It is no secret that digital currency payments offer a huge amount of benefits for small and large businesses. Instant transactions, lower to no transaction fees, a global payment method and nearly no additional infrastructure is required to set everything up. Restaurants are a great example of embracing newer technologies, especially if that can help cut overhead costs.
Bitcoin Restaurants – Do They Mix?
In the Western world, more and more restaurants are gravitating towards a cashless payment ecosystem. Handling large amounts of fiat currency means someone has to take it to the bank every day, an operation usually entrusted to firms such as Brinks-Ziegler. Even though there are ways to get your fiat currency transported safely, they bring additional costs to the table.
Accepting card payments is the first step towards a cashless ecosystem for restaurants. However, every card transaction invokes a transaction fee of anywhere between 3 and 5%. Plus, the restaurant owner will have to invest in additional infrastructure, such as multiple card readers. To make it even worse, money will not arrive until 30 days later, while suppliers have to be paid in the meantime.
Mobile payments could work as