- Steak ‘n Shake noticed an observable increase in sales when it introduced Bitcoin payments at some of its outlets.
- Steak ‘n Shake partnered with Flexa, a Bitcoin payment solutions provider, to offer more digital payment options.
Steak ‘n Shake has incorporated Bitcoin payments at some of its restaurants in the U.S. through a collaboration with payment network Flexa. Customers at these restaurants are able to make payments using Bitcoin through app-based checkout options. The restaurant chain explained that the incorporation of Bitcoin payments is part of its efforts to meet the changing demands of customers in terms of digital payment options. Flexa’s platform facilitates Bitcoin payments off-chain before the final settlement on the Lightning Network. Steak ‘n Shake noted that the volumes of sales have improved after the commencement of Bitcoin payments at pilot restaurants.
The company pointed out that there were more transactions among young, tech-savvy consumers in urban areas. Flexa explained that its integration allows for payments to be made instantly without any charges for merchants who participate in the service. Customers paid with Bitcoin by scanning QR codes that were associated with wallet applications on mobile devices. The payment process allowed customers to receive payments in U.S. dollars through traditional point-of-sale systems.
The Crypto Payment Adoption Around The World
Competitive restaurants have also incorporated crypto payment options to lure new customers. Industry experts noted that the adoption of crypto payment options can help brands stand out in a competitive foodservice market. Steak ‘n Shake outlets showed an increase in new customer visits that were directly linked to Bitcoin payment promotions. Customer surveys showed that convenience and uniqueness were factors in choosing a payment option. Bitcoin payment options allowed for flash sales linked to the use of digital currencies.
The chain observed payment trends to assess the overall feasibility of expansion. Additionally, restaurants gathered data on payment trends, including peak Bitcoin usage hours and average spending amounts. However, Steak ‘n Shake did not provide specific revenue data related to Bitcoin payments. Therefore, the future expansion of Bitcoin acceptance will depend on sustained customer demand and successful integration. Meanwhile, the travel and entertainment industries have increasingly adopted crypto payments. Likewise, restaurants and cafes worldwide now accept Bitcoin, Ether, and stablecoins at checkout points.
Adoption of Bitcoin Payments in the Larger Dining and Retail Sectors
Digital payments, such as Bitcoin, have the potential to minimize the use of cash and the conventional card payment process. Flexa’s interoperability platform enables the use of several cryptocurrencies for payment. The Lightning Network provides support for cheaper transactions with fast confirmation times. Key stakeholders are tracking the impact of crypto payment acceptance on customer loyalty.
Members of the cryptocurrency community usually provide locations of merchants who accept Bitcoin payments. These locations can increase foot traffic for the merchants who participate in the system. Some point-of-sale solutions include tokenized wallets in their systems. Restaurants face the challenge of managing crypto payments while meeting regulatory requirements. Consumer protection and chargeback processes differ between fiat and cryptocurrency payment systems. Widespread adoption could depend on smooth integration.
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Source: https://thenewscrypto.com/steak-n-shake-sees-sales-growth-after-bitcoin-acceptance/
