Bank of America: Beyond Cash or Credit: Exploring alternative payment solutions for small businesses
Beyond Cash or Credit: Exploring alternative payment solutions for small businesses
To Adam Sah, co-founder and CEO of Best Friend Wholesale & Mercantile, a San Francisco-based specialty grocery store chain, offering the digital currency bitcoin as an alternative payment solution for customers seemed like a no-brainer. Having started in Silicon Valley, where he once worked as a senior engineer at search giant Google, Sah is well-apprised of breaking trends in the tech world.
With this in mind, Sah began accepting bitcoin as a payment option to customers last spring. Though he freely acknowledges the deep ambivalence that greets bitcoin (“some people think it’s a scam while others think it’s the future of money”), Sah estimates that “two or three” customers per day make bitcoin transactions at one of his stores. Despite this low number, Sah hails bitcoin as a cost-effective alternative to cash and credit. And although bitcoin transactions can be slow due to its still nascent technology, it is free.