Dan Edwards - Steak 'n Shake's Bitcoin Adoption Story
1. Bitcoin as a Payment Option
Dan emphasized that Steak and Shake began accepting Bitcoin as payment in all locations where legally permitted. This move not only signifies acceptance of modern payment methods but offers customers a faster alternative compared to traditional credit card transactions. The transition is grounded in the belief that providing multiple payment options enhances customer experience and engagement.
2. Significant Savings on Processing Fees
According to Dan, accepting Bitcoin has resulted in roughly a 50% reduction in processing fees compared to credit cards. This financial efficiency is beneficial for the company as it allows for reinvestment in quality and customer service initiatives. By adopting Bitcoin, Steak and Shake creates a win-win scenario for both the company and its customers by lowering costs while upgrading service offerings.
3. Impact on Business Metrics
Dan pointed out a noticeable spike in customer guest counts following the introduction of Bitcoin payments. This increase is crucial since tracking guest counts is a key performance metric for Steak and Shake. By appealing to the cryptocurrency community, the company has successfully attracted new customers, demonstrating that adapting to emerging payment methods can yield tangible business benefits.
4. Enhancing Bitcoin’s Utility
By accepting Bitcoin alongside cash and credit cards, Dan believes Steak and Shake is helping to elevate Bitcoin’s status as a viable medium of exchange. The goal is not merely to capitalize on Bitcoin's popularity but to integrate it fully into everyday commerce, transforming how people view and use the cryptocurrency in real-world transactions.
5. Commitment to Innovation and Technology
Dan asserted Steak and Shake's commitment to being a forward-thinking, learning organization. He spoke about their ambition to leverage emerging technologies like robo-taxis, cyber chefs, and drones in operations. This forward-looking approach is intended to attract talent, particularly engineers, to help facilitate innovation within the brand, ensuring it stays ahead of industry trends.
6. Special Promotions for Bitcoin Enthusiasts
In a creative nod to the Bitcoin community, Dan introduced the "Bitcoin meal," which includes a Bitcoin burger, super-sized beef tallow fries, and a special milkshake. This meal is not only a fun promotional item but serves as an invitation for attendees to engage with the brand and its new payment system during the event.
