BitPay announced that a Porsche dealer in the Baltimore region is now accepting bitcoin and other cryptocurrencies as payment for its vehicles.
- Porsche Towson, a dealership in Maryland, U.S. now accepts bitcoin and other cryptocurrencies for the purchase of vehicles.
- BitPay enabled Porsche Towson to accept cryptocurrencies as payment through their API services designed to make processing crypto payments easier.
- BitPay’s tool shields businesses from eventual volatility in the BTC price by guaranteeing the merchant receives the full corresponding dollar amount at the time of purchase.
Porsche Towson, a Porsche dealer located in Towson, Maryland is now accepting bitcoin and other cryptocurrencies as payment, according to a tweet announcement by BitPay.
Payment processing companies such as BitPay provide an easier solution for a more widespread usage of bitcoin as a medium of exchange given that technical hurdles often stand in the way of businesses interested in accepting alternative payment methods.
Porsche Towson customers, already used to traditional forms of financing, leasing, trade-ins and other well-established forms of car purchases, now have the ability to buy luxury vehicles with bitcoin.
Bitpay is an enterprise-grade cryptocurrency payment system that allows businesses to accept cryptocurrencies like BTC by taking the stress away from business owners with a seamless application programming interface (API). With this tool, businesses can utilize cryptocurrencies like bitcoin for recurring billing or one-time payments.
BitPay also attempts to shield its users from any volatility that may occur with the pricing of bitcoin. Every dollar a business charges for a product or service is paid out to the merchant based on time of purchase, minus the 1% transaction fee charged by BitPay.
The Bitcoin payments service announced during the Bitcoin 2022 conference that it had added support for the Lightning Network through its payment processing platform, allowing merchants that leverage BitPay to receive cheaper and faster payments through the Layer 2 protocol.
Porsche Towson offers new, certified pre-owned, and leasing options across their locations in Maryland and Pennsylvania. The Baltimore, Lutherville-Timonium, Hunt Valley, Bel Air and Towson locations can be found in Maryland. The Pennsylvania location can be found in York County.