Bitcoin Moves Into The Mainstream with Acceptance by Whole Foods and Other Retailers

Jun 19, 2019

Though advocates have sung the praises of cryptocurrency, its entrance into the mainstream has struggled mostly due its volatility and favor with cybercriminals.

Until now.

Major retailers, including Amazon-owned grocery store, Whole Foods, as well as Crate and Barrel, and Nordstrom, have agreed to accept Bitcoin and three other kinds of digital currency. Regal Cinemas, Gamestop, Lowe’s, Office Depot, and Baskin Robbins have also agreed to accept digital money.

What Triggered Retailers to Accept Digital Money

Thanks to a partnership between Flexa, a payments startup, and the digital currency company, Gemini, a retail initiative was created. It falls back on the digital scanners that many large businesses use to accept smartphone-based payments from apps and digital wallets.

Flexa managed to get retailers to change their scanners to recognize digital currency payments from its app, Spedn. To pay, customers hold up their apps. Store clerks do not know customers are paying with digital money, and retailers real-time payments in their choices of digital currency or dollars.

Spedn users have the options of paying with four types of crypto:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Gemini Dollar

Why This is Major?

This retail initiative is a big deal for cryptocurrency.

Since its introduction, any merchant that ended up accepting digital currency eventually abandoned it because processing times were too slow and its volatility in value. Bitcoin’s worth can swing intensely from worth $200 one day to $160 the next, making it a bit impractical for everyday use.

Some have encouraged shoppers to embrace the Gemini Dollar, which is a stablecoin that keeps value very close to the U.S. dollar value. This type cuts down on volatility, which could be the force that drives more widespread use of cryptocurrency.

Flexa is what makes all of the difference. It not only provides merchants with an easy way to allow for these type of payments but the app clears transactions in real time.

Why More Merchants May Embrace Cryptocurrency

In addition to convenience for shoppers, there are benefits to merchants accepting cryptocurrency. They can save money because they are not hit with the high fees charged to process credit card payments.

Additionally, blockchain currency records transactions across a large volume of computers through its public, decentralized, and distributed digital ledger. The way it works prevents the ledger from being altered retroactively. Also, this may be beneficial in cutting down the number of cases of true fraud because it makes it more difficult to pull data from a blockchain system. Limiting e-commerce fraud could cut down on the number of chargebacks merchants experience.

In Conclusion

Though major retailers are embracing this type of payment, many are recognizing that their acceptance is a bit of a test. Consumer demand and the performance of the technology will prove its worthiness in the mainstream.

Though no one can be sure that retailers that accept crypto today will be doing a few months from now, this news is a breakthrough in the digital money sector. As technology advances and use becomes more widespread, its future may be quite promising.

Apply for Merchant Account Services

If you are a business interested in obtaining a blockchain merchant account, contact EMB works with all types of businesses, including those that accept digital currency. Its online application process is simple and easy. Apply online today.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

Live Chat