Fertitta, the billionaire behind the move, named by Forbes as the ‘World’s Richest Restaurateur’ who also owns the Houston Rockets basketball team and the restaurant giant Landry’s, Inc. announced via a press release on the company’s website that his Post Oak Motor Car luxury dealership would now be accepting the cryptocurrency.
“The rising of bitcoin sparked my interest,” said Tilman Fertitta, owner of Post Oak Motors. “Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world to purchase our vehicles faster and easier.”
Post Oak Motor Cars accepting Bitcoin via Bitpay
The company making the acceptance of the cryptocurrency possible for Post Oak Motor Cars is Bitpay. Bitpay enable merchants both online and offline to accept Bitcoin as payment for their goods and services.
Accepting credit cards for payments typically costs merchants around 3% according to the Bitpay website, whereas Bitpay charge just 1% for their service. Another benefit to accepting cryptocurrency is that it reduces the risk of credit card charge back fraud since transactions on the blockchain cannot be reversed.
One of the risks and potential downsides to accepting cryptocurrency is the faily volatility which is why Bitpay and similar services allow their customers to receive the payment in fiat should they wish. The customer pays in cryptocurrency and the merchant receives their local currency.
“We’ve noticed people prefer to make larger purchases with bitcoin since it is a simple way to make payments,” said Sonny Singh, Chief Commercial Officer of BitPay. “This partnership is timely with the increasing popularity of Rolls-Royce, Bentley and Bugatti vehicles. Post Oak Motors has a great reputation of selling the finest cars and we are thrilled to be partnering with Tilman.”
Volkswagen and cryptocurrency
Two of the brands Post Oak Motor’s supply, Bugatti and Bentley are owned by Volkswagen who’re working very closely with cryptocurrency and blockchain technology.
The brand have recently announced that by 2019 they will launch the world’s first blockchain car together with IOTA. VW are working very closely with IOTA and the pair are official partners. An official proof of concept recently went live between VW and IOTA and the future for them both is very exciting.