An Italian restaurant in New Jersey has become the latest business in the area to accept payments in Bitcoin and Litecoin.
Residents of Pompton Lakes, New Jersey can now buy their favorite Italian dishes with cryptocurrency. Monica’s Restaurant on Lakeside Avenue has added a new method of payment. Customers can now pay in Bitcoin and Litecoin as reported by NorthJersey.com.
Owner Atila Ajdinovski, who has a personal interest in cryptocurrencies, commented on the decision:
Right now, we have an older clientele. Hopefully, it brings in the younger crowd.
Jon Moore, of payment processing company Nationwide Merchant Solutions, has been helping merchants in the New Jersey area embrace cryptocurrencies. According to Moore, the addition of Monica’s brings the number of businesses he has helped to implement digital currency payments to 20, out of which many are e-commerce businesses.
Credit cards are based on the honor system. […] When you’re dealing with people across the world you don’t know, honor systems don’t work. We’re seeing it already not work with all the fraud in the payment system.
Pointing towards the fact that a growing number of online retailers and walk-in stores now accept Bitcoin, Moore believes that a restaurant receiving cryptos is different as it provides an opportunity for the average person to get accustomed to virtual currencies.
“It’s an exciting place to have it. Most places aren’t as visible to the public,” said Moore, elaborating that in the next six months he plans to help 50 to 60 New Jersey retailers to start accepting cryptocurrencies. These include Sendai Sushi in Emerson and Giovanni’s Deli in Secaucus.
Moore explains that paying with cryptocurrency at Monica’s is convenient for customers than paying with cash or credit cards and good for the merchant as well. The restaurant has a QR code that customers can scan with their cryptocurrency wallets. Once scanned, customers can transfer money from their wallets to Monica’s.
The process, according to Moore, helps the restaurant know in an instant the amount paid and tipped. This helps the business avoid disputes as well.
Talking about the benefits – transparency, anonymity, and security provided by crypto transactions, Ajdinovski said:
When they have your credit card, they have the expiration date. They have all the codes. They can turn around and rob your credit card without you knowing.
Helen’s Pizza in Jersey City was the first eatery in the area to accept Bitcoin payments back in 2014. Bitcoin ATMs have been installed in the area for people to exchange fiat money for the cryptocurrency. Some of the businesses hosting Bitcoin ATMs are Royal Fried Chicken in Elizabeth, T-Bowl Smoke Shop in Wayne and George’s Market on Hamburg Turnpike in Pompton Lakes.
Although slow, the adoption of cryptocurrencies among merchants in New Jersey area seems to be on the rise. As virtual currencies mature with better infrastructure, less volatility, and well-defined regulations, the pace of adoption can be expected to pick up.
Would you like to have restaurants in your city accept cryptocurrencies? Let us know in the comments below.
Images courtesy of Shutterstock, David M. Zimmer/NorthJersey.com
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