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“Cash back” in Bitcoin at checkout
126 sats \ 9 comments \ @u 25 Jan 2023 bitcoin
What would stop a store from offering cash back in Bitcoin at checkout? They seem to have a carve-out already in the world of KYC money services. I’m f Costco or Walmart (or local Joe’s Mart) was a way to get $60 in btc without kyc they would have a very loyal customer base immediately
P.S. If you’re here, k00b, your new [ish] algo to rank posts on sn is the best one yet. Great job 👏
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10 sats \ 3 replies \ @NorthKoreanHostage 25 Jan 2023
Stores need to minimize checkout times. Adding an extra step is a non starter.
Better to use something like the Fold card with Bitcoin rewards for using it.
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0 sats \ 2 replies \ @nerd2ninja 25 Jan 2023
For smaller shops, in store credit or rewards points is a great way to get customers to come back who otherwise would forget about the existence of your shop.
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0 sats \ 0 replies \ @go 25 Jan 2023
Right. A Coffee shop would be an ideal candidate (daily traffic)
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0 sats \ 0 replies \ @NorthKoreanHostage 25 Jan 2023
True
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0 sats \ 0 replies \ @go 25 Jan 2023
I guess the easy alternative would be to get cash back and walk over to the BATM in the store if they have one.
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0 sats \ 0 replies \ @grayruby 25 Jan 2023
I would like to see a company test using Bitcoin/Lightning as a rewards program. Some regulatory hurdles and accounting hurdles with this though but I think it would be worth it. Feasibly the company could give a lot less rewards in sats and customers will still be happy. Personally I would rather have .5% back in sats than 2% in fiat rewards.
Maybe once the strike/ncr/blackhawk integration gets rolling this is a feature Jack can work on.
Would even like to see this tested on a small scale. Maybe find a local business with no rewards program and get them to try it out for 6 months and see if it improves loyalty.
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0 sats \ 1 reply \ @k00b 25 Jan 2023
What do you like about the new algo?
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10 sats \ 0 replies \ @go 25 Jan 2023
I don't know about @u, but I like that the mix of new/oldish posts on the main page seems to be more interesting now. It used to be all new posts or an oldish post that got tipped one large amount by one person. Now it's a positive mix of whatever is interesting.
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0 sats \ 0 replies \ @nerd2ninja 25 Jan 2023
Accounting and bookkeeping. Unlike the average person, businesses deal with the iron fist of government bureaucracy, not just to stay compliant, but to even open shop. So when a business that's already stressing out about tax filing adds the extra headache of when Bitcoin was accepted and when Bitcoin was given out and does that count as taking profit or as a gift and what was the price of Bitcoin at each time and oh no I need another point of sale to even accept Bitcoin and that means I have 2 systems for accounting and AHHHH
Hopefully when square adds Bitcoin this will no longer be such a barrier.
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