Philadelphia brewing Becomes First To Accept Bitcoins

Philadelphia, Pa – Philadelphia Brewing Company will be the first brewery in the United States to accept the crypto-currency Bitcoin as payment for both retail and wholesale purchases effective immediately.Retail customers will be able to purchase the popular brewery’s full assortment of beers and ciders, as well as company T-shirts, bottle openers, and other merchandise at their retail outlet on Frankford Avenue, in the Kensington section of Philadelphia.

Philadelphia Brewing Company, which has been brewing and delivering fresh beer daily since 2007, decided to accept Bitcoin because it is a simple, efficient way to accept electronic payment. With Bitcoin, there are virtually no barriers to entry besides ones willingness to accept it. They will be using the Bitcoin payment processor, Bitpay, which offers tools that allow merchants to accept Bitcoin and have U.S. dollars deposited into their bank accounts the next day for a 1% fee. This removes any concerns of Bitcoin’s price volatility while allowing them to take advantage of the efficiencies of the Bitcoin payment network. Credit card processors can charge upwards of 2-3% in addition to equipment rental, membership fees, and worrying about fraudulent charge-backs.

PBC appreciates the potential for Bitcoin to bring efficiencies and savings to their wholesale distribution operation as well. Currently, delivery drivers can only accept payment by check. Each check has to be brought back to the office and processed manually. It also can take several days for funds to clear. With Bitcoin, the delivery driver simply presents a QR code, either on a smart-phone or printed on a paper invoice, for the customer to scan. The bookkeeper is instantly notified that the payment has been received and the invoice is marked paid. No more manual check entry and traveling to the bank to deposit them. Bitcoin combines the benefits of cash with the convenience of electronic payments, without any of the safety issues of cash and at a far lower cost than other means of electronic payment.

The BitcoinPHL meetup group will be celebrating Philadelphia Brewing Company’s adoption of Bitcoin with a brewery tour and beer tasting on Satuday Feb 1st, 2014. This is a great opportunity for both craft beer lovers to see the brewery and sample their products and for people who are curious about Bitcoin to come learn and see it in action. Details are posted at meetup.com/BitcoinPHL.
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