Brewing company

Switchyard Brewing Company will accept Bitcoin cryptocurrency at Downtown Taproom

BLOOMINGTON, Indiana – Beginning Monday, March 14, 2022, Switchyard Brewing Company, located in the growing college town of Bloomington, just blocks from the Indiana University campus, will begin accepting Bitcoin cryptocurrency at its venue. downtown dining for all orders.

“At Switchyard, we have always worked to challenge the status quo and perceptions of traditional businesses. Cryptocurrency developers, miners, and adopters are exactly the same. “do not involve high transaction fees or a centralized processor aligns with the craft brewing industry mantra of ‘damn-the-man’ ethics,” said Kurtis Cummings, CEO. “Have always been a self-proclaimed advocate for unconventional and innovative views on business and leadership. This launch is just an extension of that.”

Before the COVID-19 pandemic, the brewery’s average customer check was around $12, or about the cost of two beers. The brewery’s downtown dining area now includes its own Switchyard Pizza Kitchen, which the company opened in 2020 due to the COVID-19 pandemic. “Our guest check is now on average more than double that amount since adding our pizza kitchen,” said Kiley Memmott, Hospitality Manager. “Exacerbated by the pandemic, hardly anyone uses cash anymore; digital currencies are the main payment method in our taproom”.

“Since switching to a tip-free business model last fall, customers no longer even need to sign for their credit card tabs,” Cummings said. “One of the main benefits of accepting cryptocurrency is the elimination of credit card fees, which are unfortunately factored into the price whether customers realize it or not.” With traditional credit card purchases, fees can be as high as 3.5% per transaction; with payments made in Bitcoin, this fee would drop to less than 4 tenths of a percent

By launching its own self-hosted cryptocurrency node, Switchyard has implemented the open-source technology of BTCPay Server, which provides a secure, private, censorship-resistant, and free payment processor. “We even went so far as to name one of our team members CCO, or Chief Crypto Officer, of the company,” Cummings said. “One of our early colleagues, who is also an engineer by trade, really brought the idea to life.” Michael McClung, who works part-time at the brewery, was an early adopter of cryptocurrency and provided the team with the blueprint for adapting the rising technology to the brick-and-mortar concept. “Cryptocurrency is still in its infancy; I would say at Switchyard we are still early adopters of technology,” McClung said. “The self-hosted node we have set up at Switchyard will not only allow us to support payment processing for our own transactions, but we can also help support other small businesses or local charities that may want to start accepting cryptocurrency. Since the server contains the entire Bitcoin blockchain, transactions are not only instantaneous but also secure. When businesses rely on a third-party payment processor, not only do they charge fees, but customer data is frequently sold to third parties. With cryptocurrency, the transaction does not need an intermediary and customer data remains private.

“Thanks to Switchyard’s investment in implementing our local Bitcoin node, we are able to support our community by easily helping other small businesses adapt and integrate Bitcoin payments into their own point-of-sale or online store,” Cummings said.

Customers will still be able to use “fiat currency” (US dollars) and credit cards at the bar, but if they want to use their cryptocurrency wallet, it’s as easy as scanning a QR code. The customer will need to use a digital wallet, such as Coinbase Wallet, to scan the QR code generated by the bartender when ready to pay. The transaction is settled immediately and customers receive a receipt.

Cummings referred to the organization’s guiding principles: “We are excited to be early adopters of this technology; but we’re more excited about what the future holds and helping other progressive companies embrace the technology as well. Our mission has always been to be “a catalyst for positive change within our community”. We do this through our guiding principles, two of which, “a place to learn” and “be an active part of our community, being central to our organization’s adaptation of cryptocurrency”.

About Switchyard Brewing Company

Born out of a two-car garage workbench, Switchyard Brewing Company is an independent craft brewery that believes business can and should be a catalyst for positive change in our community. The Switchyard Dining Room and Pizza Kitchen provides a warm and welcoming family atmosphere in downtown Bloomington, Indiana.

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