Bitcoin Merchant Community: One Month Update
It’s been one month since we launched the Bitcoin Merchant Community and we’re off to a strong start.
Simply put, the Bitcoin Merchant Community is an effort to accelerate bitcoin payment adoption by merchants. The goal is twofold: 1) help merchants understand that they can eliminate 3% credit card fees by accepting bitcoin, and 2) empower bitcoiners to locally spread that message to merchants in a fun and memorable way.
To make that happen, our small-but-mighty team built a toolkit to kickstart what we hope will become an expansive open-source project:
A website highlighting the 3% that small businesses save by accepting bitcoin
A short list of POS options, plus step-by-step instructions for merchants using Square devices
A leave-behind bundle containing a plushie and letter
Downloadable resources for bitcoiners to use during outreach
A Local Champion program to identify the most passionate bitcoiners and increase their reach
A Discord community where bitcoiners can share their stories and learnings
A Facebook group where merchants can connect with their peers about accepting bitcoin
Local Champions & Community Growth
We kicked off the Bitcoin Merchant Community by sending hundreds of plushies to five physical bitcoin spaces. However, we quickly realized that for this initiative to scale, we needed to go beyond bitcoin hubs. That led to the idea for Local Champions, natural leaders with deep connections to bitcoiners in their communities. These neighborhood experts are well-positioned to spread the word locally and reach others who want to join in on the effort to make bitcoin an option at every register.
To our delight, we’ve received dozens of applications from bitcoiners across the US. To start, each Local Champion receives a box containing 25 Itty Bitty plushies and leave-behind materials that they can use to onboard merchants and equip bitcoiners doing the same. Interested? Apply here. So far, we’ve distributed 800+ plushies and grown the Discord to almost 100 members!
Learnings From Onboarding Merchants
Getting out into the real world has helped us understand what the barriers that small businesses face are and what it will take to increase the odds of bitcoin adoption.
On paper, enabling bitcoin payments in Square is as easy as flipping a switch. In practice, one of the main friction points we’ve run into is outdated software. Like any new feature, bitcoin payments require a Square POS app update. Many merchants don’t update regularly. Until they do, the option to accept bitcoin payments won’t appear.
Another major hurdle is that the person at the register often isn’t the owner, someone who can make the call to start accepting payments. In addition, POS changes can typically only be made from the owner’s account. Unsurprisingly, we’ve seen the most success with food trucks, farmers markets, and tiny owner-operated cafes.
Our pitch, that you accept bitcoin at the register to save 3% on credit card feels obvious to us, but in a merchant’s world, any workflow change can be stressful, even when the benefit is real. Merchant reactions have ranged from turning bitcoin payments on immediately, to curious but overwhelmed, to outright rejection of anything to do with bitcoin. That last reaction is less common, but it’s a reminder that skepticism is just one of the many hurdles this project faces. Some merchants may require a few conversations before bitcoin payments feel simple and not scary.
Here are conversation tips we’ve collected from the community:
Be friendly, not “salesy.” When you make people smile they are more likely to listen.
Don’t disrupt a transaction. Catch merchants when they have time to talk.
Aim for relationship-building. You’ll have less success walking in and immediately pitching bitcoin. This is cold calling. It often takes a couple visits to build trust. Being a known person clears hurdles before you’ve even reached them.
Plant the seed, even if the owner isn’t there. Ask if you can pay with bitcoin. If they’re open, tell them more.
Keep it relatable. Hammer the 3% message and offer to help however you can.
Use the plushie (somewhat) wisely. If they turn on payments, they get one, preferably right at the register. Otherwise, it’s best to leave it with a manager who seems willing to turn bitcoin payments on. It could also make sense to give the plushie and leave-behind to someone you think will hand them to the manager. It’s your call, just keep in mind we don’t have an infinite supply (yet).
Lean into the levity. The plushie can look ridiculous, and that’s the point, it’s memorable and disarming.
No two merchants are the same. Treat the playbook as guidance, not a script. Ultimately, just as every business is different, so is every person.
What’s Next
There’s still so much to build. We’re working on a marketing kit that merchants can use to promote bitcoin payments to their customers. On the operational side, we’ll continue refining the onboarding instructions as Square’s product updates roll out. And, of course, we’ll keep expanding the Local Champion network both in the U.S. and abroad.
Small Actions, Real Impact
You can help even without a plushie. At the end of the day, it’s all relationship building. Be seen. Be known. Ask your favorite or up-and-coming small business owner if you can pay in bitcoin. If they say no (and some will), make a pitch. If they’re still not down, thank them for hearing you out and let them know that you’d love to see it as an option someday. If they do decide to accept bitcoin, be the first to do so. Afterward, Cash App may reward you. They’re currently running a promotion where if you help a Square merchant take their first bitcoin payment you’ll get $25 in bitcoin. You can do this up to 10 times, and they’re capping it at 2,000 total rewards.
As more merchants accept bitcoin and more people use it, bitcoin shifts from a niche to the norm, fulfilling its promise of becoming the fairest form of everyday money.