I decided to reach out to Matthew to learn more about his business, and ask him about his experiences integrating Bitcoin as a payment system into his business.
The two entrepreneurs make a perfect pair for success. Soon after they moved to NH, Matthew discovered Barbara’s natural talent in the kitchen, with a special flair for making desserts. She made him a special Brazilian cheesebread panini one evening, and he was hooked. Matthew’s background is perfect for the administrative and organizational aspects of the business. He was also appointed the delicious position of taste-tester. Their restaurant opened in June 2012, and has gained quite a delicious reputation since. The menu features their Brazilian cheesebread panini, soups, salad, and gourmet desserts.
Accepting Bitcoin didn’t enter into the picture until Matthew saw Erik Voorhees, an early-adopter and major advocate for the digital currency and payment network, speak about Bitcoin at an event. “Something clicked,” he says. In Fall 2012, they began to accept it at Pao.The benefits they noticed from accepting Bitcoin versus credit cards were virtually immediate. The nearly “non-existent fees,” and “immediate payment” were the two that stood out most to Matthew. Credit card fees were over 3%, and while 3% may not seem like much, Matthew clarifies that “successful restaurants only make a 10% profit”! With lower fees, accepting Bitcoin allows Matthew & Barbara to put more of that money back into their business.
I asked Matthew if he saw any cons to Bitcoin integration, and he simply responded with “none”, and that the process was “very simple”. There are services like BitPay that offer an easy to install POS, with the options to keep your bitcoins, convert them to cash, or convert percentages of the two. You can also make it even simpler by allowing customers to scan a QR code with your Bitcoin wallet address, and they send you payment directly.
If you’re ever in the Newmarket, NH area, The Pao Cafe welcomes you to join them from Wednesday to Sunday between 11am to 7pm. Matthew recommends the salami panini, and on the dessert menu he says his favourite is the triple chocolate brownie. He pauses then says he’s “never had a brownie remotely as good”.
– Alyson (Blockchain Social Outreach Expert)