Bitcoins are a global, digital Internet currency instantly transferrable across any geo/political border, in any amount, and without risk of “chargeback”. This makes for a perfect currency for an international tourist destination like Las Vegas.
Because of the inherent benefits and properties of Bitcoin, there comes with it some very valuable use cases for our local businesses. Most interestingly, accepting Bitcoin literally costs you nothing to get started and immediately puts you in a global niche market. The Bitcoin community is a passionate bunch and will seek you out to patronize your establishment simply because you accept this digital currency.
Bitcoin is both a new type of currency and a payment network. Because this network is built on peer-to-peer technology, there is absolutely no central authority that can assist fraudulent patrons to reverse their payments to you – there is no such thing as “chargebacks” in the bitcoin system. This means you are guaranteed payment even more so than cash.
There are no signup fees, transaction fees, or ongoing charges to pay in order to accept Bitcoin. Most of the bitcoin software solutions are free but may require a little manual labor to make it work for a front line staff of more than a few employees. But there are paid services that make it very easy to receive bitcoins for small-to-medium sized merchants. These services are always cheaper than paypal and visa payment processors because the costs of transfer and security are distributed across all participants in the transaction network.
There is no special equipment to buy or maintain. With services like BitPay, your employee’s smartphones can become a secure point of sale system for your business. All you need to do is ensure Internet access for them to connect to the payment systems on the Internet that will process your sales. Additionally, these paid services will automatically convert your sales into dollars at the point of sale and ACH transfer your daily receipts to your bank account so there is no exchange rate price volatility risks.
If you would like to learn more about how you might use Bitcoin in your establishment, please contact a local bitcoin merchant consultant.