Fort Wayne restaurant association says it will no longer accept a payment in Bitcoin because it does not meet the standards of a licensed establishment.
The National Restaurant Alliance (NRA) says it has raised concerns about the technology that allows consumers to pay for food online and that it will stop accepting payments in Bitcoin.
“I am not happy with this new system,” NRA Executive Director Chris Eichler told ABC News.
“We are not in this for the money, we are in it for the service.”
Bitcoin has been in a slow but steady decline in recent years, but has surged in recent weeks as an alternative to traditional payment systems.
The technology was introduced as an online payment option for merchants in the United States and is currently used in many other countries.
The NRA said it would no longer be accepting Bitcoin as payment, saying it was too expensive and could be used for illicit activities such as drugs.
The association said it had contacted banks and other financial institutions to investigate how to handle Bitcoin transactions.
“If you do accept Bitcoin, you must be prepared to accept a charge of at least $100 per transaction.
That is a huge amount of money that you are going to have to spend on your bills,” Mr Eichlers told ABC.”
That is going to affect the cost of your food.”
The NRA is urging people to review their credit card statements for the most up-to-date information about how to safely accept Bitcoin payments.
“This is a new technology that is completely new to the restaurant industry, and there are no established guidelines on how to implement it,” Mr Foy said.
“The NRA will continue to educate our members and our guests on how they can safely accept payments in this new payment system.”
The National Restaurants Association has more than 800 member restaurants and more than 50,000 members worldwide.
Topics:food-and-beverage,business-economics-and.financial-services,consumer-finance,online-payment,money-and-$,internet-technology,technology,business,united-statesFirst posted February 01, 2020 14:50:59Contact Rebecca PurdyMore stories from New South Wales