Bitcoin Payments Successful at Las Vegas Hotel Casinos
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The two casinos had begun accepting bitcoin payments at their front desks, gift shops, and restaurants from January 21 2014.
CFO Shares Bitcoin Experience
Susan Hitch, the CFO of the above-mentioned hotel casinos, was one of the panel members at Transact 14, a conference held in Las Vegas recently. The panel titled “Alternative Currency Session – Bitcoin, Threat, or Opportunity for the Payment Industry?” gave Hitch the opportunity to share the hotel casinos’ experience of using bitcoin as a payment method.
Referring to the system as “user friendly” for the hotel casino staff, she said that BitPay processes the payments while an employee just enters the amount paid for various hotel services. An online invoice is then created by BitPay. The guest has to scan the QR code on the online invoice with his/her smartphone and the payments will be made in just three seconds. The employee will come to know that the payment has been processed as soon as he/she spots a green check on the screen.
Hitch also said that bitcoin payments are transferred in US dollars to the hotel casinos’ bank accounts in two working days, adding that the bitcoin payment transactions can easily be checked against bank deposit entries. In case of any problems with scans or entries, the green check does not appear on the screen.
Business Gets Better
Hitch also observed that the hotel casinos began attracting more guests after they began accepting bitcoin payments. When guests found out that the two hotel casinos accept bitcoin payments, they made it a point to check into the hotels. The Las Vegas Tourist Bureau has also made a mention of the fact that the two hotel casinos accept bitcoin payments. In brief, Bitcoin has increased the number of guest stays and gift shop purchases at the two Las Vegas hotel casinos.
Advantages of Bitcoin
When people at the conference raised questions regarding the security of bitcoin transactions, Hitch said that bitcoin payments are secure as they are fortified with an individual’s mobile number, government ID, palm scan, and verification code. Andy Phillips, director (engineering services) for BitPay, spoke at length about the security of bitcoin transactions.
Speaking about the other advantages of paying with bitcoins, Hitch said that bitcoin transactions are charged around $30 per month, cheaper than credit card fees for merchants, which can be either 2.5 percent or more. According to Hitch, this saves a lot of money for merchants. She also said that the hotel casinos want to accept bitcoins on the casino floor too, but this is not possible at present as Nevada regulators have to first approve bitcoin payments for casinos.
Hitch concluded by declaring that the bitcoin experience has been very positive for the two hotel casinos, enabling their staff to accept payments for various services easily and quickly. In addition, BitPay’s book keeping system has made accounting incredibly easy.
