Accepting BitCoin as Payment in your Business

As you will know, on your behalf, I speak to many businesses and individuals who want our BID members to be aware of the various products and services they have to offer.

 If I ever consider these opportunities to be inappropriate for our businesses then I choose not to make you aware of them, so your valuable time isn’t wasted.

I want to make it clear that my personal knowledge and awareness of cryptocurrencies in general and Bitcoin specifically, is extremely limited and therefore this opportunity is one for you to consider based on your own personal circumstances.

As you will see in the attached, the cost to you, as a business, to accept bitcoin as a customer payment is free of charge, and the cost implication only occurs if you wish to convert bitcoin to pounds and pence and if you do the cost, I am informed, is less than you pay for a credit card transaction. The money will also be in your account almost immediately after you accept the payment through the coincorner app. 

I am mindful that this might seem very complicated. You may be concerned about the security of funds and the risk involved, but as you may have seen in last week’s Bury Free Press, Peter, at Procopio’s Pantry (BID member) accepts payments by Bitcoin, and this has attracted new customers, as a consequence of his decision to accept payment by Bitcoin.

You will also see that some other businesses in Bury, outside of the town centre, currently accept Bitcoin.

There is the phenomenon of “Crypto Tourism” where those people who do use bitcoin in their transactions are prepared to travel quite long distances to visit businesses accepting Bitcoin, and I think that is a potential for Bury to be a “Bitcoin Hotspot” if sufficient businesses are prepared to accept Bitcoin as a transaction currency.

This will provide yet another reason for people not living locally to come to Bury and then see all that we have to offer.

I have been speaking to Suffolk Bitcoin, and Jason, from that group, would be very happy to speak to BID businesses about this concept and how easy it is to incorporate it into your business model.

I would be very happy to invite him to speak to a number of you, and if this interests you, then please let me know, and I can make the necessary arrangements.

Attached is a word document for you to read, which includes the proposal for Suffolk Bitcoin to create and market a Bury Bitcoin Trail, and we would feature, on our Loyal Free app, something similar, promoting those BID businesses who accept Bitcoin.

The attached pdf outlines the straightforward process to use the coincorner app and accept Bitcoin as a payment option

Also attached is a FAQ document which hopefully addresses the majority of questions you may have on this subject.

 I hope you find this opportunity of interest, and if you want to know more, then feel free to contact me or Suffolk Bitcoin at suffolkbitcoin@gmail.com.