San Francisco-based iPad point-of-sale (POS) solution provider Revel Systems announced on 11th February that its merchant customers can now accept bitcoins as payment.
Merchants can elect to receive bitcoin via any of Revel's more than 7,000 terminals, which are in use at a variety of merchants from Popeyes Louisiana Kitchen to Goodwill thrift stores.
Founded in 2010, Revel Systems offers a range of POS solutions for quick-service restaurants, self-service kiosks, grocery stores and retail outlets, among other merchants. POS packages start at $3,000 plus a monthly fee for an iPad, cash drawer and scanner.
In a press release regarding the announcement, Revel Systems CTO and co-founder Chris Ciabarra explained his company's decision, stating:
Ciabarra went on to say that Revel Systems believes that digital currencies are "the wave of the future," and that its Revel app has been submitted to the Android and Apple app stores.
Revel Systems partnered with Coinbase for the move, integrating its hardware and software solutions into its POS offering. Interested merchants will need to create their own wallets to connect to the Revel POS, a spokesperson said.
On top of industry trends
CEO and founder Lisa Falzone also commented on the news, suggesting that the move was proof that the company stays on top of industry trends and allows merchants to profit from these market changes.
Falzone went on to suggest that merchant demand played a factor in the decision:
Evelyn Fong, the owner of San Francisco-based grocery outlet Five Markets, is one of the first merchants to take advantage of the offering, and so far, she told CoinDesk she is still introducing it to her customers.
"It's going to be a really good option for my clients to pay me, since most come in with smartphones," Fong said.
A long-awaited decision
The formal announcement follows months of speculation that Revel Systems would soon incorporate bitcoin into its offerings. This December, Falzone projected that the rise of digital currency would be one of the defining trends of 2014.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.