How to accept Bitcoin: a Wirex business case study
Region: Europe
May 26, 2016, 4:29:46 AM Published By Wirex Team
Generally speaking, the word stress is not something you equate with a surfing school. Yet, this was how Andrey used to feel. He owns Red Star Surf Camp, a surfing school located in beautiful Canary Islands, Spain, that attracts hundreds of clients of all ages from around the world who want to learn to surf or improve their skills. What is the problem? Accepting international payments has always been a hassle for Red Star Surf Camp. Cross-border payments take time to clear, and they come at a hefty cost. Out of between 300 and 500 euros, Andrey accepts as payment from traditional payment methods, he and his customers pay about 50 euros in combined banking fees. As a small business owner, the portion lost to fees can make a big difference in profits. He also has rental fees, staff salaries, and more to take care of.
Using the advantages of both Bitcoin and traditional currencies to improve business
Andrey had previously heard of using bitcoin as a payment method. He was excited by its possibilities, but he was also sceptical. He said:"When I first learnt about Bitcoin and the opportunities it provides, I was so excited, I couldn't sleep that night. It could solve a lot of difficulties I've had with taking international payments, plus would offer my clients another way of payment and potentially attract new customers, too. Bitcoin's philosophy of freedom, no borders and no central control is very similar to the surfers' philosophy we are citizens of the world, we follow the waves and can't be bothered with borders and banks' limitations. At the same time, the technology is still developing, and I could not take the risk of running my business purely based on Bitcoin.
This was when we introduced Andrey to Wirex as a method to help Red Star Surf School collect payments from his international clientele. Andrey opened a Wirex account, which comes with a bitcoin wallet, and he ordered a debit card denominated in euro. This allowed Andrey to use the speed and flexibility of bitcoin while having access to the liquidity of traditional money.