Bitcoin virtual currency is accepted for online purchases from TigerDirect's Canadian website, tigerdirect.ca. "We are very pleased with our BitPay implementation on TigerDirect.com," said Steven Leeds, Director of Marketing for TigerDirect, "and are excited to roll it out across our other sites. As of today, TigerDirect.ca and our mobile/tablet sites will be accepting bitcoin as a payment method."
TigerDirect, in both Canada and the USA, is using BitPay, perhaps the largest Bitcoin processor in the world. Payment via virtual currency was rolled out at the retailer's US site in January, also facilitated by BitPay. The two companies claim that TigerDirect was the first major electronics retailer south of the border to accept Bitcoin, and is now the first in Canada. TigerDirect Canada offers over 300,000 online products online.
BitPay attributes TigerDirect's successful adoption of BitCoin payment in the USA to more than what it calls the simple checkout process of its Bitcoin sales. "TigerDirect has taken an interest in bitcoin not only as a payment option," said Paige Freeman, BitPay's Vice President of Sales, "but also a new product line through the sale of bitcoin mining equipment." To that end, TigerDirect Canada's website promotes AMD computer chips, and has information about mining and links to sites about it.
TigerDirect has been called the second largest company, after Overstock.com, to adopt Bitcoin payments. The retailer received US$250,000 in Bitcoin payments the first day of acceptance in the USA. It claims that by March, it had made sales of US$1 million by Bitcoin.
Based in Atlanta, GA, BitPay's system permits merchants to process customers' Bitcoin payments almost instantly, says the company. Quick conversion to local currency is also available. Merchants, however, may elect to leave all or some this new revenue in Bitcoin wallets. Overstock.com, for example, leaves about 10% of its Bitcoin revenue in the digital domain, according to its CEO Patrick Byrne.
TigerDirect is a subsidiary of Systemax has been operating for 25 years, and is headquartered in Fontainbleau, FLA. The parent has bought up assets of bankrupt competitors such as Circuit City and CompUSA.
BitPay is a startup founded in May 2011 by Anthony Gallippi and Stephen Pair, and has been called "the PayPal of Bitcoin." It has received numerous injections of capital. Investors, including Virgin Group founder Sir Richard Branson, anted up US$30 million earlier this year. That lump sum accounts for the majority of the US$32.7 million invested in the company so far. Users of the payment service include WordPress, Zynga, and Branson's Virgin Galactic.
3D Bitcoin artwork by Eivind Nag