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Erie Marine Sales is a pioneer in the boat sales sector, as one of the first companies to accept crypto payments in the Great Lakes region. This recent partnership has brought seamless, secure, and borderless transactions to the boating sector, allowing customers to purchase new and second-hand boats using digital assets, through ForumPay’s crypto payment gateway. By integrating this increasingly popular alternative payment method, Erie Marine Sales aligns itself with the growing trend towards digital payments in crypto and stablecoin, embracing the expansive potential of cryptocurrencies.
About Erie Marine Sales
Erie Marine Sales is a premier full-service marine dealership located in Sheffield Lake, Ohio, approximately 25 miles west of Cleveland. As the Midwest’s leading dealer of all-welded, heavy-gauge, aluminum and fiberglass boats, they cater to boaters and anglers throughout the Great Lakes region. As well as their wide selection of new and pre-owned fishing boats, Erie Marine Sales also offers expert advice and quality services such as maintenance, customization, winterization and secure boat storage.
New customers and increased revenue through crypto payments
The adoption of crypto payments opens the door to new opportunities for Erie Marine Sales by attracting a broader customer base into the market for new and used boats. This customer base includes international buyers seeking a seamless alternative to traditional payment rails; crypto investors looking to pivot their digital funds into a tangible and practical asset, as well as boating enthusiasts who value the convenience, efficiency and privacy associated with digital transactions.
By offering an alternative to traditional financing and banking restrictions through ForumPay, Erie Marine Sales’ customers are offered greater flexibility at the point of sale, while the company avoids any kind of volatility risk associated with holding crypto, as all payments are received in U.S. dollars (payment is possible in any local currency).
This added layer of flexibility not only enhances the purchasing experience for customers, it also drives revenue by removing barriers that might otherwise delay or complicate transactions. Erie Marine Sales can now accept sales from a growing market of buyers who are eager to use their digital assets for real-world, high-value purchases such as boats, boat parts and associated services.
Secure, direct payments from customer to merchant
By integrating ForumPay’s crypto payment gateway, Erie Marine Sales is able to benefit from secure, direct transactions that eliminate unnecessary intermediaries that streamlines the payment process, end to end. Traditional payment methods, such as card and bank transfers, often involve multiple steps and third parties, which in turn incur fees and potential delays, particularly for high-value transactions such as boat purchases.
With ForumPay, funds move directly from customer to merchant, passing efficiently from crypto to fiat, to ensure a frictionless checkout experience. To protect all merchants from malicious actors and inadvertent payment errors, ForumPay is also partnered with Chainalysis and Sum & Sub, for best-in-class KYC/AML compliance and fraud prevention. This means that all transactions are monitored for compliance, which includes wallet verification and fund availability checks to flag any security concerns before a transaction is completed.
Our solution is also approved by Fannie Mae and Freddie Mac given our ability to authenticate the origin of funds and track the duration of digital assets in a particular wallet. What’s more, unlike traditional payments, crypto payments are final, which removes any risk of chargeback for merchants, ensuring Erie Marine Sales receives funds into their merchant Dashboard immediately, with next-day settlement.
Refunds and payouts
While the hope is that no refunds are needed or requested, should the occasion arise, ForumPay also supports merchants that need to return funds to the buyer or make payouts. Unlike traditional refund methods that may involve bank processing delays or high fees, ForumPay enables instant, direct refunds in stablecoins, streamlining the experience for both the merchant and customer.
As mentioned above, crypto payments are final, which means there is no way to reverse any single transaction. However, with ForumPay, merchants can establish a dedicated stablecoin balance for handling payouts and refunds, which ensures that funds are readily available when needed. This balance is automatically topped off at settlement, guaranteeing a seamless and hassle-free refund process.
Leading the charge for crypto payments in boating commerce
Embracing crypto payments represents more than just offering customers an alternative payment option. It represents adaptation, positioning merchants at the forefront of technological innovation, and leading the charge in modernizing each merchant’s respective sector. As the first boat dealer in the Great Lakes region to integrate crypto payments, Erie Marine Sales sees this partnership with ForumPay as a pivotal step towards the future of boating commerce. As the digital economy evolves, it is essential to stay ahead of the curve, making Erie Marine Sales a pioneer in accepting crypto for boat sales.
For more information about secure, transparent and compliant crypto payments, or to book a meeting with our team of crypto payment experts, visit forumpay.com and book a meeting.
