business environment, improving the e-commerce sector.
Marcus Lemonis, the company’s head, said that the move is focused on transforming Camping World into a digital entity in a rapidly developing world. He added,
“As the industry leader, we have a responsibility to adapt to new preferences and elevate the customer experience, whether through the products and services we offer, or in the ways we interact and transact with the customer.”
Moving Towards Profits
Following its recent revelation, Camping World Holdings’ stocks surged 3%, closing in on the increase seen three years ago. The Illinois-based company started offering RV services to Americans in 1966 and is planning to go beyond borders by availing crypto payments.
The Recreational Vehicle business surprisingly grew in demand during the global pandemic COVID-19, as people looked for safe ways to escape the boredom of staying indoors. RV business owners collected about $5B in total revenue during the financial year 2020, with $1.7B accumulated as profits during the spell.
Cryptocurrency Adoption Continues
Camping World Holdings is among several companies that have recently accepted settlements in crypto, including Thesis Hotel Miami and Venezuela’s Caracas Air. Thesis Hotel had also partnered with BitPay to take up BTC in exchange for goods and services, allowing customers to book rooms online while paying in crypto. The luxury hotel also included Bitcoin Cash, Ethereum, and Dogecoin among the accepted set of digital currencies.
Caracas Air’s CEO said that customers who decide to use cryptocurrency payments would enjoy discounts and financial plans. Venezuela is riddled with high inflation rates, and the locals have almost completely lost hope in the local currency Bolivar.
Additionally, the cryptocurrency market doesn’t appear to be shaken by the latest crypto price plunge, as analysts say that most investors are sticking to the HODL strategy.