Online Retail Giant, Overstock starts accepting Bitcoin
Bitcoin has taken another leap into the mainstream of e-commerce as Overstock.com has moved forward its plan to accept Bitcoin payment. The company started taking Bitcoin on Thursday morning and within hours, it was reported that about 100 customers has spent about $10,000 worth of Bitcoins. According to Overstock CEO Patrick Byrne, the first item purchased with Bitcoin was a $2,700 patio set.
Less than a month ago, Byrne announced that Overstock plans to take Bitcoin payments around June or July, while still looking for a payment processing firm to work with. However, things got accelerated after he broke the news. “I felt I had tipped my hand. I didn’t want someone else to beat us.”
How Bitcoin payment works at Overstock.com
Pay with Bitcoin
Bitcoin is a digital currency that allows quick and secure online payments. We partnered with Coinbase, a Bitcoin platform, to enable Bitcoin as a form of payment on Overstock.com. Coinbase is a Bitcoin wallet that allows consumers to buy, sell, send, and receive Bitcoins.
If you are already a Bitcoin user and would like to place an order using this form of payment, select the Pay with Bitcoin under the Payment Information section of our checkout page.
After you verify your order information, click Submit Order Now and complete your transaction using your Coinbase account or Bitcoin address.
Orders paid with Bitcoin cannot be combined with any other form of payment except Overstock.com gift cards, in-store credit, Club O rewards, and/or coupons.
The Pay with Bitcoins option is only available for orders placed on our US shopping site. This payment option is not yet available on the Mobile or International website versions.
Returns & Credits
You may only return orders paid with Bitcoin for Overstock.com In-Store Credit. If your item is damaged or defective, you may return it for a replacement of the exact item. Replacement orders will ship once we receive and process your original item return at our warehouse. All other Returns Policy terms and conditions apply. Standard Returns Policy for more information.
Any service credit for orders paid with Bitcoin is issued to your Overstock.com account as in-store credit, excluding cancelled orders. Cancelled orders qualify for a refund in Bitcoins. Any refund is issued for the full USD value of the order and processed at the Bitcoin exchange rate at the time the refund is completed.
