Cryptocurrencies are prevailing once again, and Shiba Inu (SHIB) is one of the most heavily impacted. Recently, many retail and even large corporations have begun to accept payments in cryptos like SHIB. The most recent advancement is in the automobile industry.
MotoRenn, an auto retailer, now accepts Shiba Inu payments for high-end vehicles via Bitpay.
According to the company, users can pay with 13 different cryptos supported by Bitpay, including Shiba Inu.
MotoRenn is a startup that wants to expand its business by using eCommerce. It deals in luxury, premium secondhand, and exotic automobiles. Motorenn has joined BitPay to accept crypto payments, making it easier for clients to buy automobiles.
MotoRenn is a digitally driven e-commerce company headquartered in Los Angeles, California. This eliminates the need for clients to visit a car dealership. Customers may, however, visit the Los Angeles shop to have a test drive before finalizing their online purchase.
The Need for Crypto Payments – Cash Payments Are Extremely Complicated
Motorenn’s CEO, David Chou, says the company intends to make the automobile purchasing experience seamless and simple for clients.
When clients make cash payments, Chou acknowledges that there are certain challenges. Motorenn was known to prefer bank payments before taking attempts to accept bitcoin payments.
According to the CEO, one of the problems with currency is the physical aspect. Crypto payments address this issue by allowing for faster and more secure settlements.
“In automotive — especially with the large amounts — there’s always concerns of making sure that you’re in line with federal and state regulations, There’s a lot of complexity about cash payments, so how does crypto play into that?
MotoRenn dealt with these concerns by partnering with BitPay and letting that firm manage the regulatory aspect. The retailer also chose an option that converts the crypto to dollars, so customers pay with crypto while Motorenn gets paid in dollars. The company buys vehicles, pays utilities, and pays employees in dollars, so they chose that option.” Chou said.
MotoRenn isn’t the first car dealership to accept cryptocurrency payments. Cardinale Automotive Group, based in California, has also taken this path.
These innovations have one thing in common: Shiba Inu is becoming one of the most widely accepted cryptos for payment. BitPay accepts payments in 13 different cryptocurrencies, including SHIB.
Cryptocurrencies Aid in Market Expansion
Customers may finish transactions faster and place orders from far away with crypto payments. Other traditional vehicle dealers typically manage to operate within 30 miles of their main site.
With eCommerce, auto retailers like Motorenn can serve clients from across the country. In fact, the company claims that over 90% of its sales are now made online and in cryptocurrency.