Getting merchants and retailers to accept Bitcoin payments is not an easy feat. This can mostly be attributed to larger chains and brands not seeing the benefit of working with digital currency, as their profits are already on the high end of the scale. But for smaller retailers, such as one-man stores and shops, Bitcoin could make a major difference.
Paying for Goods with Bitcoin in the UK
At this point, there are not too many retailers actively accepting digital currency payments in the UK. That may strike you as a bit odd, considering the amount of Bitcoin-startups coming from that part of the world. London is the financial capital of the world, so why isn’t Bitcoin used a lot more over there?
There is no official Bitcoin regulation to blame, in that regard, as the United Kingdom remains rather open towards the idea of digital currency and the underlying technology. The story is quite different regarding the major UK banks, however, as none of them want to touch anything that could be remotely linked to Bitcoin.
Needless to say, this creates an interesting paradigm, with die hard Bitcoin enthusiasts on one side and stubborn traditional financial institutions on the other side. And the merchants and retailers relying on the latter are left in the cold, as they are the ones who pay high transaction fees because there is no other alternative.
That being said, some merchants are taking their initiative to integrate Bitcoin payments into their store. One of the latest people to do so is Manny Patel, who runs an independent retail store in Long Ditton, Surrey, UK. His plan is simple: allowing customers to buy anything from his store with Bitcoin.
Using the LazyPay App
If you have been reading our site on a regular basis, you may recall us mentioning LazyCoins and LazyPay a little while ago. By downloading and using the LazyPay mobile application, customers can use Bitcoin to pay for their purchase; all they have to do is present their phone for scanning during checkout to complete the transaction.
As you would come to expect from the LazyPay application – which operates in a similar fashion to other point-of-sale Bitcoin apps – the transaction in BC is converted to fiat currency on the fly. Not only does this protect Manny Patel from any bitcoin volatility, but it also offers him a way to increase his customer base at no additional cost.
On top of that, Bitcoin payments are non-refundable, which means Manny has to worry far less about a potential chargeback compared to credit card transactions. And with a daily reconciliation of payments – rather than waiting up to 30 days after the payment – Bitcoin is a pretty convenient payment method for both customers and shop owners.
Source: LazyPay Twitter
Images courtesy of LazyCoin & LazyPay