Many newsagents have asked me about the pitch from Blueshyft to bring Bitcoin transactions to newsagencies. This is on top of their Ladbrokes betting account offering.
Neither is for me in my own newsagencies as they are agency offerings and I see no future in agency related activity. Commission is small. People are giving you money but not for good margin product. Counter space is taken and time too. I think both are distracting for the goals I have for my newsagencies.
Everyone has to reach their own conclusion as to what is right for their own circumstances. I know of newsagents who are keen for agency related business. All power to them, sincerely.
My newsagency software company has done everything necessary for the software to work with Blueshyft, at no cost to newsagents or Blueshyft – I am not allowing my personal view to get in the way what newsagents might want. I never have and never will.
It is in our joint interests to make a stand against companies who offer little financial reward but claim footfall benefits. They are free loaders. The only exception I will even consider is where local customers are affected, eg travel tickets, and that is only because the arrangement came with my acquisition.
Let us all stand together and kick them out. They will be the ones squealing not us.
I remember asking you this question a few years ago when bitcoin first experienced a massive surge into the market.
Has your mindset changed regarding the bitcoin use as payment method or would your companies/newsagencies be open to integration of bitcoin payment processing?
I am curious if over time it has improved its viability in your mind?
Seems a bit short sighted, you will be getting extra customers in the door for bitcoin who might just decide to buy something else – perhaps with bitcoin if you choose to accept it.
I would also expect many purchases to be in the hundreds of dollars so it may be worthwhile despite the low % share.
Michael my opinion draws on the view of the established financial marketplace. Based on that, from me, at the moment, it is a no.
My experience in the Bitcoin community is that people will visit a place to use its Bitcoin ATM, but generally won’t use Bitcoin to pay for a purchase. The Blueshyft system is for your customers to buy Bitcoin, just like a Bitcoin ATM, but you take the money and another company does all the financial compliance work.
If you can take Bitcoin at your business cheaply, for instance if your POS works on an iPad, then go ahead. You’ll probably get some additional sales for a little while (if you advertise it on Coinmap). But the real money and foot traffic comes from the ability to buy Bitcoin, rather than the ability to pay with Bitcoin.
I’ll also add that you’ll probably get more sales of Bitcoin when the price is rising… I’ve had more enquiries about buying Bitcoin in the last week, when price has been rising, than in the past six months when the price was stable. Bear that in mind when predicting sales from your Blueshyft terminal.
I agree with Mark and Colin (not me) these companies use your premises to clog up my workload with very little or no benefit. Up to recently we had ATO forms which to this very day directs people to their Post Office as does their accountants. I had to be an expert on ATO forms with the barrage of questions, my survey showed that only 1 in 100 would buy something else when collecting ATO forms hardly worth the effort. Ichose not to have Opal Cards the majority of the people coming in only wants to top up $10 on their cards . We need to focus on our regular customers giving them exceptional service so they will want to come back and back again for a product with a decent margin which will pay our overheads we have to learn to work smarter and not harder. Just remember BillExpress how many of us lost on that arrangement or made little or no return for our effort.
It is disappointing to see media outlets giving coverage to this and not to the more valuable transformation being undertaken in other newsagencies.
WHY would you have Bitcoins service at the expense of over the counter bill payment services such as Vic Roads, Melbourne Zoo, Electricity and Health Funds…
I am at a loss as to why the powers that be do not realise our true need.
The two offerings are completely different David so it is not one or the other.
David,
Quote from the experts on Bitcoin :
“….bitcoin remains a terrible currency for those with access to only basic financial services” …. meaning the public
“Credit cards offer far better protection, rewards and user experience than bitcoin for nearly all purchases except those in outright illicit or grey market industries such as gambling or dealing in marijuana…….”
Bitcoin will be immensely influential as a result of the blockchain technology it has introduced, but it has no place in my newsagency.
Super interesting comments!
How much money do you have to make before you consider an over-the-counter cash-sale “worthwhile” ?
Do you factor in the total profit, or commission %, or both to work that out? (e.g. would you prefer to be paid, say, $X per customer [certain income], or, Y% of the transaction amount [good or bad income, depending on the wealth of your clientele]