This Restaurant Operator Now Accepts Bitcoin
Cryptocurrency adoption in hospitality is heating up, with the recent news that Giggles N’ Hugs, Inc. now accepts Bitcoin as a payment option for customers.
The owner and operator of family-friendly restaurants brings together high-end, organic food with active, cutting-edge play and entertainment for children.
Through BitPay, a Bitcoin payment processing provider, Giggles N’ Hugs customers can use their phones or email to complete payments, while the company is protected from exchange rate volatility.
“We’ve had a number of customers ask to pay using Bitcoin for a variety of reasons,” said Joey Parsi, founder and CEO of Giggle N’ Hugs. “Our average guests check is about $30, however, for our higher-end VIP parties that we have done for some of the biggest celebrities, entertainment executives and other higher end customers, the cost can run up to tens of thousands of dollars or more.”
By accepting Bitcoin through Bitpay, Giggles N’ Hugs will achieve several key benefits, including lower transaction costs as compared to credit cards, which can take up to 3% in processing fees on every transaction. Through BitPay, Giggles N Hugs receives direct bank deposits for a flat 1% settlement charge.
Bitpay enables the operator to connect to the world’s first borderless payment network, receiving payments in any amount, from anywhere in the world, from any computer or mobile device.
Perhaps the most significant benefit will be the end of chargeback fraud and identity theft. Other payment methods require customers and businesses to shoulder the risks and costs of payment fraud. By accepting Bitcoin and the underlying blockchain technology, customers can pay without handing over sensitive personal information, and refunds are made through the merchant which means no chargebacks when using Bitpay.
“By leveraging the infrastructure and principles of Bitcoin and other cryptocurrencies which we believe will become commonplace in the near future... Giggles N Hugs..[will] stay ahead of the curve and utilize technology to better meet the demands of our customers as we launch our new products and services. We are excited to provide additional payment options to our customers while lowering our transaction costs in a safe and secure way,” Parsi added.
The Bitpay app is available for download on all major mobile and desktop platforms including Apple iOS, and Google Play.