That's some good idea there! It would be wonderful to have a virtual credit card and make payments over NFC terminals using my smartphone. I was also astonished by the symphony on the initial website load and after I read this "It is the symphony of $1.5M in bitcoins being produced each week"
To answer your question, I feel the best way to convince merchants to adopt Bitcoin would be:
1) Introduce them to the benefits of using Bitcoin, mainly if they're accepting credit cards and are to pay a hefty fee of 2.5% over every credit card transaction, Bitcoin could save those fee for them and also drive in Bitcoin customers for them. Somehow we'll have to convince them how the Blockchain technology allows you to be your own bank while transacting with Bitcoins and if any tax benefits are applicable.
2) Bitcoin and virtual forms of payment are a major hype and people will hear the bells ringing at your store if you accept Bitcoin as a payment. This should encourage more customers to visit your store considering that the merchant is accepting Bitcoins as a more unique form of payment.
3) Explain to them how volatility isn't to be worried about, maybe there are some 3rd party services that are able to convert received Bitcoins into fiat instantly, if this is their major concern preventing them from adopting Bitcoins.
4) Try to eliminate any possible misconceptions they have about Bitcoins, the negativity must be let off.
Thanks, here is what we think..
Just like you, we want every merchant to accept Bitcoins and other digital currencies. But the fact is most merchants have been slow to get on board – which is understandable. They’re not clued up about crypto like you, so they’re naturally sceptical about it. And a merchant that starts to accept Bitcoin is still a notable celebration that echoes on the community message boards.
We want to change that. The problem is we have a big chicken and egg issue with Bitcoin. Without enough merchants, Bitcoin will struggle to become mainstream. But without mainstream use merchants don’t have enough incentive to accept it. Take NFC contact-less card payments, for example. Three years ago the market was at a standstill at around £650m. It has since grown tenfolds and is predicted to reach £17.7 billion next year in the UK alone. This is thanks to a small company called Transport of London, which was one of the first merchants to accept contactless payments, moving us faster towards a cashless society.
Plutus solves this problem by circumventing it. Instead of trying to dig a tunnel through the mountain, we’ve built a fast road around it.
Merchants will follow the trend as they have done in the past. But even if they don't, you can still pay with Bitcoin and NFC, which is why we built Plutus to help the community spend their Bitcoin at any merchant they want instead of having to wait for widespread merchant adoption. They may notice that there is an entire profit industry built on their reluctance to accept it, and that they are greatly reducing their margins. Merchants usually only respond to market pressure and cold hard stats. The main point is that users shouldn't have to wait for merchants to wake up and engage them.
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